Free CBOE GEX - Live Cboe Global Markets Gamma Exposure
Review free CBOE GEX for Cboe Global Markets by selecting the expirations you want to study. The chart compares modeled net GEX, call wall, put wall, gamma flip, and strike concentrations related to trading activity, market volatility, listings, and transaction volumes.
How to use the CBOE GEX tool
Search CBOE
CBOE is already entered. Keep it or enter another ticker, then select Search.
Select expirations
Choose one or more expiration dates to include.
Generate GEX
Select Generate GEX to view the chart and key levels.
Run up to 3 free GEX calculations per day. Need more?
Continue for free in the GEX demoWhat 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
Key levels
CBOE GEX levels in detail
Data as of
Spot
$274.97
Call wall
$275
0.0% above spot
Put wall
$260
5.4% below spot
Gamma flip
$270.72
1.5% below spot
Net GEX
-$305
negative gamma
Largest gamma by strike
- $255 -$738
- $260 -$612
- $250 -$569
- $270 -$510
- $290 $470
Since the previous session (Sep 29)
- Spot up 3.2% ($266.50 to $274.97)
- Call wall $265 to $275
- Put wall unchanged at $260
- Net GEX -$2K to -$305
Reviewed by the QuantWheel research team. Modeled from listed CBOE options data; not observed dealer inventory and not a forecast. Read how we compute CBOE GEX levels.
Build your CBOE GEX workspace
Add CBOE Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Understanding CBOE gamma exposure
Cboe Global Markets is classified in Financial Exchanges and Data within Financials. CBOE options can respond to company earnings and changes in trading activity, market volatility, listings, and transaction volumes. Use the GEX chart to see whether modeled positive and negative exposure is concentrated at a few strikes or spread across the selected chain.
The CBOE call wall, put wall, and gamma flip depend on the contracts included in the calculation. Recompute the chart after changing expirations and compare the distribution around the current price. The output is positioning context rather than a forecast.
New to the concept? Start with our guides to gamma in options and the options Greeks.
CBOE GEX methodology and limitations
QuantWheel calculates CBOE GEX from the selected expirations, available options data and the formula displayed in the calculator. The result summarizes modeled gamma exposure by strike.
GEX is a model output, not observed dealer inventory or a price forecast. Open interest does not identify who owns an option, and the displayed call wall, put wall and gamma flip can change when the inputs or selected expirations change.
CBOE GEX FAQ
What is CBOE GEX?
CBOE GEX estimates gamma exposure across listed CBOE options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. CBOE GEX does not reveal actual dealer positions or predict where CBOE will trade.
How do I read the CBOE call wall and put wall?
QuantWheel labels the CBOE call wall as the strike with the largest positive modeled GEX and the CBOE put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the CBOE price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the CBOE gamma flip?
The CBOE gamma flip is the price where modeled net gamma crosses zero for the selected CBOE options data. Compare it with the current price and the shape of the strike chart. The CBOE gamma flip is a model output, not a trading signal.
Which expirations should I use for CBOE GEX?
Start with the nearest CBOE expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which CBOE contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the CBOE GEX calculator free?
Yes. You can run up to three free CBOE GEX calculations per day on the public tool. After using those calculations, continue for free in the GEX demo. Check the current QuantWheel pricing page for plan access details.