Futures GEX Calculator

What it is

Real-time dealer gamma for SPX, ES, NQ, SPY and QQQ: track the flip level, gamma walls, and the key support and resistance dealers are defending.

Gamma Exposure (GEX) is the aggregate dollar amount that market makers must buy or sell in the underlying stock to stay delta neutral for every 1% move in price. It reveals the structural forces acting on price — forces that exist regardless of news or sentiment.

Positive GEX (stabilizing)

Market makers are long gamma. When price drops, they buy the underlying to hedge. When price rises, they sell. This creates a self-correcting force — price gets pinned, ranges compress, realized volatility falls. Strategy: sell premium, fade extremes.

Negative GEX (amplifying)

Market makers are short gamma. When price drops, they must sell more to hedge — accelerating the move. When price rises, they buy more. Moves extend further and faster than expected. Strategy: buy options, trade with momentum.

Key levels

• GEX Wall (tall positive bars): Acts like a magnet and a ceiling/floor. Your strongest intraday S/R levels.
• Gamma Flip Level: The price at which aggregate GEX crosses from positive to negative. Above it = calm. Below it = chaos.
• Max Gamma Strike (Magnet): The single strike with the largest absolute GEX. Price gravitates toward this level on low-volume days.
• Put/Call GEX Ratio: Above 1.0 = put-heavy. Below 1.0 = call-heavy.

Important caveat

GEX tells you how volatile moves will be, NOT which direction price will go. Major macro events (CPI, Fed meetings, earnings) can overwhelm gamma forces entirely.