SPY GEX — Live Gamma Exposure
Live SPY GEX levels for SPDR S&P 500 ETF Trust: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive SPY GEX chart.
The calculator below is pre-filled with SPY — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the SPY 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 SPY gamma exposure
SPY is the most actively traded options market in the world, and nowhere does gamma exposure matter more. With expirations every single trading day and a huge share of volume in 0DTE contracts, dealer hedging flows in SPY can dominate intraday price action. When net GEX is deeply positive, market makers sell rallies and buy dips, compressing the index into a tight range around large open-interest strikes. When GEX flips negative, that same hedging amplifies moves in both directions.
The SPY call wall frequently acts as a ceiling into expiration, while the put wall marks the level where dealer buying tends to slow declines. Because SPY strikes are one-tenth of SPX, its gamma profile is also a readable proxy for the broader S&P 500 complex. Traders watch the SPY gamma flip level as a regime line: above it, mean reversion tends to work; below it, momentum and volatility expansion take over.
New to the concept? Start with our guides to gamma in options and the options Greeks.
SPY GEX FAQ
What is SPY GEX (gamma exposure)?
SPY GEX measures the aggregate gamma that options market makers carry across all SPY strikes and expirations. When SPY 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 SPDR S&P 500 ETF Trust options chain.
What is the SPY call wall and put wall?
The SPY call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the SPY 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 $750, the put wall is at $745, the gamma flip level is near $743.48.
What is the SPY gamma flip level?
The SPY 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 SPY volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $743.48.
How often is SPY 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 SPY options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this SPY GEX chart free?
Yes. The SPY 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 SPY 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