Free ES GEX - Live Eversource Energy Gamma Exposure
Review free ES GEX for Eversource Energy 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 power demand, regulation, fuel costs, and financing conditions.
How to use the ES GEX tool
Search ES
ES 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.
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
Key levels
ES GEX levels in detail
Data as of
Spot
$66.89
Call wall
$70
4.6% above spot
Put wall
$65
2.8% below spot
Gamma flip
$65.77
1.7% below spot
Net GEX
$12K
positive gamma
Largest gamma by strike
- $70 $15K
- $65 -$5K
- $75 $2K
- $80 $597
- $60 -$452
Since the previous session (Oct 15)
- Spot up 1.2% ($66.11 to $66.89)
- Call wall unchanged at $70
- Put wall unchanged at $65
- Net GEX $100 to $12K
Reviewed by the QuantWheel research team. Modeled from listed ES options data; not observed dealer inventory and not a forecast. Read how we compute ES GEX levels.
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Want to compare strikes across expirations? View the ES GEX heatmap.
Understanding ES gamma exposure
The ES options chain represents Eversource Energy and its exposure to power demand, regulation, fuel costs, and financing conditions. Its GICS classification is Electric Utilities. Use the chart to identify where modeled exposure is concentrated and whether that concentration is consistent across expiration choices.
New to the concept? Start with our guides to gamma in options and the options Greeks.
ES GEX methodology and limitations
QuantWheel calculates ES 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.
ES GEX FAQ
What is ES GEX?
ES GEX estimates gamma exposure across listed ES options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. ES GEX does not reveal actual dealer positions or predict where ES will trade.
How do I read the ES call wall and put wall?
QuantWheel labels the ES call wall as the strike with the largest positive modeled GEX and the ES put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the ES price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the ES gamma flip?
The ES gamma flip is the price where modeled net gamma crosses zero for the selected ES options data. Compare it with the current price and the shape of the strike chart. The ES gamma flip is a model output, not a trading signal.
Which expirations should I use for ES GEX?
Start with the nearest ES expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which ES contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the ES GEX calculator free?
Yes. You can run up to three free ES 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.