SPY — Gamma Exposure
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Gamma exposure tells you where dealer hedging pressure concentrates and whether the market is in a mean-reverting or trending regime. Updated throughout market hours via FlashAlpha API.
GEX measures the total gamma that options market makers hold across all strikes. It quantifies how much dealers will need to buy or sell to hedge their positions as price moves. When dealers are long gamma (positive GEX), they act as shock absorbers — buying dips and selling rallies. When short gamma (negative GEX), they amplify moves.
The gamma flip is the price level where net dealer GEX crosses from positive to negative. Above this level, expect range-bound, low-volatility conditions. Below it, expect trending, higher-volatility conditions. Near expiration, the gamma flip becomes an especially powerful pivot level as gamma concentration increases dramatically.
The call wall is the strike with the highest call gamma — it acts as magnetic resistance because dealers must sell the underlying as price approaches it. The put wall acts as support for the same reason in reverse. Price often gets "pinned" between these walls near expiration in positive gamma environments.
Before every trade, check: (1) Is the market in positive or negative gamma? (2) Where is the gamma flip relative to current price? (3) Are we near a major call/put wall? In positive gamma regimes, selling premium near walls has higher probability. In negative gamma, buying directional options near the flip can capture amplified moves.
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