Where dealer hedging is concentrated by price level. Built live from the full options chain, gamma computed per contract with Black-Scholes and weighted by open interest. Positive gamma dampens volatility, negative gamma amplifies it.
Gamma does not forecast direction. It tells you how dealers are likely to behave around these levels, which shapes whether moves get absorbed or extended.
Framed around the walls, spot and the gamma flip. Brighter means more gamma concentrated at that level, which is where hedging pressure is strongest and price tends to get pinned. Covers every expiration from the front of the board through the one you selected. Note the call wall is not always above the put wall: near expiry the heaviest positive strike can sit below spot, and when it does the usual "resistance above, support below" reading does not apply.
Gamma at every price level, running from now on the left to expiration on the right. Almost all of it is projection: the same open interest revalued at each future step as time to expiry shrinks, which is why the bands sharpen as they approach expiry. Pick a longer expiration and the whole surface stretches out to meet it.
The same book as a scatter. Bubble area is how much gamma sits at that strike and expiration, so the biggest circles are the levels carrying the most hedging. Green means calls dominate the strike, red means puts. The straight line across is spot price, so bubbles above it are overhead and bubbles below are underneath. Click a bubble for the numbers.
Net gamma by strike and expiration, thirty strikes either side of spot. Scroll the panel to reach them. Green is positive gamma, where dealer hedging dampens moves; red is negative, where it amplifies them. Anything over $1B is shown solid, so the levels carrying real size stand out from the rest. Read down a column for one expiry's structure, across a row to see how a single strike is weighted through the term. The highlighted row is spot. Click any cell for the call and put legs behind the net.
A price ladder with the strike down the middle. Bars run right for positive gamma and left for negative, and the longest are the walls. The dashed lines mark zero gamma, the heaviest positive and negative strikes, and spot, drawn at their true position even when that falls between two strikes.
How the gamma is distributed across expirations. Short-dated contracts dominate because gamma is highest near expiry.
Positive net GEX. Dealers are long gamma. To stay hedged they sell into strength and buy into weakness, which pushes against moves and suppresses realised volatility. Ranges tend to hold and price gets drawn toward the largest gamma strike.
Negative net GEX. Dealers are short gamma. Now they must buy into strength and sell into weakness, hedging with the move instead of against it. This is the regime where moves extend and air pockets appear.
The gamma flip is the price where the cumulative total crosses zero, so it is the boundary between those two behaviours. Above it dealers are stabilising, below it they are accelerating.
Call wall and put wall are the strikes with the largest positive and negative gamma. They often behave as resistance and support, not because of anything mystical, but because that is where hedging flow is heaviest.
Gamma is not supplied by any data feed here, it is derived. For each contract:
d1 = (ln(S/K) + (r + σ²/2)T) / (σ√T)
gamma = φ(d1) / (S σ √T)
Then dollar gamma per 1% move, summed by strike, calls positive and puts negative:
GEX = gamma × OI × 100 × S² × 0.01
Nobody outside the dealers can see real dealer positioning. Every public gamma exposure chart, this one included, rests on the standard convention that liquidity providers are long calls and short puts. That assumption is reasonable and widely used, and it is still an assumption.
Two more honest limits:
Treat this as a volatility-regime map, not a forecast of direction, and not a trade signal.
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