Free CMS GEX - Live CMS Energy Gamma Exposure
Explore free CMS GEX for CMS Energy across the expirations you select. Use the strike chart to compare modeled net exposure, call and put walls, and the gamma flip in the context of power demand, regulation, fuel costs, and interest rates.
How to use the CMS GEX tool
Search CMS
CMS 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
CMS GEX levels in detail
Data as of
Spot
$63
Call wall
$70
11.1% above spot
Put wall
$65
3.2% above spot
Gamma flip
No level
Net GEX
$935
positive gamma
Largest gamma by strike
- $70 $2K
- $65 -$949
- $60 -$59
- $55 -$5
- $75 $2
Since the previous session (Sep 29)
- Spot down 2.1% ($64.32 to $63)
- Call wall unchanged at $70
- Put wall unchanged at $65
- Net GEX $2K to $935
Reviewed by the QuantWheel research team. Modeled from listed CMS options data; not observed dealer inventory and not a forecast. Read how we compute CMS GEX levels.
Build your CMS GEX workspace
Add CMS Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Understanding CMS gamma exposure
CMS Energy is classified in Multi-Utilities within Utilities. CMS options can respond to company earnings and changes in power demand, regulation, fuel costs, and interest rates. Use the GEX chart to see whether modeled positive and negative exposure is concentrated at a few strikes or spread across the selected chain.
New to the concept? Start with our guides to gamma in options and the options Greeks.
CMS GEX methodology and limitations
QuantWheel calculates CMS 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.
CMS GEX FAQ
What is CMS GEX?
CMS GEX estimates gamma exposure across listed CMS options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. CMS GEX does not reveal actual dealer positions or predict where CMS will trade.
How do I read the CMS call wall and put wall?
QuantWheel labels the CMS call wall as the strike with the largest positive modeled GEX and the CMS put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the CMS price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the CMS gamma flip?
The CMS gamma flip is the price where modeled net gamma crosses zero for the selected CMS options data. Compare it with the current price and the shape of the strike chart. The CMS gamma flip is a model output, not a trading signal.
Which expirations should I use for CMS GEX?
Start with the nearest CMS expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which CMS contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the CMS GEX calculator free?
Yes. You can run up to three free CMS 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.