What is GEX (gamma exposure)?

An estimate of the hedging option dealers have to do as the index moves, summed over every strike from open interest and option gamma (gamma × open interest × 100 × spot² × 1%). The usual naive convention is used: dealers are long calls and short puts, so calls count as positive and puts as negative. Net GEX is shown in billions of dollars per 1% move, for all expiries and for 0DTE (options expiring today) separately.

What is zero gamma (the flip)?

The index level where aggregate net GEX changes sign, found by recomputing every option’s gamma on a grid of prices around the current spot; when there are several crossings the one nearest spot is used. It is the line between the two regimes.

What is the call wall?

The strike with the largest positive net gamma exposure. Dealer hedging tends to sell into rallies near it, so it often acts as resistance or a magnet.

What is the put wall?

The strike with the most negative net gamma exposure. It often acts as support, and a break below it can speed a sell-off up.

What are the 30-day walls?

The call wall and put wall of the options expiring within the next 30 calendar days only. They are the nearest tradable walls; the all-expiry walls can sit at far-dated strikes well away from price and describe the bigger structure. The 30-day set has walls only (its zero gamma is close to the all-expiry one). In the GEX Levels Live string they carry the prefix "30D ".

What does wall strength (the meter and the calls / puts split) mean?

How big a wall is compared with the strongest strike of its own set: the gamma exposure at that strike as a share of the largest one in the same set (all expiries, 30-day or 0DTE, each measured on its own), from 0 to 100. A 100 wall is the strongest strike of its set; a 10 wall carries a tenth of that. The bars on the cards and the five-segment meter (▰▰▱▱▱, one segment per 20) in the Discord post and the GEX Levels Live v4 labels show the same number. Zero gamma has no strength. The calls / puts split is the share of the set’s gamma held by calls versus puts; when one side holds under 25% the summary says that side is thin. Strength is display information only: it does not move any level.

What does the gamma regime mean?

Positive gamma (price above zero gamma): dealers hedge against the move, buying dips and selling rips, so price tends to be mean-reverting with tighter ranges. Negative gamma (price below zero gamma): dealers hedge with the move, so price tends to trend and ranges expand. The badge shows all expiries on the left and 0DTE on the right; they can disagree.

Where does the GEX data come from?

Free, delayed (about 15 minutes) CBOE option chains for SPX and QQQ. Strikes are converted to ES and NQ futures prices at run time: ES with an additive SPX basis, NQ with the NQ / QQQ ratio. The cards show futures prices large and the index price beneath; the GEX Levels Live string stays in index terms and converts on the chart.

When are Scott's GEX Levels published?

Levels are computed at 09:07 ET (before the RTH cash open) and 17:37 ET (for the Globex evening session), Monday to Friday. Each date has at most one official RTH and one official Globex session; manual reruns are not listed.

VWAP Biz

The Business of VWAP

Start Here

Gamma exposure · ES / NQFree · twice a trading day · about 09:10 and 17:40 ET

Scott’s GEX Levels

ES and NQ gamma exposure levels, published twice a trading day from CBOE options data

Globex

Tuesday 3 November 202617:37 ET

From the archiveBack to latest

Both indices in negative gamma: follow momentum, expect range expansion.

ES: SPX closed at 7568.92, below both flips: all-expiry 7656.82 (-88) and 0DTE 7677.65 (-109). Net GEX -42.72bn (from -67.74bn at 09:07 ET today), 0DTE -7.20bn. Trending regime on both counts.
NQ: QQQ closed at 685.28, below both flips: all-expiry 716.22 (-31) and 0DTE 697.45 (-12). Net GEX -6.68bn (from -6.61bn at 09:07 ET today), 0DTE -0.36bn. Trending regime on both counts.

ES

E-mini S&P 500 · SPX options

SPX: 7,568.92
ES live: 7,609.25

All expiriesNegative gammatrending

0DTENegative gammatrending

Zero Gamma7,685.50SPX 7,656.82

Call Wall8,128.50SPX 8,100

Put Wall7,528.50SPX 7,500

0DTEFlip 7,706.25Call 7,728.50Put 7,548.50

Net GEX−42.72bn all−7.20bn 0DTE

Show string

GEX Levels Live · index prices

8100,Call Wall;7500,Put Wall;7656.82,Zero Gamma;8050,G+2;8000,G+3;7400,G-2;7600,G-3;7700,0DTE Call Wall;7520,0DTE Put Wall;7677.65,0DTE Zero Gamma;7715,0DTE G+2;7750,0DTE G+3;7510,0DTE G-2;7550,0DTE G-3

Fixed conversion · futures prices

8128.5,Call Wall;7528.5,Put Wall;7685.5,Zero Gamma;8078.5,G+2;8028.5,G+3;7428.5,G-2;7628.5,G-3;7728.5,0DTE Call Wall;7548.5,0DTE Put Wall;7706.25,0DTE Zero Gamma;7743.5,0DTE G+2;7778.5,0DTE G+3;7538.5,0DTE G-2;7578.5,0DTE G-3

