SPY
SPDR S&P 500 ETF TrustPrices and gamma are point-in-time snapshots taken at the time shown. Dealer positioning is an assumption, not an observable: open interest shows that a contract exists, never which side a dealer holds. How dealer gamma is computed.
LIVE MARKET SNAPSHOT
| Call Wall | 760 |
| Put Wall | 750 |
| GEX Flip | 760 |
| Vol Trigger | 759 |
| Net GEX | -$8.38B |
Cached snapshot as of 2026-09-16 14:55 UTC, live streaming data in the terminal.
SPY DEALER GAMMA BY STRIKE
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 87 seen, 2,640 contract rows spanning 33 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.
| Strike | Net GEX | Call GEX | Put GEX | Concentration |
|---|---|---|---|---|
| 745 | -$1.58B | $410.3M | -$1.99B | |
| 746 | -$199.3M | $46.5M | -$245.8M | |
| 747 | -$172.0M | $60.2M | -$232.1M | |
| 748 | -$116.1M | $45.9M | -$162.0M | |
| 749 | -$192.8M | $60.1M | -$252.9M | |
| 750PUT WALL | -$1.98B | $1.03B | -$3.01B | |
| 751 | -$191.6M | $32.1M | -$223.6M | |
| 752 | -$305.1M | $58.6M | -$363.7M | |
| 753 | -$415.7M | $63.5M | -$479.2M | |
| 754 | -$292.2M | $107.5M | -$399.8M | |
| 755 | -$1.35B | $681.3M | -$2.04B | |
| 756 | -$191.3M | $171.5M | -$362.8M | |
| 757 | -$395.1M | $383.6M | -$778.7M | |
| 758 | -$123.9M | $413.0M | -$536.9M | |
| 759 | $2.8M | $338.8M | -$336.0M | |
| 760SPOTCALL WALLGEX FLIP | -$2.44B | $1.34B | -$3.78B | |
| 761 | -$181.4M | $349.7M | -$531.1M | |
| 762 | $118.2M | $445.1M | -$326.9M | |
| 763 | $109.3M | $345.0M | -$235.6M | |
| 764 | -$103.1M | $335.0M | -$438.0M | |
| 765 | $203.8M | $1.15B | -$948.7M | |
| 766 | $210.5M | $417.1M | -$206.6M | |
| 767 | $246.4M | $427.6M | -$181.3M | |
| 768 | $117.1M | $263.4M | -$146.3M | |
| 769 | $95.2M | $217.8M | -$122.6M | |
| 770 | $338.6M | $895.3M | -$556.7M | |
| 771 | $96.1M | $169.6M | -$73.5M | |
| 772 | $75.9M | $150.7M | -$74.7M | |
| 773 | $85.5M | $156.6M | -$71.1M | |
| 774 | $139.8M | $193.7M | -$53.8M |
These levels were captured September 16, 2026 from the open interest carried on the option chain. New levels post before each market open. Today's SPY gamma heatmap.
ABOUT SPY
SPY is the world's largest and most traded ETF, tracking the S&P 500 index. Launched in 1993, it provides exposure to 500 large-cap U.S. stocks and is the most liquid equity instrument on the planet. SPY options are the most actively traded options contracts in the world, serving as the primary vehicle for market-level hedging and speculation.
WHY TRACK SPY ON SQUAWKFLOW
SPY options flow is the single most important signal in all of options trading. Put/call ratios, gamma exposure, and dealer positioning in SPY drive intraday market dynamics. Zero-DTE SPY options have become a dominant market structure force.
SPY DATA ON SQUAWKFLOW
Options Flow
SPY options flow, unusual activity, and volume concentrations from the session chain
Latest Snapshot
Last SPY price, change, volume, and the current dealer-gamma regime
GEX Dashboard
SPY gamma exposure levels, call/put walls, and GEX flip
AI Narration
AI-powered analysis of SPY market microstructure in real time
News Sentiment
SPY news with AI sentiment scoring and impact analysis
Sector Context
ETFs/Indices sector rotation and relative strength vs peers
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