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Daily settlement · 2026-09-13

Gamma Matrix

Every SPDR sector ETF on one grid, ranked by how close spot sits to its gamma flip strike. Tap a tile for the numbers behind it.

Across 11 SPDR sector ETFs, XLC (Communication Services) sits closest to its gamma flip strike at 0.04 percent of spot, and XLU (Utilities) sits farthest at 3.48 percent. The index row reads Negative Gamma: High Vol, Trending for SPX. Every figure is derived from daily settlement open interest and is not a live reading.

Grid computed 2026-09-13 22:05 ET; a refresh is pending. The tiles below are the readings from that build, and each one carries the moment it was captured.

11 sector ETFs

Colour and bar length both encode the same number: how far spot sits from the gamma flip strike. Nearest the flip leads.

  • Under 0.25%
  • 0.25% to 0.5%
  • 0.5% to 1%
  • 1% to 2%
  • 2% or more

Index row

These three are the only symbols here whose gamma regime is published, because they are the only ones whose net GEX is measured on the scale the regime is defined against.

How to read this

Distance to flip is arithmetic: the flip strike minus spot, divided by spot. It is not a forecast and it is not a probability.

Dealer positioning is inferred from settlement open interest, not observed. No exchange publishes who is on which side of a contract.

Tile colour encodes the distance from spot to the nearest gamma flip strike, as a percentage of spot. It is a subtraction and a division over two published numbers, not a model output.

Whether spot sits above or below the flip strike is carried as a separate mark, never as colour, because it is the half of the reading that two estimators disagree about when spot is near the flip.

In the bubble render, area encodes the absolute value of net GEX for that symbol. Sector ETFs and index symbols are sized on separate scales because their chains differ by orders of magnitude.

The gamma regime published on /gex is defined against a fixed 1,000,000,000 dollar deadband calibrated for index net GEX. Sector ETF net GEX runs two to four orders of magnitude under it, so every sector ETF classifies as neutral whatever the market does. No regime is published for a sector tile rather than publishing one that carries no information.

Overnight open interest change is attached only to symbols with two consecutive archived Cboe settlements. On this response that is XLE, XLF. Symbols without a usable pair say so on the tile and are not given a substitute value. Settlement pairs can differ between symbols, so two tiles carrying a change are not necessarily comparing the same two dates.

Nothing on this page is a quote, a recommendation, or a forecast. Every figure is derived from a daily settlement and carries the date it was captured.

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