XLF GEX - Live Gamma Exposure
Live XLF GEX levels for Financial Select Sector SPDR Fund: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive XLF GEX chart.
The calculator below is pre-filled with XLF — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the XLF 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 XLF gamma exposure
XLF options are how institutions express views on the banking sector without picking individual names, and its gamma exposure profile is driven almost entirely by rates and credit rather than company-specific stories. GEX in XLF builds around FOMC meetings, yield-curve moves, and the mid-January and mid-July bank earnings clusters, when the big money-center banks all report within a few sessions of each other and the ETF's gamma resets in a single week.
Because XLF trades at a modest nominal price with dollar-spaced strikes, open interest concentrates into a narrow band, and the call wall and put wall usually sit within a few percent of spot. In positive gamma the ETF grinds in a tight range and pins reliably into monthly OPEX. The gamma flip level is worth watching during credit stress: XLF crossing below flip has historically coincided with the sector trading with materially wider daily ranges than its recent realized volatility would suggest.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XLF GEX FAQ
What is XLF GEX (gamma exposure)?
XLF GEX measures the aggregate gamma that options market makers carry across all XLF strikes and expirations. When XLF 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 Financial Select Sector SPDR Fund options chain.
What is the XLF call wall and put wall?
The XLF call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the XLF 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 $57, the put wall is at $56, the gamma flip level is near $48.96.
What is the XLF gamma flip level?
The XLF 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 XLF volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $48.96.
How often is XLF 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 XLF options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this XLF GEX chart free?
Yes. The XLF 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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