| Spot price | 776.17 | Delayed quote at snapshot time |
|---|---|---|
| Zero Gamma (Gamma Flip) | 770.8 | Price where net dealer gamma crosses zero |
| Call Wall | 785 | Heaviest call-gamma strike in the window |
| Put Wall | 767 | Heaviest put-gamma strike in the window |
| Max Pain (2026-10-06) | 772 | Nearest expiration only |
| Net GEX | 4.17 $Bn / 1% move | Expirations through monthly OpEx 2026-10-16 |
Spot is trading 5.4 points above the Zero Gamma level (770.8), which puts dealers in net positive gamma: their hedging leans against price moves, and the baseline odds favor compression and mean-reversion over follow-through. The heaviest call-gamma strike (Call Wall) sits at 785 overhead, and the heaviest put-gamma strike (Put Wall) at 767 underneath; together they frame the band where dealer hedging is concentrated today. Net dealer gamma across all listed expirations totals 4.17 $Bn per 1% move (positive).
SPY tracks the same underlying exposure as SPX at a tenth of the size, with physical settlement and a far more retail-weighted book. Its walls usually rhyme with SPX's but they are not the same positions: SPY carries its own OI structure, its own round-strike pinning, and sometimes disagrees with the index book at the margin. When the two agree, the level is worth more.
These are the same structural levels the free GEX Metrix dashboard draws as charts: dealer hedging pressure, mapped to price. If the mechanics are new, start with what gamma exposure actually is, then the chart-reading walkthrough. Futures traders (ES, NQ) can map these levels directly — here is how.
Open the FREE dashboard| Strike | Call GEX ($Bn/1%) | Call OI |
|---|---|---|
| 785 | 2.73 | 191,486 |
| 775 | 1.77 | 55,468 |
| 780 | 1.71 | 73,933 |
| 777 | 1.22 | 29,000 |
| 774 | 1.18 | 30,088 |
| Strike | Put GEX ($Bn/1%) | Put OI |
|---|---|---|
| 767 | 1.36 | 82,838 |
| 770 | 1.31 | 62,697 |
| 775 | 1.07 | 32,471 |
| 772 | 0.98 | 29,560 |
| 773 | 0.87 | 22,721 |
As of 2026-10-06 06:26 ET (15-minute delayed data): Zero Gamma at 770.8, Call Wall at 785, Put Wall at 767, and net dealer GEX of 4.17 $Bn per 1% move.
The strike carrying the heaviest call gamma in the current window — right now 785. As price rallies toward it, dealer hedging leans against the move, which is why the level often behaves as resistance.
The price where net dealer gamma crosses zero — currently 770.8. Above it, hedging dampens moves; below it, hedging amplifies them.
Levels recompute every 15 minutes during US market hours from delayed options data, using expirations from today through the current monthly OpEx (2026-10-16) on the overnight open-interest base. The free dashboard applies our intraday OI model on top of the same base.
Levels on this page are computed from the latest 15-minute delayed snapshot: 2,267 option series expiring between today and the current monthly OpEx (2026-10-16) — the same default window the dashboard uses (1,653,898 call OI / 3,454,757 put OI). Open interest here is the overnight print, not an intraday estimate. The dashboard additionally runs our intraday OI model on top of this base, so its levels can differ from these raw ones during the session. GEX per option = gamma × OI × 100 × spot² × 0.01, puts negative; Zero Gamma from a Gaussian-weighted profile across ±15% of spot; Max Pain by the intrinsic-value method on the nearest expiration. Where our data sits in the vendor landscape: the GEX Data Ladder.