This is a fully functional, read-only demo of the GEX-Metrix gamma exposure dashboard for the S&P 500 Index (SPX). All five charts below are live — they load current options data and calculate dealer gamma exposure, open interest distribution, volume by strike, and the simulated gamma profile in real time.
Gamma Exposure (GEX) measures the total gamma held by options market makers across all strikes and expirations. When dealers carry large positive gamma, they act as natural stabilizers — selling into rallies and buying into dips. When gamma flips negative, dealer hedging amplifies moves instead of damping them. Knowing where this flip point sits, and how much gamma sits at key strikes, gives you a structural map of the market before price gets there.
Scroll down to explore each chart section with an explanation of what the data means and how professional options traders use it. To access more instruments (SPY, NDX, QQQ, VIX and 600+ others), historical snapshots, and delta/vanna/charm exposure, create a free account below.
| Data Timestamp: N/A | Spot Price: N/A | Call Gamma: N/A | Zero Gamma: N/A | Total Vol: N/A | Vol P/C Ratio: N/A |
| Exp Dates: N/A | Total Gamma: N/A | Put Gamma: N/A | Max Pain: N/A | Total OI: N/A | OI P/C Ratio: N/A |
The chart below shows the recent intraday price history of the S&P 500 Index (SPX). The price candles are plotted using 15-minute bars sourced from the same options data feed. The current spot price shown here is the underlying reference used for all gamma exposure calculations on this page.
Why does the underlying price matter in a gamma exposure dashboard? Because GEX is calculated relative to spot. Every bar in the charts below represents a strike price — the distance of that strike from the current SPX price determines how much gamma dealers are actively hedging right now versus how much is "latent" and will activate only if price moves toward that strike. The closer a large GEX strike is to spot, the more immediate its hedging pressure becomes.
Gamma Exposure (GEX) is the most important metric on this dashboard. It measures the total dollar-gamma held by options market makers at each strike price, aggregated across all active expirations. The unit is billions of dollars per 1% move in SPX.
Positive GEX (blue bars, right side): Dealers are net long gamma at this strike. They will sell SPX futures when price rises toward the strike and buy when price falls — a stabilizing, mean-reverting force. This is typical at high-open-interest call strikes where dealers are short calls (long gamma).
Negative GEX (red bars, left side): Dealers are net short gamma at this strike. Their hedging is destabilizing — they must buy into rallies and sell into declines. Large negative GEX clusters below spot signal potential acceleration zones if price breaks through them.
The Zero Gamma Level (shown in the summary bar above) is the price at which total dealer GEX crosses from positive to negative. This level acts as a structural pivot: markets tend to be more stable and range-bound above it, and more volatile and trending below it. It is recalculated each time you load the page.
The strike with the largest positive GEX. Acts as a ceiling — heavy dealer selling resists moves above it.
The strike with the largest negative GEX below spot. A break through can trigger accelerated selling.
Where total GEX crosses zero. Above = positive gamma regime (dampened vol). Below = negative gamma (amplified vol).
The strike where total options value is minimized at expiration. A gravitational pull as OPEX approaches.
Options volume shows where trading activity is concentrated on a given day. Unlike open interest (which accumulates over time), volume resets each session — making it a real-time signal of where options market participants are actively positioning.
Large call volume at a strike just above spot suggests traders are buying upside protection or speculating on a breakout. Large put volume below spot indicates hedging demand or bearish positioning. When volume is heavily concentrated at a single strike, it often becomes a self-fulfilling magnet for price action as dealers delta-hedge the newly written options.
The Put/Call Volume Ratio (shown in the summary bar) tells you the overall market lean: values above 1.0 indicate more puts than calls traded today — typically defensive or bearish. Values below 0.7 suggest call-heavy activity, often seen during sustained uptrends or into earnings events.
The Gamma Exposure Profile chart below takes a different approach from the bar charts. Rather than showing GEX at each discrete strike, it simulates the aggregate hedging flow that dealers would generate if SPX moved to each price level along the X-axis. This uses a Hybrid Gaussian Convolution model that weights each option's contribution by its implied volatility and time to expiry — producing a smooth, continuous exposure curve.
The curve peaks where dealer hedging demand is highest, and the zero crossing (the annotated line on the chart) is the precise Zero Gamma Level — the price at which total simulated gamma flips from positive to negative. This is a more robust estimate than simply reading the bar chart, because it accounts for the probabilistic reach of nearby strikes via their implied vol.
Traders use the profile to identify: (1) where dealer buying support kicks in below spot, (2) where selling pressure emerges above spot, and (3) how "sharp" the gamma flip is — a steep crossing indicates a hard structural level, while a shallow crossing suggests a softer, more gradual regime shift.
The Gamma History chart shows how total SPX gamma exposure has evolved over the recent OPEX cycle. Each data point represents the net dealer GEX position (in $Bn) at the time of data collection. Watching this trend reveals the "gamma buildup" as open interest accumulates into a major expiration date, and the "gamma unwind" that typically follows as options expire and are closed.
A sustained decline in total gamma into an OPEX event signals that the stabilizing dealer hedging floor is eroding — often seen in the days before large OPEX-driven moves. A sharp spike upward, by contrast, indicates aggressive new call or put writing, which increases the dealer gamma buffer and can compress realized volatility.
Plus and Pro subscribers can view historical snapshots at any time of day going back up to 31 days, compare positioning across multiple timestamps, and track delta, vanna, and charm exposure alongside gamma — giving a full-spectrum view of the options dealer book.
This demo shows SPX with current data. A free account unlocks SPX, SPY, NDX, QQQ, and VIX. Plus and Pro unlock 600+ instruments, historical snapshots, and advanced Greeks exposure.
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