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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

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

  • ES: SPX closed at 7688.62, above both flips: all-expiry 7659.64 (+29) and 0DTE 7653.19 (+35). Net GEX +32.71bn (from +6.10bn at 09:07 ET today), 0DTE +3.94bn. Mean-reverting regime on both counts. The all-expiry flip is only 29 points away; a move through 7659.64 flips the regime.
  • NQ: QQQ closed at 691.95, below the all-expiry flip at 712.34 (-20) but above the 0DTE flip at 690.65 (+1). Net GEX -6.51bn (from -6.93bn at 09:07 ET today), 0DTE +0.07bn. Split: all-expiry negative, 0DTE positive, so the badge shows red left and green right. Expect two-sided trade near 690.65 while the bigger picture stays trending.

ES

E-mini S&P 500 · SPX options
SPX
7,688.62
ES live
7,734.50
All expiriesPositive gammamean-reverting
0DTEPositive gammamean-reverting
Zero Gamma7,690.50SPX 7,659.64
Call Wall8,130.75SPX 8,100
Put Wall7,530.75SPX 7,500
0DTEFlip 7,684.00Call 7,780.75Put 7,655.75
Net GEX+32.71bn all+3.94bn 0DTE
Show stringGEX Levels Live · index prices8100,Call Wall;7500,Put Wall;7659.64,Zero Gamma;7800,G+2;7850,G+3;7600,G-2;7400,G-3;7750,0DTE Call Wall;7625,0DTE Put Wall;7653.19,0DTE Zero Gamma;7700,0DTE G+2;7725,0DTE G+3;7650,0DTE G-2;7580,0DTE G-3Fixed conversion · futures prices8130.75,Call Wall;7530.75,Put Wall;7690.5,Zero Gamma;7830.75,G+2;7880.75,G+3;7630.75,G-2;7430.75,G-3;7780.75,0DTE Call Wall;7655.75,0DTE Put Wall;7684,0DTE Zero Gamma;7730.75,0DTE G+2;7755.75,0DTE G+3;7680.75,0DTE G-2;7610.75,0DTE G-3

NQ

E-mini Nasdaq-100 · QQQ options
QQQ
691.95
NQ live
28,646.75
All expiriesNegative gammatrending
0DTEPositive gammamean-reverting
Zero Gamma29,415.50QQQ 712.34
Call Wall31,383.75QQQ 760
Put Wall28,080.25QQQ 680
0DTEFlip 28,520.25Call 28,906.00Put 27,667.25
Net GEX−6.51bn all+0.07bn 0DTE
Show stringGEX Levels Live · index prices760,Call Wall;680,Put Wall | 0DTE G-2;712.34,Zero Gamma;800,G+2;770,G+3;670,G-2 | 0DTE Put Wall;690,G-3;700,0DTE Call Wall;690.65,0DTE Zero Gamma;697,0DTE G+2;699,0DTE G+3;685,0DTE G-3Fixed conversion · futures prices31383.75,Call Wall;28080.25,Put Wall | 0DTE G-2;29415.5,Zero Gamma;33035.5,G+2;31796.75,G+3;27667.25,G-2 | 0DTE Put Wall;28493.25,G-3;28906,0DTE Call Wall;28520.25,0DTE Zero Gamma;28782.25,0DTE G+2;28864.75,0DTE G+3;28286.75,0DTE G-3

SPX chain 17:36 ET · ES = SPX + 30.85 · QQQ chain 17:36 ET · NQ = QQQ × 41.2944 · 0DTE expiry 2026-11-05

On Wednesday 4 November 2026 (Globex session, 17:37 ET), ES zero gamma was 7690.5, call wall 8130.75, put wall 7530.75; all-expiry gamma regime positive, 0DTE positive. Net GEX was 32.71 billion across all expiries and 3.94 billion for 0DTE; SPX was 7688.62 and ES futures 7734.5.

On Wednesday 4 November 2026 (Globex session, 17:37 ET), NQ zero gamma was 29415.5, call wall 31383.75, put wall 28080.25; all-expiry gamma regime negative, 0DTE positive. Net GEX was -6.51 billion across all expiries and 0.07 billion for 0DTE; QQQ was 691.95 and NQ futures 28646.75.

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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