NVAX GEX - Live Gamma Exposure
Live NVAX GEX levels for Novavax, Inc.: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive NVAX GEX chart.
The calculator below is pre-filled with NVAX — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the NVAX 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 NVAX gamma exposure
Novavax's options market is driven by regulatory and partnership milestones, which is typical for clinical-stage biotech but unusual for a company that has actually commercialized a product. Its gamma exposure builds around FDA decisions, licensing arrangements and manufacturing-commitment news, none of which follow a quarterly calendar - so positioning appears in expirations that look unremarkable on an earnings schedule.
The stock has been through reverse splits and substantial restructuring, so historical gamma comparisons are unreliable and only levels formed since the current share structure should be trusted. Implied volatility stays high because the outcomes genuinely are binary. Retail speculation concentrates in cheap short-dated calls, making the call wall a target during positive-news episodes, while the put wall reflects hedging against the funding and pipeline risks that have repeatedly materialized in this name.
New to the concept? Start with our guides to gamma in options and the options Greeks.
NVAX GEX FAQ
What is NVAX GEX (gamma exposure)?
NVAX GEX measures the aggregate gamma that options market makers carry across all NVAX strikes and expirations. When NVAX 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 Novavax, Inc. options chain.
What is the NVAX call wall and put wall?
The NVAX call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the NVAX 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 $8, the put wall is at $8, the gamma flip level is near $4.32.
What is the NVAX gamma flip level?
The NVAX 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 NVAX volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $4.32.
How often is NVAX 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 NVAX options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this NVAX GEX chart free?
Yes. The NVAX 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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