NQ

E-mini Nasdaq-100 · QQQ options

QQQ: 685.28
NQ live: 28,416.00

All expiriesNegative gammatrending

0DTENegative gammatrending

Zero Gamma29,578.75QQQ 716.22

Call Wall31,387.00QQQ 760

Put Wall28,083.00QQQ 680

0DTEFlip 28,804.00Call 28,661.25Put 28,289.50

Net GEX−6.68bn all−0.36bn 0DTE

Show string

GEX Levels Live · index prices

760,Call Wall;680,Put Wall;716.22,Zero Gamma;800,G+2;770,G+3;670,G-2;675,G-3 | 0DTE G-2;694,0DTE Call Wall;685,0DTE Put Wall;697.45,0DTE Zero Gamma;710,0DTE G+2;705,0DTE G+3;682,0DTE G-3

Fixed conversion · futures prices

31387,Call Wall;28083,Put Wall;29578.75,Zero Gamma;33039,G+2;31800,G+3;27670,G-2;27876.5,G-3 | 0DTE G-2;28661.25,0DTE Call Wall;28289.5,0DTE Put Wall;28804,0DTE Zero Gamma;29322,0DTE G+2;29115.5,0DTE G+3;28165.75,0DTE G-3

SPX chain 17:36 ET · ES = SPX + 28.57 · QQQ chain 17:36 ET · NQ = QQQ × 41.2987 · 0DTE expiry 2026-11-04

On Tuesday 3 November 2026 (Globex session, 17:37 ET), ES zero gamma was 7685.5, call wall 8128.5, put wall 7528.5; all-expiry gamma regime negative, 0DTE negative. Net GEX was -42.72 billion across all expiries and -7.2 billion for 0DTE; SPX was 7568.92 and ES futures 7609.25.

On Tuesday 3 November 2026 (Globex session, 17:37 ET), NQ zero gamma was 29578.75, call wall 31387, put wall 28083; all-expiry gamma regime negative, 0DTE negative. Net GEX was -6.68 billion across all expiries and -0.36 billion for 0DTE; QQQ was 685.28 and NQ futures 28416.

How to use

TradingView, about a minute

Add the indicator
In TradingView open Indicators, find GEX Levels Live and add it to your ES or NQ chart.
Open its settings
Double-click the indicator name on the chart (or the gear icon) to open the Inputs tab.
Paste the string
Press Copy for GEX Levels Live on this page, paste it into the Levels box and press OK.

One string per symbol: copy ES for an ES chart and NQ for an NQ chart. The fixed-conversion string is for the older GEX Levels indicators that expect futures prices.

Don’t have the GEX Levels Live indicator? Here is how to build your own.

Methodology and glossary

What the numbers mean

Read the methodology

GEX (gamma exposure): An estimate of the hedging option dealers have to do as the index moves, summed over every strike from open interest and option gamma (gamma × open interest × 100 × spot² × 1%). The usual naive convention is used: dealers are long calls and short puts, so calls count as positive and puts as negative. Net GEX is shown in billions of dollars per 1% move, for all expiries and for 0DTE (options expiring today) separately.
Zero gamma (flip): The index level where aggregate net GEX changes sign, found by recomputing every option’s gamma on a grid of prices around the current spot; when there are several crossings the one nearest spot is used. It is the line between the two regimes.
Call wall: The strike with the largest positive net gamma exposure. Dealer hedging tends to sell into rallies near it, so it often acts as resistance or a magnet.
Put wall: The strike with the most negative net gamma exposure. It often acts as support, and a break below it can speed a sell-off up.
30-day walls: The call wall and put wall of the options expiring within the next 30 calendar days only. They are the nearest tradable walls; the all-expiry walls can sit at far-dated strikes well away from price and describe the bigger structure. The 30-day set has walls only (its zero gamma is close to the all-expiry one). In the GEX Levels Live string they carry the prefix “30D “.
Wall strength: How big a wall is compared with the strongest strike of its own set: the gamma exposure at that strike as a share of the largest one in the same set (all expiries, 30-day or 0DTE, each measured on its own), from 0 to 100. A 100 wall is the strongest strike of its set; a 10 wall carries a tenth of that. The bars on the cards and the five-segment meter (▰▰▱▱▱, one segment per 20) in the Discord post and the GEX Levels Live v4 labels show the same number. Zero gamma has no strength. The calls / puts split is the share of the set’s gamma held by calls versus puts; when one side holds under 25% the summary says that side is thin. Strength is display information only: it does not move any level.
Regime: Positive gamma (price above zero gamma): dealers hedge against the move, buying dips and selling rips, so price tends to be mean-reverting with tighter ranges. Negative gamma (price below zero gamma): dealers hedge with the move, so price tends to trend and ranges expand. The badge shows all expiries on the left and 0DTE on the right; they can disagree.
Data source: Free, delayed (about 15 minutes) CBOE option chains for SPX and QQQ. Strikes are converted to ES and NQ futures prices at run time: ES with an additive SPX basis, NQ with the NQ / QQQ ratio. The cards show futures prices large and the index price beneath; the GEX Levels Live string stays in index terms and converts on the chart.
Schedule: Levels are computed at 09:07 ET (before the RTH cash open) and 17:37 ET (for the Globex evening session), Monday to Friday. Each date has at most one official RTH and one official Globex session; manual reruns are not listed.

Both indices in negative gamma: follow momentum, expect range expansion.

How to use

Add the indicator

Open its settings

Paste the string

Methodology and glossary