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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
From the archiveBack to latest

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

  • ES: SPX closed at 7353.73, below both flips: all-expiry 7619.59 (-266) and 0DTE 7597.15 (-243). Net GEX -95.23bn (from +29.58bn at 09:07 ET today), 0DTE -14.50bn. Trending regime on both counts.
  • NQ: QQQ closed at 647.05, below both flips: all-expiry 694.45 (-47) and 0DTE 681.73 (-35). Net GEX -7.20bn (from -8.47bn at 09:07 ET today), 0DTE -1.13bn. Trending regime on both counts.

ES

E-mini S&P 500 · SPX options
SPX
7,353.73
ES live
7,353.00
All expiriesNegative gammatrending
0DTENegative gammatrending
Zero Gamma7,646.00SPX 7,619.59
Call Wall8,126.25SPX 8,100
Put Wall7,426.25SPX 7,400
0DTEFlip 7,623.50Call 7,876.25Put 7,326.25
Net GEX−95.23bn all−14.50bn 0DTE
Show stringGEX Levels Live · index prices8100,Call Wall;7400,Put Wall | 0DTE G-2;7619.59,Zero Gamma;8150,G+2;8000,G+3;7300,G-2 | 0DTE Put Wall;7500,G-3;7850,0DTE Call Wall;7597.15,0DTE Zero Gamma;7800,0DTE G+2;7700,0DTE G+3;7350,0DTE G-3Fixed conversion · futures prices8126.25,Call Wall;7426.25,Put Wall | 0DTE G-2;7646,Zero Gamma;8176.25,G+2;8026.25,G+3;7326.25,G-2 | 0DTE Put Wall;7526.25,G-3;7876.25,0DTE Call Wall;7623.5,0DTE Zero Gamma;7826.25,0DTE G+2;7726.25,0DTE G+3;7376.25,0DTE G-3

NQ

E-mini Nasdaq-100 · QQQ options
QQQ
647.05
NQ live
26,604.00
All expiriesNegative gammatrending
0DTENegative gammatrending
Zero Gamma28,666.75QQQ 694.45
Call Wall33,024.00QQQ 800
Put Wall28,070.25QQQ 680
0DTEFlip 28,142.00Call 29,102.25Put 27,864.00
Net GEX−7.20bn all−1.13bn 0DTE
Show stringGEX Levels Live · index prices800,Call Wall;680,Put Wall;694.45,Zero Gamma;760,G+2;775,G+3;650,G-2 | 0DTE G-3;670,G-3;705,0DTE Call Wall;675,0DTE Put Wall;681.73,0DTE Zero Gamma;715,0DTE G+2;725,0DTE G+3;660,0DTE G-2Fixed conversion · futures prices33024,Call Wall;28070.25,Put Wall;28666.75,Zero Gamma;31372.75,G+2;31992,G+3;26832,G-2 | 0DTE G-3;27657.5,G-3;29102.25,0DTE Call Wall;27864,0DTE Put Wall;28142,0DTE Zero Gamma;29515,0DTE G+2;29928,0DTE G+3;27244.75,0DTE G-2

SPX chain 17:36 ET · ES = SPX + 26.31 · QQQ chain 17:36 ET · NQ = QQQ × 41.2799 · 0DTE expiry 2026-11-06

On Thursday 5 November 2026 (Globex session, 17:37 ET), ES zero gamma was 7646, call wall 8126.25, put wall 7426.25; all-expiry gamma regime negative, 0DTE negative. Net GEX was -95.23 billion across all expiries and -14.5 billion for 0DTE; SPX was 7353.73 and ES futures 7353.

On Thursday 5 November 2026 (Globex session, 17:37 ET), NQ zero gamma was 28666.75, call wall 33024, put wall 28070.25; all-expiry gamma regime negative, 0DTE negative. Net GEX was -7.2 billion across all expiries and -1.13 billion for 0DTE; QQQ was 647.05 and NQ futures 26604.

How to use

TradingView, about a minute

  1. Add the indicator

    In TradingView open Indicators, find GEX Levels Live and add it to your ES or NQ chart.

  2. Open its settings

    Double-click the indicator name on the chart (or the gear icon) to open the Inputs tab.

  3. 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.
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.
Scott’s GEX LevelsResearch data from public CBOE option chains. Not trade advice.Levels are computed at 09:07 and 17:37 ET, Monday to Friday.

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