Dealer gamma is close to flat, so hedging is not pushing the market either way right now.
GEX / DEX / VEX
Dealer Positioning
“Dealers” here are the market makers who sold most of these options — not your broker. To stay balanced they have to keep buying and selling the underlying shares, and that hedging can either calm the market down or make its moves bigger.
NOPE Estimate
Options tail wagging the stockMax Pain
PRO · EODOpen Interest & Exposure by Strike
Each row is one price level — its strike — split into its call leg, which profits if the price rises, and its put leg, which profits if it falls. GEX is the hedging exposure for that leg on its own. OI, DEX and VEX — contracts still open, the directional lean and the volatility exposure — are combined call + put figures for the whole strike, so when a strike shows both a call row and a put row here, those three columns repeat the same number on both — the source data does not split them by leg. These are the ten rows with the largest individual gamma exposure on the chain (a strike can appear twice if both its call and put make the cut), sorted back into price order below — a periodic snapshot of open interest, not live order flow.
| Strike | Type | OI | GEX | DEX | VEX |
|---|
Gamma Wall
Alert Rule Builder
Your own alerts: when the S&P 500 (SPX) crosses a gamma wall, when the VIX goes above 25, when an FOMC rate decision is 24 hours away, or any combination.
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