Open interest updates once per session, so positions opened today are not in these numbers yet. Every public GEX tool has this limitation, paid ones included, and anything claiming live intraday dealer positioning is estimating it. Dealer positioning itself is not public: the whole convention assumes dealers are long calls and short puts. Treat this as a volatility regime map, not a forecast and not advice.
Gamma exposure measures how much hedging dealers have to do when price moves. It does not predict direction. What it tells you is whether dealer hedging is likely to dampen a move or accelerate it, which is a different and more tractable question.
When net GEX is positive, dealers are assumed net long gamma. Hedging that position means selling into strength and buying weakness, which compresses ranges and favours mean reversion. When net GEX is negative, the hedge runs the other way: dealers buy strength and sell weakness, which extends moves and is why negative gamma days feel violent.
The flip, also called the zero gamma level, is the price where the whole book nets to zero dollar gamma. It is the boundary between those two regimes. ZTRADEZ computes it by revaluing every contract in the book at candidate prices and solving for the crossing nearest spot, rather than walking the strike ladder, because gamma is a function of spot and the ladder method tends to return a level far out in the put wing.
The call wall is the strike with the largest positive gamma, and it often behaves as resistance because hedging sells into it. The put wall is the largest negative gamma strike and often behaves as support. These are reported from the front expiration, because that is what dealers are hedging into today. The whole-book figures are also published, since they answer a longer horizon question, and the two can differ by a lot: on October 9, 2026, with spot at 7,811, the front expiry put the call wall at 7,820 while the aggregate book pointed at 8,000.
The result is expressed as dollars of dealer hedging per one percent move in the index. Gamma itself comes from Black-Scholes using strike, expiry, spot, implied volatility and rate, so the chain only has to supply implied volatility, not pre-computed Greeks.
Intraday time series are the next build: net GEX through the session, ATM IV through the session, and an event log of level crosses. Those need a scheduled job writing snapshots, which is in progress. Second-order Greeks, meaning net delta exposure, vanna and charm, come from the same inputs already being pulled and will follow.
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Join The DiscordThe price at which the whole options book nets to zero dollar gamma. Above it dealers are assumed net long gamma and hedge against the move, dampening volatility. Below it they hedge with the move, amplifying it.
Mostly expiry selection. We report the front expiration for the headline walls because that is what dealers hedge into today, and publish the whole-book figure separately. A site aggregating every expiry will usually land on a round-number strike further from spot.
No, and nothing public is. Open interest updates once per session and real dealer books are private. The standard convention assumes dealers are long calls and short puts, and every GEX chart you have seen rests on that assumption.
No. Gamma says nothing about direction. Positive gamma means hedging flows dampen moves in either direction, negative gamma means they amplify moves in either direction.
Public options chains, refreshed through the session and cached briefly. Gamma is computed from Black-Scholes rather than taken from a vendor, so the inputs are strike, expiry, spot, implied volatility and rate.
No. ZTRADEZ, LLC is not a registered investment adviser. This is market data and education, it may be delayed or wrong, and every decision you make is your own.