SHOP GEX - Live Gamma Exposure
Live SHOP GEX levels for Shopify Inc.: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive SHOP GEX chart.
The calculator below is pre-filled with SHOP — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the SHOP 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 SHOP gamma exposure
Shopify's gamma exposure has two distinct seasonal characters. Through most of the year it trades as a high-multiple software name with earnings-driven positioning, but heading into the fourth quarter its options market fills up with bets on holiday gross merchandise volume - a genuinely observable, widely forecast metric that gives Q4 positioning a different quality from ordinary earnings speculation.
The stock's split-adjusted price now sits in a range with dense strike spacing, which packs gamma closer around spot than in Shopify's pre-split years and makes the call wall a level price actually reaches rather than a distant marker. Retail participation is meaningful, so call-side gamma builds in ladders during e-commerce momentum phases. Read the gamma flip level as a growth-sentiment gauge: SHOP is one of the more rate-sensitive names in this group, and it tends to lose flip alongside the broader long-duration growth complex rather than for company-specific reasons.
New to the concept? Start with our guides to gamma in options and the options Greeks.
SHOP GEX FAQ
What is SHOP GEX (gamma exposure)?
SHOP GEX measures the aggregate gamma that options market makers carry across all SHOP strikes and expirations. When SHOP 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 Shopify Inc. options chain.
What is the SHOP call wall and put wall?
The SHOP call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the SHOP 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 $130, the put wall is at $109, the gamma flip level is near $120.02.
What is the SHOP gamma flip level?
The SHOP 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 SHOP volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $120.02.
How often is SHOP 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 SHOP options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this SHOP GEX chart free?
Yes. The SHOP 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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The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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