NDX GEX — Live Gamma Exposure
Live NDX GEX levels for Nasdaq-100 Index: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive NDX GEX chart.
The calculator below is pre-filled with NDX — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the NDX 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 most negative GEX (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 NDX gamma exposure
NDX options are the cash-settled, institutional-size complement to QQQ — one NDX contract covers roughly 40 times the notional of a QQQ contract. That makes NDX gamma exposure lumpy: a handful of large trades can move the whole profile, and single strikes can carry outsized gamma relative to the number of contracts. Index desks and structured-product hedgers dominate flow, so NDX GEX often reflects positioning that never touches the ETF market.
NDX strikes are spaced widely (typically 25 to 100 points), which concentrates gamma into fewer, more meaningful levels than QQQ's dense strike ladder. The NDX call wall and put wall are useful bookends for Nasdaq futures traders, and the gamma flip level helps frame whether tech-index volatility is likely to be suppressed or amplified by dealer hedging on a given day.
New to the concept? Start with our guides to gamma in options and the options Greeks.
NDX GEX FAQ
What is NDX GEX (gamma exposure)?
NDX GEX measures the aggregate gamma that options market makers carry across all NDX strikes and expirations. When NDX 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 Nasdaq-100 Index options chain.
What is the NDX call wall and put wall?
The NDX call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the NDX put wall is the strike with the largest negative gamma exposure and often acts as support.
What is the NDX gamma flip level?
The NDX 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 NDX volatility; below it, the same hedging amplifies moves in both directions.
How often is NDX 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 NDX options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this NDX GEX chart free?
Yes. The NDX 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 NDX 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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