MSTR GEX - Live Gamma Exposure
Live MSTR GEX levels for Strategy Inc.: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive MSTR GEX chart.
The calculator below is pre-filled with MSTR — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the MSTR GEX heatmap.
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Options pain strike by expiration
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 MSTR gamma exposure
Strategy - formerly MicroStrategy - is not really a software company any more; it is a corporate vehicle that has issued convertible debt and equity to accumulate Bitcoin, which makes MSTR a leveraged bet on the coin with a stock ticker attached. Its gamma exposure is correspondingly extreme. Implied volatility routinely exceeds that of the underlying cryptocurrency, and the options chain has grown into one of the largest single-stock gamma markets in the US.
The convertible bonds matter enormously for reading MSTR GEX. Convert arbitrage desks hold long-volatility positions hedged with stock, which means a second large pool of gamma-driven hedging operates alongside the listed options market and does not appear in the options data. That is a large part of why MSTR moves so violently: two hedging complexes chase the same shares. Treat the call wall as a squeeze target rather than a ceiling, and expect the gamma flip level to be crossed far more often than in a normal equity.
New to the concept? Start with our guides to gamma in options and the options Greeks.
MSTR GEX FAQ
What is MSTR GEX (gamma exposure)?
MSTR GEX measures the aggregate gamma that options market makers carry across all MSTR strikes and expirations. When MSTR 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 Strategy Inc. options chain.
What is the MSTR call wall and put wall?
The MSTR call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the MSTR 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 $102, the put wall is at $98.50, the gamma flip level is near $86.23.
What is the MSTR gamma flip level?
The MSTR 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 MSTR volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $86.23.
How often is MSTR 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 MSTR options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this MSTR GEX chart free?
Yes. The MSTR 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.
Track MSTR GEX all day, automatically
The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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