# SPX Gamma Ladder: Dealer Gamma by Strike

Canonical: https://squawkflow.com/gex-ladder

Retrieved Oct 22, 21:31 ET.

SPX dealer gamma at 25 strikes from 7,605 to 7,725, spot 7,663.43: 25 negative, 0 positive. The largest is 7,650 at -8.5B.

Bars: the 25 strikes nearest spot, every expiration summed, dealer gamma in dollars per 1% move from the gamma the delayed option chain publishes with each contract, open interest settled Oct 21, chain as of Oct 22, 16:14 ET. This is the /gex-heatmap book.

Levels: Flip Line, Swing Line and both walls are the /gex levels book, computed Oct 22, 08:15 ET from Oct 21 settlement open interest at spot 7,757.17 (the ladder's spot is 7,663.43). That is a separate calculation from the bars, so a level need not sit where the bars change sign.

Red is negative dealer gamma, blue is positive. Colour is on a square-root scale of size, bar length is linear. Neutral with a printed 0 means the strike was priced and its net gamma is under $1M or under 0.5% of the largest strike shown. A blank row with a dashed outline is a strike inside the window, on its usual strike spacing, with nothing published.

Dealer positioning is an assumption, not an observable: open interest shows that a contract exists, never which side a dealer holds.

## Levels

| Level | Value | On the ladder |
|---|---:|---|
| Flip Line | 7,711.47 | inside the window |
| Swing Line | 7,747.20 | above the window |
| Call wall | 7,900 | above the window |
| Put wall | 7,700 | inside the window |

## Dealer gamma by strike

Spot 7,663.43. USD of dealer gamma per 1% move, every expiration summed.

| Strike | Dealer gamma | Marked |
|---:|---:|---|
| 7,725 | -1.7B |  |
| 7,720 | -573M |  |
| 7,715 | -286M | Flip Line 7,711.47 just below |
| 7,710 | -613M |  |
| 7,705 | -390M |  |
| 7,700 | -5.8B | Put wall 7,700 |
| 7,695 | -455M |  |
| 7,690 | -615M |  |
| 7,685 | -580M |  |
| 7,680 | -778M |  |
| 7,675 | -1.5B |  |
| 7,670 | -809M |  |
| 7,665 | -965M | Spot 7,663.43 just below |
| 7,660 | -628M |  |
| 7,655 | -511M |  |
| 7,650 | -8.5B |  |
| 7,645 | -710M |  |
| 7,640 | -948M |  |
| 7,635 | -608M |  |
| 7,630 | -1.2B |  |
| 7,625 | -1.7B |  |
| 7,620 | -847M |  |
| 7,615 | -389M |  |
| 7,610 | -658M |  |
| 7,605 | -412M |  |

Not advice. A map of modeled dealer hedging from settled open interest, not a forecast.