HYG GEX - Live Gamma Exposure
Live HYG GEX levels for iShares iBoxx High Yield Corporate Bond ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive HYG GEX chart.
The calculator below is pre-filled with HYG — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the HYG GEX heatmap.
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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
Understanding HYG gamma exposure
HYG is the equity market's window into credit risk, and its options are used primarily as a cheap proxy hedge against corporate spread widening. That gives HYG an unusual gamma exposure profile: the flow is structurally put-heavy, because most participants are buying downside protection rather than speculating on upside. Long stretches pass with almost nothing happening, then a credit scare arrives and the whole put side of the chain lights up within days.
Because HYG's realized volatility is low compared with equities, its gamma levels are tightly bunched around spot, and small moves carry more information than they would in a stock. The put wall is the level that matters here - it marks where hedging demand saturates, and dealer buying beneath it has repeatedly slowed credit-driven declines. Watching HYG's gamma flip alongside SPY's is a useful cross-asset check: credit turning negative-gamma before equities do has been an early warning more than once.
New to the concept? Start with our guides to gamma in options and the options Greeks.
HYG GEX FAQ
What is HYG GEX (gamma exposure)?
HYG GEX measures the aggregate gamma that options market makers carry across all HYG strikes and expirations. When HYG 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 iShares iBoxx High Yield Corporate Bond ETF options chain.
What is the HYG call wall and put wall?
The HYG call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the HYG put wall is the strike with the largest negative gamma exposure and often acts as support.
What is the HYG gamma flip level?
The HYG 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 HYG volatility; below it, the same hedging amplifies moves in both directions.
How often is HYG 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 HYG options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this HYG GEX chart free?
Yes. The HYG 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.
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The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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