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Futures GEX inferred from the options market

ES, NQ, RTY, YM, GC and SI futures have no listed options book in our data. These charts infer dealer gamma from the index and ETF options that hedge the same exposure (SPX and SPY for ES, NDX and QQQ for NQ, GLD for gold) and map every strike onto futures prices, so the call wall, put wall and gamma flip read in futures points.

Inferred positioning: these levels come from index and ETF option chains, not from options listed on the futures themselves.

Covered contracts

Six families, each with its micro
ContractMicroMarketInferred from
ES1!MES1!S&P 500SPX & SPY options
NQ1!MNQ1!Nasdaq-100NDX & QQQ options
RTY1!M2K1!Russell 2000RUT & IWM options
YM1!MYM1!Dow JonesDJX & DIA options
GC1!MGC1!GoldGLD options(ETF-derived)
SI1!SIL1!SilverSLV options(ETF-derived)

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Compute GEX Levels for

What is Gamma Exposure (GEX)?

Gamma Exposure represents the sensitivity of an option's delta to changes in the underlying price. Market makers hedge their gamma exposure, creating support/resistance at high GEX strikes.

Key Levels:

  • Call Wall: Strike with highest positive GEX (resistance)
  • Put Wall: Strike with the largest put GEX, shown as the deepest negative bar (support)
  • Gamma Flip: Where total GEX changes from negative to positive

Positive GEX: Market makers sell into rallies, buy into dips (stabilizing).

Negative GEX: Market makers buy into rallies, sell into dips (amplifying moves).

Select a ticker and expiration date, then click Generate GEX to see the analysis

How the inference works

Same math as the equity GEX chart, plus a price mapping

  1. Step 1

    Compute each option book on its own chain

    Dealer gamma is computed strike by strike for the index and ETF options exactly as on the ordinary GEX calculator, on the dollar-per-1%-move basis so the books are comparable.

  2. Step 2

    Map every strike onto the futures contract prices

    Each strike is multiplied by that source's futures/source ratio (the median of the last 30 regular-session minutes where both series printed, refreshed hourly) and snapped to one futures strike grid.

  3. Step 3

    Combine, then re-derive the levels

    The mapped profiles are summed in normalized dollar GEX, never raw gamma. Call wall and put wall are re-read from the combined profile; the gamma flip is the exposure-weighted mean of the sources' flips. A source toggle shows either book alone.

Questions

About inferred futures GEX

FAQ

Six families, each with its micro: ES1!/MES1! (S&P 500, from SPX and SPY), NQ1!/MNQ1! (Nasdaq-100, from NDX and QQQ), RTY1!/M2K1! (Russell 2000, from RUT and IWM), YM1!/MYM1! (Dow, from DJX and DIA), GC1!/MGC1! (gold, from GLD) and SI1!/SIL1! (silver, from SLV).

The equity and index option books are where most of the hedgeable open interest on these exposures sits, and they are the books our data covers strike by strike. Options on the futures themselves are not included, so every chart is labelled as inferred and should be read as equity-market positioning projected onto the future.

In normalized dollar gamma per 1% move, never raw gamma. Each source's strikes are first mapped into futures prices with its own futures/source ratio, then summed on one futures strike grid. A source toggle lets you view the index book or the ETF book alone.

The same inferred profiles power the GEX dashboard, the vanna, charm and DEX views, the heatmap, the API, and the QuantWheel TradingView desktop bridge and browser extension: select ES1!, NQ1! or any covered contract on a TradingView chart and the overlay renders it with an "Inferred from" badge.