SMH GEX - Live Gamma Exposure
Live SMH GEX levels for VanEck Semiconductor ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive SMH GEX chart.
The calculator below is pre-filled with SMH — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the SMH 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 SMH gamma exposure
SMH is the cleanest single instrument for trading semiconductor gamma, and because its top holdings are heavily concentrated in NVDA, TSM, AVGO and AMD, its GEX profile is effectively a weighted composite of the AI-chip complex. That concentration cuts both ways: SMH gamma can be dragged across its flip level by a single NVDA earnings report, and dealer hedging in SMH adds a second layer of flow on top of the hedging already happening in the underlying names.
Traders use the SMH call wall as a sector-level resistance read during chip rallies, since it aggregates positioning that would otherwise be scattered across a dozen individual chains. The put wall matters most during semiconductor drawdowns, when correlated selling across the sector concentrates hedging demand into a narrow band of strikes. Watching SMH GEX alongside NVDA's is one of the more useful pairings on the board - agreement confirms the sector trend, divergence usually means one name is carrying the whole move.
New to the concept? Start with our guides to gamma in options and the options Greeks.
SMH GEX FAQ
What is SMH GEX (gamma exposure)?
SMH GEX measures the aggregate gamma that options market makers carry across all SMH strikes and expirations. When SMH 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 VanEck Semiconductor ETF options chain.
What is the SMH call wall and put wall?
The SMH call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the SMH 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 $560, the put wall is at $520, the gamma flip level is near $556.03.
What is the SMH gamma flip level?
The SMH 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 SMH volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $556.03.
How often is SMH 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 SMH options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this SMH GEX chart free?
Yes. The SMH 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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