XSP GEX - Live Gamma Exposure
Live XSP GEX levels for Mini-SPX Index: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive XSP GEX chart.
The calculator below is pre-filled with XSP — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the XSP 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 XSP gamma exposure
XSP is the Mini-SPX index: identical to SPX in every respect except that contract notional is one-tenth the size, which puts cash-settled, European-style index options within reach of smaller accounts. Because XSP tracks the same underlying as SPX and SPY, its gamma exposure profile is a scaled-down mirror of the main index complex, and its strikes map directly onto SPY's at a one-to-one price level.
The practical value of watching XSP GEX separately is that its participant mix is different. Flow skews toward retail and smaller advisory accounts rather than the institutional vol desks that dominate SPX, so open interest concentrates in fewer, rounder strikes. That makes the XSP call wall and put wall a reasonably clean read on where non-institutional index positioning sits, and the gamma flip level is worth comparing against SPX's to see whether the two cohorts agree.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XSP GEX FAQ
What is XSP GEX (gamma exposure)?
XSP GEX measures the aggregate gamma that options market makers carry across all XSP strikes and expirations. When XSP 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 Mini-SPX Index options chain.
What is the XSP call wall and put wall?
The XSP call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the XSP 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 $746, the put wall is at $742, the gamma flip level is near $691.13.
What is the XSP gamma flip level?
The XSP 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 XSP volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $691.13.
How often is XSP 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 XSP options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this XSP GEX chart free?
Yes. The XSP 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 XSP GEX all day, automatically
The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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