IREN GEX - Live Gamma Exposure
Live IREN GEX levels for IREN Limited: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive IREN GEX chart.
The calculator below is pre-filled with IREN — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the IREN 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 IREN gamma exposure
IREN has executed the most aggressive pivot in the mining sector, repositioning its power and datacenter capacity toward AI compute customers while retaining Bitcoin operations. That makes its gamma exposure genuinely two-sided in a way its mining peers' are not: the stock can rally on an AI hosting contract while Bitcoin falls, and the options market has repriced it several times as the revenue mix shifted.
Implied volatility in IREN is extreme even by mining-sector standards, because the market is valuing contracts that have been announced but not yet delivered. Open interest crowds into near-dated calls, and gamma stacks above spot in the ladders characteristic of a momentum name. The practical read on IREN's gamma flip level is that it marks the boundary between the AI-datacenter narrative holding and the stock reverting to trading as a Bitcoin proxy - the two regimes have very different volatility profiles.
New to the concept? Start with our guides to gamma in options and the options Greeks.
IREN GEX FAQ
What is IREN GEX (gamma exposure)?
IREN GEX measures the aggregate gamma that options market makers carry across all IREN strikes and expirations. When IREN 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 IREN Limited options chain.
What is the IREN call wall and put wall?
The IREN call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the IREN 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 $38, the put wall is at $34, the gamma flip level is near $41.34.
What is the IREN gamma flip level?
The IREN 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 IREN volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $41.34.
How often is IREN 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 IREN options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this IREN GEX chart free?
Yes. The IREN 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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