XBI GEX - Live Gamma Exposure
Live XBI GEX levels for SPDR S&P Biotech ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive XBI GEX chart.
The calculator below is pre-filled with XBI — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the XBI 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 XBI gamma exposure
XBI is equal-weighted rather than cap-weighted, which makes it a genuinely different gamma market from the mega-cap-dominated sector ETFs. No single holding can drag the ETF around, so XBI GEX reflects broad biotech risk appetite: M&A cycles, FDA policy, and above all the rate environment, since unprofitable biotech is one of the most duration-sensitive corners of the equity market.
Because the sector is prone to sharp, sentiment-driven repricings, XBI spends more time in negative gamma than most sector ETFs, and those episodes are where its options market gets interesting - dealer hedging into a falling, thinly held small-cap biotech complex accelerates declines meaningfully. In calmer stretches, positive gamma and heavy premium selling keep XBI pinned between well-defined walls, and the call wall tends to cap the reflexive rallies that follow every dovish rate headline.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XBI GEX FAQ
What is XBI GEX (gamma exposure)?
XBI GEX measures the aggregate gamma that options market makers carry across all XBI strikes and expirations. When XBI 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 Biotech ETF options chain.
What is the XBI call wall and put wall?
The XBI call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the XBI 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 $153, the put wall is at $150, the gamma flip level is near $167.83.
What is the XBI gamma flip level?
The XBI 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 XBI volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $167.83.
How often is XBI 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 XBI options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this XBI GEX chart free?
Yes. The XBI 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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