Free GEX Analyzer
See how Gamma Exposure shapes price action. The chart below shows real GEX structure — the mechanical forces that drive market maker hedging flows.
What is GEX?
Gamma Exposure measures the net options gamma held by market makers at each strike price, in dollar terms. It reveals the mechanical pressure dealers must apply to stay hedged as price moves.
Positive GEX = Resistance
When dealers are long gamma at a strike, they sell rallies and buy dips to stay hedged. This mechanical activity dampens price moves — creating gravity that pins price near high-GEX strikes.
Negative GEX = Acceleration
When dealers are short gamma, they chase price to stay hedged — buying into rallies and selling into drops. This amplifies volatility and turns negative-GEX strikes into zones of rapid price extension.
Key GEX Levels
SPYFeb 20, 2026
What is GEX?expand
Gamma Exposure (GEX) measures the net options gamma held by market makers at each strike price, expressed in dollars. When dealers are long gamma (positive GEX), they hedge by selling into rallies and buying dips — mechanically dampening volatility and creating price resistance zones. When dealers are short gamma (negative GEX), their hedging amplifies moves in both directions, turning those strikes into volatility acceleration zones. Understanding the GEX profile lets traders identify which price levels will act as magnets, walls, or launching pads before they're tested.
This is a point-in-time snapshot. Live GEX updates in real-time throughout the trading day.
Access Live GEX Data → Start Free TrialData shown is a point-in-time snapshot for illustration. Live GEX updates throughout the trading day.
How to read the GEX chart
The bars show dealer gamma at each strike
Each horizontal bar represents a single strike price. The length and direction tell you the magnitude and sign of dealer gamma. Longer green bars mean bigger resistance zones. Longer red bars mean bigger acceleration potential. The bars closest to current spot price are most relevant for near-term trading.
Watch the flip point — where behavior changes
The price level where GEX crosses from positive to negative (or vice versa) is called the gamma flip point. Above it, dealers dampen moves. Below it, they amplify them. In this SPY snapshot, the flip sits just below spot — meaning the market is in a positive-gamma regime, but one level break changes everything.
Spot price tells you where you are in the structure
The amber indicator shows current spot price relative to the GEX profile. Look at what's directly above and below spot: are you trading into a large gamma wall, or is there open air before the next GEX level? This spatial relationship drives short-term price behavior.
Round strikes concentrate the most gamma
Notice the outsized bars at $575 and $580. Round numbers attract enormous open interest in options — retail, institutional, and algorithmic traders all cluster at these strikes. This concentration means more gamma, more dealer hedging pressure, and more mechanical significance for price.
This is a snapshot. Options Flow gives you the live picture.
The chart above is a fixed illustration. Real GEX changes continuously as options are traded, positions are opened and closed, and the underlying moves. Options Flow tracks this in real-time.
Real-time GEX updates
GEX recalculates as trades hit the tape. See how dealer positioning shifts intraday as large positions are opened or expired.
Gamma flip detection
Automatic identification of the current gamma flip point and live alerts when price approaches or crosses it.
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Master GEX Analysis
Go beyond the basics with our complete GEX learning series.
What is Gamma Exposure (GEX)?
Complete guide to understanding GEX, market maker hedging, and how gamma exposure drives price behavior.
GEX Levels Explained
Understand positive vs negative GEX, the zero line, call walls, put walls, and how they act as support/resistance.
How to Read GEX Charts
Step-by-step tutorial on interpreting GEX charts, identifying key zones, and spotting common patterns.
GEX Trading Strategies
Practical frameworks for using GEX in your trading: intraday setups, OPEX plays, and volatility expansion trades.
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