As of Oct 23, 16:14 ET
As of Oct 23, 16:14 ET, SPY dealer gamma levels: call wall $765, put wall $755, Flip Line (zero gamma) $764, Swing Line $764, net gamma -$5.03B (negative gamma regime).
| Level | Price / Value |
|---|---|
| Spot Price | $761.11 |
| Call Wall | $765 |
| Put Wall | $755 |
| Flip Line (Zero Gamma) | $764 |
| Swing Line | $764 |
| Net Gamma | -$5.03B |
Part of the SquawkFlow GEX Calculator: gamma by strike for any US stock. Compare with SPX GEX.
Net gamma exposure at each strike near SPY's spot price, signed from the dealer perspective, calls positive, puts negative. Green strikes are where hedging tends to dampen moves; red is where it tends to amplify them. Dealer positioning is an assumption rather than an observable, so treat these as a map of where hedging pressure concentrates, not a forecast.
Unit: USD of dealer gamma per 1 percent move in spot. A window of the SPY option chain, not the whole book: the 30 strikes nearest spot out of 149 seen, 596 contract rows spanning 2 expirations. Gamma is taken as the chain publishes it per contract; nothing here is re-priced. Crossed with the open interest carried on that chain.
New to these levels? Start with the call wall and put wall, or the zero gamma level where the sign of dealer hedging flips.
All captured expirations. Chain as of .
| Strike | Net GEX | Call GEX | Put GEX | Concentration |
|---|---|---|---|---|
| 747 | -$19.4M | $266.5K | -$19.6M | |
| 748 | -$19.0M | $603.2K | -$19.6M | |
| 749 | -$19.0M | $632.9K | -$19.6M | |
| 750 | -$1.17B | $2.8M | -$1.17B | |
| 751 | -$26.4M | $365.2K | -$26.7M | |
| 752 | -$33.9M | $494.8K | -$34.4M | |
| 753 | -$39.5M | $2.2M | -$41.8M | |
| 754 | -$47.7M | $2.0M | -$49.7M | |
| 755PUT WALL | -$1.90B | $2.6M | -$1.90B | |
| 756 | -$45.1M | $3.8M | -$48.8M | |
| 757 | -$90.8M | $6.0M | -$96.8M | |
| 758 | -$62.2M | $3.2M | -$65.5M | |
| 759 | -$60.8M | $4.4M | -$65.2M | |
| 760 | -$199.3M | $15.0M | -$214.3M | |
| 761SPOT | -$44.4M | $18.3M | -$62.6M | |
| 762 | -$484.2M | $48.2M | -$532.4M | |
| 763 | -$18.6M | $68.8M | -$87.4M | |
| 764GEX FLIP | $6.5M | $87.8M | -$81.3M | |
| 765CALL WALL | $73.3M | $164.0M | -$90.7M | |
| 766 | -$391.9M | $62.0M | -$453.9M | |
| 767 | -$578.5M | $93.3M | -$671.8M | |
| 768 | $6.2M | $56.8M | -$50.6M | |
| 769 | $3.5M | $43.1M | -$39.6M | |
| 770 | $32.1M | $76.3M | -$44.1M | |
| 771 | $20.4M | $37.7M | -$17.3M | |
| 772 | $22.3M | $34.6M | -$12.3M | |
| 773 | $18.7M | $26.6M | -$7.9M | |
| 774 | $13.1M | $17.5M | -$4.3M | |
| 775 | $16.0M | $18.8M | -$2.8M | |
| 776 | $7.2M | $8.0M | -$798.1K |
The gamma sign describes modeled net exposure under the assumed dealer positioning, not a forecast of volatility or direction.
The SPY call wall is the strike at or above spot with the most call gamma in our model, currently at $765. It is computed from settled open interest under an assumed dealer positioning; it describes modeled exposure, not where price goes.
The SPY put wall is the strike at or below spot with the most put gamma in our model, currently at $755. It is computed from settled open interest under an assumed dealer positioning; it describes modeled exposure, not where price goes.
The SPY Flip Line is the estimated price level where net dealer gamma exposure crosses zero, currently at $764. Above the Flip Line our model puts dealers in net positive gamma; below it, in net negative gamma. The sign describes modeled exposure, not a forecast of volatility or direction.
The SPY Swing Line is the lowest positive gamma strike between the put wall and the call wall, currently at $764. It marks where our modeled gamma regime changes; it is a modeled boundary, not a forecast.
Looking for QQQ dealer positioning? See QQQ gamma levels today.
Machine-readable document available at /spy-gamma-levels.md.