SPX GEX — Live Gamma Exposure
Live SPX GEX levels for S&P 500 Index: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive SPX GEX chart.
The calculator below is pre-filled with SPX — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the SPX GEX heatmap.
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GEX Workspace
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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 SPX gamma exposure
SPX options are the institutional venue for S&P 500 exposure: cash-settled, European-style, with contract notional roughly ten times SPY. That size means SPX gamma exposure is where the really large dealer hedging numbers live — single strikes can carry billions of dollars of gamma per 1% move. With daily expirations and one of the largest 0DTE markets anywhere, SPX GEX levels are watched by index traders, vol desks, and futures traders hedging ES.
The SPX call wall and put wall often line up with round-number strikes (25-point and 50-point increments), and the gamma flip level is one of the most cited numbers in daily market commentary. In positive gamma, SPX tends to pin near high-OI strikes into the close; in negative gamma, dealer hedging chases price and intraday ranges expand. Comparing SPX and SPY gamma profiles side by side helps separate institutional index positioning from retail ETF flow.
New to the concept? Start with our guides to gamma in options and the options Greeks.
SPX GEX FAQ
What is SPX GEX (gamma exposure)?
SPX GEX measures the aggregate gamma that options market makers carry across all SPX strikes and expirations. When SPX 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 S&P 500 Index options chain.
What is the SPX call wall and put wall?
The SPX call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the SPX put wall is the strike with the largest negative gamma exposure and often acts as support.
What is the SPX gamma flip level?
The SPX 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 SPX volatility; below it, the same hedging amplifies moves in both directions.
How often is SPX 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 SPX options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this SPX GEX chart free?
Yes. The SPX 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 SPX GEX all day, automatically
The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
Open the GEX Dashboard