IBM GEX - Live Gamma Exposure
Live IBM GEX levels for International Business Machines: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive IBM GEX chart.
The calculator below is pre-filled with IBM — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the IBM 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 IBM gamma exposure
IBM has one of the oldest and most institutionally owned options chains in the market, and its gamma exposure reflects that: heavy covered-call and collar activity from income-oriented holders keeps net gamma persistently positive, and the resulting call wall is one of the more reliable ceilings among large caps. This is not a stock that squeezes - dealer hedging in IBM dampens moves far more often than it amplifies them.
The exception is earnings, and increasingly quantum computing news, which has introduced a speculative element to a chain that had almost none. IBM's gamma flip level rarely gets tested outside those events, so when it does the signal carries weight. The put wall tends to sit at round-number strikes that correspond to dividend-yield thresholds important to the stock's income-focused shareholder base, which gives those levels a fundamental anchor most gamma levels lack.
New to the concept? Start with our guides to gamma in options and the options Greeks.
IBM GEX FAQ
What is IBM GEX (gamma exposure)?
IBM GEX measures the aggregate gamma that options market makers carry across all IBM strikes and expirations. When IBM 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 International Business Machines options chain.
What is the IBM call wall and put wall?
The IBM call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the IBM 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 $225, the put wall is at $215, the gamma flip level is near $211.17.
What is the IBM gamma flip level?
The IBM 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 IBM volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $211.17.
How often is IBM 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 IBM options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this IBM GEX chart free?
Yes. The IBM 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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