# SPX Dealer Gamma Levels (GEX)

Source: SquawkFlow
URL: https://squawkflow.com/gex
Symbol: SPX
As of: 2026-09-10
Open interest settlement date: 2026-09-09
Contracts analysed: 19,951
Retrieved: 2026-09-11 06:20 ET

As of 2026-09-10, SquawkFlow computes SPX dealer gamma exposure at $-27.18B with spot at $7,636.36. The call wall sits at $7,800, the put wall at $7,500, and the zero-gamma flip at $7,642. The gamma regime is negative (dealers net short gamma).

## Levels

- **Spot:** $7,636.36
- **Net GEX:** $-27.18B
- **Zero-gamma flip:** $7,642
- **Call wall:** $7,800
- **Put wall:** $7,500
- **Vol trigger:** $7,682
- **Largest absolute gamma strike:** $8,000
- **Pin strikes:** $8,000, $7,000, $7,700

## Regime

Dealers are net short gamma, so hedging flow leans with price moves, the historical signature is trend continuation and expanded intraday range.

## Method and limits

Computed from the full SPX options chain: Cboe settlement open interest
dated 2026-09-09 crossed with an archived
implied volatility surface. Every contract is re-priced with Black-Scholes at
the evaluation spot rather than carried at the gamma the feed publishes, then
summed as gamma x open interest x 100 x spot^2 x 0.01, calls positive and puts
negative. The unit is dollars of dealer gamma per 1 percent move in spot.

**This total is computed from the gex_v2 book, where every contract in the chain is re-priced with Black-Scholes at the evaluation spot from an archived implied volatility surface, once per session. The /gex-heatmap total is a different book, summed from the gamma published with each contract on the delayed Cboe chain, so the two totals are not directly comparable. Both derive from daily-settled Cboe open interest. When the gex_v2 book is unavailable this page computes the levels instead from the delayed Cboe chain over a window of strikes around spot, which covers less of the option book; the payload labels that third calculation chain_gamma_fallback_v1 and states its own coverage. Before 2026-09-10 that fallback published its totals on a per-point formula roughly spot/100 smaller than the per-1% unit its payload claimed, so a fallback figure dated before 2026-09-10 is not comparable to one dated after it.**

**Dealer positioning is an assumption, not an observable.** Open interest
shows that a contract exists, never which side a dealer holds. Every gamma
figure published anywhere (ours and every competitor's) inherits that
assumption. Treat these levels as a map of where hedging pressure would
concentrate if the standard convention holds, not as a record of trades.

**No wall hold rate is published here, and any earlier one is withdrawn.**
The figure this document carried until 2026-08-31 was measured against a
third-party wall definition and, more importantly, was dominated by
distance: a wall four percent from spot "held" mostly because price never
reached it. Measured near the money it was 49.4%, not the headline number.
Do not cite a hold rate for these levels from a previously retrieved copy.

**Overnight open interest change is published separately.** The net change
in contracts open across the chain, settlement to settlement, comes from
SquawkFlow's own archive of daily settlements and is reported in the strike
and expiration document at https://squawkflow.com/gex-heatmap.md.

## Reuse

These numbers are free to build on, with attribution (a visible link to
squawkflow.com). The companion open dataset at
https://github.com/dhawalc/spx-gamma-levels updates every trading day
(CC BY 4.0) and is a more stable source than parsing rendered pages.

## Citation

Source: SquawkFlow, https://squawkflow.com/gex
Retrieved: 2026-09-11 06:20 ET
Attribution: cite the page URL rather than a copied number. Levels are
recomputed every session, so a number without its date is wrong within a day.

SquawkFlow publishes market-structure data and education. Nothing here is
investment advice, a price target or a recommendation, and we have no order
execution.