What is gamma exposure (GEX)?

Gamma exposure (GEX) measures how much options dealers must hedge as the underlying moves. This free GEX calculator and gamma exposure chart show strike-level gamma, the gamma flip, and GEX levels (call wall and put wall) for SPY, SPX, and single stocks—so wheel traders can pick safer covered call and cash-secured put strikes.

GEX levels: call wall and put wall

The call wall is the strike with the heaviest call gamma and often acts as resistance; the put wall is the heaviest put-gamma strike and often acts as support. Selling covered calls near or below the call wall and cash-secured puts near the put wall aligns your short strikes with dealer hedging zones.

SPY and SPX gamma exposure

Read SPY GEX, SPX gamma exposure, and individual stock gamma charts to gauge whether price is likely to pin (positive gamma, above the gamma flip) or trend faster (negative gamma, below flip) around your strikes.

Put GEX to work with the covered call screener, the cash secured put screener, and the top IV stocks list, then learn the basics in the wheel strategy learning center.