Free XEL GEX - Live Xcel Energy Gamma Exposure
Free XEL GEX maps modeled gamma exposure across Xcel Energy options. Select expirations to compare the call wall, put wall, gamma flip, and strike-level exposure around power demand, regulation, fuel costs, and interest rates.
How to use the XEL GEX tool
Search XEL
XEL is already entered. Keep it or enter another ticker, then select Search.
Select expirations
Choose one or more expiration dates to include.
Generate GEX
Select Generate GEX to view the chart and key levels.
Run up to 3 free GEX calculations per day. Need more?
Continue for free in the GEX demoWhat 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
Key levels
XEL GEX levels in detail
Data as of
Spot
$69.80
Call wall
$80
14.6% above spot
Put wall
$75
7.4% above spot
Gamma flip
$75.32
7.9% above spot
Net GEX
-$5K
negative gamma
Largest gamma by strike
- $75 -$6K
- $80 $4K
- $70 -$2K
- $65 -$216
- $85 $114
Since the previous session (Sep 24)
- Spot down 0.0% ($69.82 to $69.80)
- Call wall unchanged at $80
- Put wall unchanged at $75
- Net GEX -$6K to -$5K
Reviewed by the QuantWheel research team. Modeled from listed XEL options data; not observed dealer inventory and not a forecast. Read how we compute XEL GEX levels.
Build your XEL GEX workspace
Add XEL Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Understanding XEL gamma exposure
For Xcel Energy, the relevant business context includes power demand, regulation, fuel costs, and interest rates. The company is part of the Multi-Utilities group. Use XEL GEX to compare strike concentrations and check whether the modeled profile changes when you add or remove expirations.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XEL GEX methodology and limitations
QuantWheel calculates XEL GEX from the selected expirations, available options data and the formula displayed in the calculator. The result summarizes modeled gamma exposure by strike.
GEX is a model output, not observed dealer inventory or a price forecast. Open interest does not identify who owns an option, and the displayed call wall, put wall and gamma flip can change when the inputs or selected expirations change.
XEL GEX FAQ
What is XEL GEX?
XEL GEX estimates gamma exposure across listed XEL options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. XEL GEX does not reveal actual dealer positions or predict where XEL will trade.
How do I read the XEL call wall and put wall?
QuantWheel labels the XEL call wall as the strike with the largest positive modeled GEX and the XEL put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the XEL price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the XEL gamma flip?
The XEL gamma flip is the price where modeled net gamma crosses zero for the selected XEL options data. Compare it with the current price and the shape of the strike chart. The XEL gamma flip is a model output, not a trading signal.
Which expirations should I use for XEL GEX?
Start with the nearest XEL expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which XEL contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the XEL GEX calculator free?
Yes. You can run up to three free XEL GEX calculations per day on the public tool. After using those calculations, continue for free in the GEX demo. Check the current QuantWheel pricing page for plan access details.