Understanding whether SPX is in a long gamma or short gamma environment is critical for anticipating market behavior. This guide gives a Delta Hedging Cheat Sheet.

This page provides real-time gamma exposure (GEX) analysis for SPX options, showing how market maker hedging activity creates key support and resistance levels.

For the definition, formula, model assumptions, and positive-versus-negative gamma mechanics, read what gamma exposure means and how GEX is calculated. This page is the practical playbook: how to use GEX alongside price, volatility, liquidity, event risk, and live options flow to build intraday scenarios and define invalidation levels.

Understand gamma exposure (GEX) and how dealer hedging flows impact market movement. Real-time GEX visualization for SPX, NDX, and 500+ tickers. Professional options analytics.

SPX Gamma Exposure (SPX GEX) measures how S&P 500 market maker option positions force real-time delta hedging. Positive SPX GEX suppresses market volatility by compelling dealers to buy dips and sell rallies, while negative GEX accelerates downside selling pressure.

Market Makers provide liquidity, but they must hedge their risk. The Gamma Exposure (GEX) tool shows you exactly where dealers are long or short gamma. When dealers are 'Short Gamma', volatility expands as they chase price. When 'Long Gamma', volatility suppresses as they buy dips and sell rips.

Net dealer gamma exposure in SPX options is -$249.01B — dealers are net short gamma. Gamma exposure (GEX) estimates how much market makers must re-hedge as SPX moves. This page maps that exposure strike by strike, marks the gamma flip level, and explains what the hedging pressure means for price behavior in plain English.

TORQ is Cashflow Engine's gamma exposure (GEX) instrument for short-dated SPX options. It combines a fixed premarket market-data snapshot with modeled positioning assumptions and expresses the result in USD billions per a 1% SPX move.

Our heatmap corrects these shortcomings by calculating the entire gamma exposure of market makers’ portfolios and projecting it throughout the trading session. Instead of a linear value, we provide a surface map where positive gamma is shown in blue and negative gamma in red.

What Is SPX Gamma Exposure (GEX)? SPX Gamma Exposure (GEX) measures the aggregate gamma positioning of options dealers in the S&P 500 (SPX). It estimates how market makers must hedge as price moves, which can create either stabilizing or amplifying flows in the underlying index.