SPX GEX · TODAY’S SPXW EXPIRATION
A move can look stretched and keep running. See today’s estimated SPX gamma exposure and the price where the model changes sign. Follow SPX’s distance from that flip as you assess a breakout, pullback or bounce.
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SPX GAMMA EXPOSURE EXPLAINED
GEX stands for gamma exposure. The SPX view estimates exposure using available options data and position assumptions for today’s SPXW expiration. It puts the aggregate estimate beside the price references you can follow during the session.
| On the screen | How to read it |
|---|---|
| Net GEX | The signed exposure estimate at the current SPX reference, shown in dollars per 1% move. It is a sensitivity estimate, not a record of money already bought or sold. |
| Gamma curve | The quote-based model’s estimated exposure across a range of SPX prices. Read the sign at the marked SPX price. |
| Gamma flip | The nearest modeled crossing through zero when one is found. Its distance from SPX is measured in index points. |
| Gamma concentrations | Strikes with prominent options sensitivity. These help you inspect where the included exposure is concentrated. |
A hypothetical net GEX reading of −$1 billion per 1% move describes modeled sensitivity. It does not establish that dealers sold $1 billion, or that SPX will fall 1%. A distance of 20 points below the flip describes location on the price scale.
This view follows today’s SPXW expiration. An estimate covering additional expirations may differ. Compare the expiration, update time and model assumptions before comparing readings from different sources.
The gamma-levels explanation covers how strike concentrations differ from the aggregate net reading.
WHY GAMMA MATTERS TO YOUR TRADE
If you trade SPX intraday, that difference matters when you’re expecting a dip to bounce or a breakout to continue. Gamma helps explain how options hedging can interact with the move you’re watching.
When dealers are short gamma and hedge their exposure, they buy as price rises and sell as it falls. Those trades can add to the move in either direction.
A negative reading gives you a reason to question an automatic bounce. A sharp rally can accelerate too.
When dealers are long gamma and hedge their exposure, they sell into rises and buy into declines. Those trades can dampen price swings.
A positive reading gives you context for a move that keeps stalling. News and other order flow can still carry price beyond a range.
01DTE estimates gamma from options data and position assumptions. It does not observe dealers’ actual books. These hedging effects are conditional; the sign alone cannot tell you which way SPX will go. Research on gamma hedging and index volatility.
PUT THE FLIP ON YOUR PRICE MAP
The gamma flip marks where the modeled exposure crosses zero. Seeing its price and distance from SPX gives you a specific reference to follow through the session.
READING THE EXAMPLE ABOVE
Illustrative pricesIn this example, SPX sits 50 points below the flip, on the negative side of the curve. If SPX rises to 7,745 and the modeled flip stays at 7,750, the gap narrows to five points.
You can see price approaching a possible change in the gamma environment and check whether the latest curve still supports that reading. The flip can move as quotes change; touching it does not guarantee a reversal.
DURING YOUR SPX SESSION
01DTE brings the gamma reading, SPX price chart and options detail together. You can examine the conditions around your trade idea on the same page.
Read the sign and size of estimated net GEX, then locate SPX against the modeled flip. Compare that picture with the continuation or reversal your trade depends on.
Gamma concentrations appear alongside the SPX price chart. Check the nearby strikes as price approaches them, then inspect their call and put data in the options table.
The estimates update as fresh, qualifying data arrives. Follow changes in the flip and its distance from SPX instead of relying on a level you wrote down earlier.
01DTE MEMBERSHIP
Spend the trial following the readings alongside your own charts. Watch how SPX behaves around the flip and nearby concentrations, and decide whether the view earns a place in your routine. SPX GEX is included in your 01DTE membership.
SPX GEX provides analysis in your browser. The futures trading tools have separate connection and approval requirements.
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GEX means gamma exposure. The page estimates net exposure from available options data using stated position assumptions. You can inspect the calculation notes in the member view.
Negative gamma can amplify moves in either direction when dealers hedge short-gamma positions. A negative estimate does not establish actual dealer positioning or predict a selloff.
Today’s SPXW expiration only. This is not an all-expiration SPX estimate. The page shows when that expiration is unavailable or expired.
The page reports when a current modeled crossing is unavailable. A retained last valid snapshot is labeled with its time; it should not be read as a fresh estimate.
The member page shows update times and data coverage. If fresh data is insufficient, it labels the estimate unavailable or shows the last valid same-expiration snapshot with its time. Expired readings are cleared.
The net reading uses provider Greeks; the curve and flip use a quote-based model. Their estimates can differ. The page labels both so you can see which calculation you’re reading.
The 15-day trial is $0 today and continues at $149/month unless you cancel before it ends. Review the subscription terms at checkout. You can also compare the other access options.