Dealer gamma exposure (GEX) aggregates per-strike net gamma of options dealers across SPY expiries weighted by open interest. It predicts the direction and force of dealer hedging when spot moves.
| Metric | Why it matters |
|---|---|
| Regime | positive_gamma = dealers DAMPEN moves (mean-revert pin). negative_gamma = dealers AMPLIFY moves (breakout/crash mode). Single most consequential variable. |
| Flip distance | How close spot is to the gamma flip level. <0.5% = pinning zone — high gamma sensitivity, fast moves possible. <1% = high sensitivity. |
| Top wall | Strike with largest net dealer gamma. Acts as a magnet (above flip) or barrier (below flip). Often the day's pin/break level. |
| 0DTE δ share | How much of dealer short-call delta sits in 0DTE. >30% = same-day-concentration risk; intraday squeeze potential. |
Each bar = net gamma at that strike. Green bars above the flip = dampening zone. Red bars below = amplification zone. The vertical line is current spot. The dashed line is the gamma flip.
Click any wall tile to scroll to that strike in the table below. Hover any chart bar for exact values.
| Strike | Net γ | Call γ | Put γ | Call OI | Put OI | % of total |
|---|