Free MARA GEX - Live MARA Gamma Exposure
Free MARA GEX maps gamma exposure by strike for a Bitcoin mining company. Choose expirations around Bitcoin or mining operations events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the MARA GEX tool
Search MARA
MARA 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
MARA GEX levels in detail
Data as of
Spot
$7.16
Call wall
$7.50
4.8% above spot
Put wall
$7
2.2% below spot
Gamma flip
$6.13
14.3% below spot
Net GEX
$3.0M
positive gamma
Largest gamma by strike
- $7.50 $2.0M
- $8 $1.5M
- $7 -$793K
- $6.50 -$226K
- $9 $183K
Since the previous session (Oct 26)
- Spot up 4.4% ($6.86 to $7.16)
- Call wall unchanged at $7.50
- Put wall unchanged at $7
- Net GEX $1.3M to $3.0M
Reviewed by the QuantWheel research team. Modeled from listed MARA options data; not observed dealer inventory and not a forecast. Read how we compute MARA GEX levels.
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Want to compare strikes across expirations? View the MARA GEX heatmap.
Understanding MARA gamma exposure
MARA mines Bitcoin, so its revenue moves with the Bitcoin price while many of its costs stay fixed. That is why MARA shares can move further than Bitcoin itself, in either direction. MARA options often carry high implied volatility. Compare the nearest expirations with later ones to see how much of the modeled exposure sits in short-dated calls.
The low nominal share price and dollar strike spacing pack MARA's gamma tightly around spot, so its call wall and put wall are often close to the current price. Miners also carry risks that pure crypto funds do not, such as rising network difficulty, energy prices and the Bitcoin halving, which all cut into margins, so MARA's options positioning can change even while the Bitcoin price holds steady. The gamma flip is the price where modeled net exposure changes sign. It describes the selected options data and does not predict where MARA will trade.
New to the concept? Start with our guides to gamma in options and the options Greeks.
MARA GEX methodology and limitations
QuantWheel calculates MARA 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.
MARA GEX FAQ
What is MARA GEX?
MARA GEX estimates gamma exposure across listed MARA options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. MARA GEX does not reveal actual dealer positions or predict where MARA will trade.
How do I read the MARA call wall and put wall?
QuantWheel labels the MARA call wall as the strike with the largest positive modeled GEX and the MARA put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the MARA price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the MARA gamma flip?
The MARA gamma flip is the price where modeled net gamma crosses zero for the selected MARA options data. Compare it with the current price and the shape of the strike chart. The MARA gamma flip is a model output, not a trading signal.
Which expirations should I use for MARA GEX?
Start with the nearest MARA expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which MARA contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the MARA GEX calculator free?
Yes. You can run up to three free MARA 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.