NDX GEX Today
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SPX Gamma Exposure Today
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SPX GEX Heatmap
Interactive heatmap available in TeploMap
What These Levels Mean
Above the gamma flip. Dealers are net long gamma, so hedging flow tends to dampen moves. Historical patterns lean toward mean reversion and compressed realized volatility in this regime.
Below the gamma flip. Dealers are net short gamma. Hedging flow now amplifies moves, and historical patterns lean toward directional continuation and volatility expansion.
At the put and call walls. These strikes carry the densest hedging activity and often act as inflection points where price stalls, accelerates, or reverses.
How to Read the Levels
Levels shift intraday. Dealer positioning recomputes as new options trade and existing positions roll off, so the gamma flip and walls can drift through the session.
Expiration matters. Near-term options carry the largest gamma exposure. Multi-expiration views show how near-term concentration compares to the longer-dated structure.
Context, not prediction. These levels describe observed dealer positioning. They do not forecast price and should be read alongside spot, realized volatility, and macro context.