Gamma Exposure (GEX) Levels by Ticker
Call wall, put wall, gamma flip, and GEX by strike for the index ETFs and 55 popular optionable stocks. Each page updates about once an hour from live option chains. Free, no login.
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What is gamma exposure (GEX)?
GEX estimates how much market makers will have to buy or sell the stock as its price moves, based on the options they're holding. It's built from each contract's gamma and open interest. Big GEX at a strike means a lot of hedging activity is tied to that price.
What are the call wall and put wall?
The call wall is the strike with the most call gamma, and the put wall is the strike with the most put gamma. Traders watch them as levels where hedging can slow a move: the call wall as possible resistance, the put wall as possible support. They're tendencies, not guarantees.
What does positive or negative GEX mean?
When net GEX is positive, dealers are generally hedging against the move (selling rallies, buying dips), which tends to dampen volatility. When it's negative, their hedging goes with the move, which tends to make swings bigger. Negative GEX is a reason to be more careful selling premium.
How is GEX calculated here?
For each contract in the next four expirations within 45 days: gamma × open interest × 100 × spot price² × 1%. Calls count as positive and puts as negative, the standard assumption that dealers are long calls and short puts. Real dealer positioning isn't public, so every GEX number is an estimate.
How do put sellers use GEX?
Mainly for strike selection and timing. A put strike at or below a strong put wall has more potential support under it. A stock trading below its gamma flip in negative GEX can move more than its IV suggests, so you might size smaller or go further out of the money.