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 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.

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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

RTH

Thursday 22 October 202609:07 ET

From the archiveBack to latest

The two indices disagree this morning; trade them on their own regimes.

ES: SPX closed at 7757.17, above both flips: all-expiry 7720.32 (+37) and 0DTE 7735.36 (+22). Net GEX -39.42bn (from +41.93bn at yesterday 17:37 ET), 0DTE -19.19bn. Mean-reverting regime on both counts.Note: ES at 7724.50 already trades under the flip equivalent (7764.65) with a +44 basis; the badge may turn red once the live basis confirms.
NQ: QQQ closed at 714.00, below both flips: all-expiry 727.07 (-13) and 0DTE 720.88 (-7). Net GEX -9.63bn (from -3.56bn at yesterday 17:37 ET), 0DTE -1.31bn. Trending regime on both counts.

ES

E-mini S&P 500 · SPX options

SPX: 7,757.17
ES live: 7,724.50

All expiriesPositive gammamean-reverting

0DTEPositive gammamean-reverting

Zero Gamma7,764.75SPX 7,720.32

Call Wall7,944.25SPX 7,900

Put Wall7,694.25SPX 7,650

0DTEFlip 7,779.75Call 7,829.25Put 7,744.25

Net GEX−39.42bn all−19.19bn 0DTE

Show string

GEX Levels Live · index prices

7900,Call Wall;7650,Put Wall;7720.32,Zero Gamma;8100,G+2;8000,G+3;7700,G-2 | 0DTE Put Wall;7600,G-3;7785,0DTE Call Wall;7735.36,0DTE Zero Gamma;7800,0DTE G+2;7750,0DTE G+3;7685,0DTE G-2;7670,0DTE G-3

Fixed conversion · futures prices

7944.25,Call Wall;7694.25,Put Wall;7764.75,Zero Gamma;8144.25,G+2;8044.25,G+3;7744.25,G-2 | 0DTE Put Wall;7644.25,G-3;7829.25,0DTE Call Wall;7779.75,0DTE Zero Gamma;7844.25,0DTE G+2;7794.25,0DTE G+3;7729.25,0DTE G-2;7714.25,0DTE G-3

NQ

E-mini Nasdaq-100 · QQQ options

QQQ: 714
NQ live: 29,499.25

All expiriesNegative gammatrending

0DTENegative gammatrending

Zero Gamma30,546.75QQQ 727.07

Call Wall31,930.50QQQ 760

Put Wall29,409.50QQQ 700

0DTEFlip 30,286.50Call 30,712.00Put 29,745.75

Net GEX−9.63bn all−1.31bn 0DTE

Show string

GEX Levels Live · index prices

760,Call Wall;700,Put Wall;727.07,Zero Gamma;740,G+2;770,G+3;710,G-2 | 0DTE G-3;690,G-3;731,0DTE Call Wall;708,0DTE Put Wall;720.88,0DTE Zero Gamma;732,0DTE G+2;733,0DTE G+3;715,0DTE G-2

Fixed conversion · futures prices

31930.5,Call Wall;29409.5,Put Wall;30546.75,Zero Gamma;31090,G+2;32350.5,G+3;29829.75,G-2 | 0DTE G-3;28989.5,G-3;30712,0DTE Call Wall;29745.75,0DTE Put Wall;30286.5,0DTE Zero Gamma;30754,0DTE G+2;30796,0DTE G+3;30039.75,0DTE G-2

SPX chain 09:06 ET · ES = SPX + 44.33 · QQQ chain 09:06 ET · NQ = QQQ × 42.0137 · 0DTE expiry 2026-10-22

On Thursday 22 October 2026 (RTH session, 09:07 ET), ES zero gamma was 7764.75, call wall 7944.25, put wall 7694.25; all-expiry gamma regime positive, 0DTE positive. Net GEX was -39.42 billion across all expiries and -19.19 billion for 0DTE; SPX was 7757.17 and ES futures 7724.5.

On Thursday 22 October 2026 (RTH session, 09:07 ET), NQ zero gamma was 30546.75, call wall 31930.5, put wall 29409.5; all-expiry gamma regime negative, 0DTE negative. Net GEX was -9.63 billion across all expiries and -1.31 billion for 0DTE; QQQ was 714 and NQ futures 29499.25.

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.
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.

The two indices disagree this morning; trade them on their own regimes.

How to use

Add the indicator

Open its settings

Paste the string

Methodology and glossary