MARA GEX - Live Gamma Exposure
Live MARA GEX levels for MARA Holdings, Inc.: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive MARA GEX chart.
The calculator below is pre-filled with MARA — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the MARA 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 MARA gamma exposure
MARA is the largest publicly traded Bitcoin miner by hash rate, and mining equities behave like leveraged calls on the coin: revenue scales with Bitcoin's price while costs are largely fixed, so a 10% move in BTC routinely produces a much larger move in MARA. Its gamma exposure reflects that leverage, with implied volatility persistently among the highest in liquid US equities and open interest heavily concentrated 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 constantly in play rather than distant reference points. Miners also carry an idiosyncratic risk that pure crypto proxies do not - network difficulty adjustments, energy costs, and the periodic halving all compress margins independent of price - which means MARA's gamma regime can deteriorate even while Bitcoin holds up. Read the flip level as a crypto-leverage gauge: below it, MARA's amplified moves get amplified again by hedging.
New to the concept? Start with our guides to gamma in options and the options Greeks.
MARA GEX FAQ
What is MARA GEX (gamma exposure)?
MARA GEX measures the aggregate gamma that options market makers carry across all MARA strikes and expirations. When MARA 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 MARA Holdings, Inc. options chain.
What is the MARA call wall and put wall?
The MARA call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the MARA 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 $16, the put wall is at $10.50, the gamma flip level is near $11.19.
What is the MARA gamma flip level?
The MARA 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 MARA volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $11.19.
How often is MARA 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 MARA options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this MARA GEX chart free?
Yes. The MARA 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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