GLD GEX — Live Gamma Exposure
Live GLD GEX levels for SPDR Gold Shares: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive GLD GEX chart.
The calculator below is pre-filled with GLD — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the GLD GEX heatmap.
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Strike-level gamma by expiration
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Options pain strike by expiration
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 most negative GEX (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
Understanding GLD gamma exposure
GLD is the most liquid way to trade gold options, and its gamma exposure has a character of its own: gold trends hard, and during strong trends GLD spends long stretches with price pressed against or beyond its call wall as new strikes are continually added above. In consolidation phases, positive gamma builds and GLD chops quietly between its walls — often frustrating breakout traders until the regime changes.
GEX analysis in GLD is especially useful around macro catalysts — real-yield moves, dollar swings, and geopolitical risk episodes drive gold flows. A negative gamma reading in GLD is rarer than in equity indices, but when it appears during a risk-off spike, moves can extend far beyond what recent realized volatility suggests.
New to the concept? Start with our guides to gamma in options and the options Greeks.
GLD GEX FAQ
What is GLD GEX (gamma exposure)?
GLD GEX measures the aggregate gamma that options market makers carry across all GLD strikes and expirations. When GLD GEX is positive, dealer hedging dampens price moves (selling rallies, buying dips); when it is negative, hedging amplifies moves. It is calculated from open interest and each contract's gamma across the SPDR Gold Shares options chain.
What is the GLD call wall and put wall?
The GLD call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the GLD put wall is the strike with the largest negative gamma exposure and often acts as support. As of the latest snapshot, the call wall is at $390, the put wall is at $374, the gamma flip level is near $373.07.
What is the GLD gamma flip level?
The GLD gamma flip (zero-gamma) level is the price where net dealer gamma crosses from positive to negative. Above it, market-maker hedging tends to suppress GLD volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $373.07.
How often is GLD GEX data updated?
GEX levels on this page are recomputed from live options data throughout US market hours, and the interactive calculator below pulls fresh GLD options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this GLD GEX chart free?
Yes. The GLD GEX levels on this page are free, and the interactive GEX calculator offers free daily lookups without an account. Creating a free QuantWheel account raises the daily limit, and the GEX Dashboard adds unlimited access, intraday tracking, and alerts.
Track GLD GEX all day, automatically
The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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