ES Futures Gamma Exposure
Per-strike dealer gamma positioning for ES (E-mini S&P 500) options-on-futures. Dollar gamma is scaled by the $50/point CME multiplier and priced with Black-76. Identifies the call wall, put wall, and the gamma flip level where dealer hedging behavior changes.
GEX by Strike
Per-Strike GEX Data
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Sign up free - 30 secondsES Futures Gamma Exposure - Live Analysis
ES (E-mini S&P 500) is currently trading at 7701.12 in a positive gamma regime. Net gamma exposure (GEX), expressed as dollar gamma at the $50/point CME multiplier, stands at +$62.2B, with the gamma flip level at 7628.12.ES is currently trading above the gamma flip, meaning dealer hedging pressure is supportive - dealers buy dips and sell rallies, dampening intraday volatility.
In the current positive gamma regime, options market makers are net long gamma on ES. When ES falls, dealers must buy futures to maintain their hedge - creating natural buying pressure that supports price. When ES rises, dealers sell - capping the rally. This mechanical hedging behavior creates a mean-reverting, range-bound environment where price tends to oscillate between key gamma levels rather than trending directionally.
Key ES levels from dealer gamma positioning: The call wall at 7705 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at 7500 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is 7500 - 7705 in ES index points. In a positive gamma environment, expect ES to gravitate within this zone.
Volatility context: ES ATM implied volatility is 9.7%.
FlashAlpha computes ES gamma exposure from live options-on-futures data across all expirations, pricing each contract with the Black-76 model (Black-Scholes-Merton evaluated on the forward) and scaling dollar gamma by the $50/point CME multiplier rather than the 100x equity-option multiplier. The GEX chart above shows per-strike gamma with call GEX (green), put GEX (red), and net GEX (blue line). Compare against the cash index on the SPX options page. Sign up free to unlock all key levels, or use the GEX API to pull ES gamma exposure data programmatically.
Frequently Asked Questions - ES Futures Gamma Exposure
What is ES futures gamma exposure today?
ES futures currently have net gamma exposure (GEX) of +$62.2B in a positive gamma regime. Gamma exposure (GEX) measures the total gamma held by options market makers on the ES (E-mini S&P 500) chain at each strike. Dollar gamma is scaled by the $50/point CME multiplier and priced with the Black-76 model. It reveals where dealer hedging flows are concentrated and how they create intraday support and resistance levels.
Is ES in positive or negative gamma?
ES is currently in a positive gamma regime. In positive gamma, dealers buy dips and sell rallies - dampening volatility. In negative gamma, dealers amplify moves in both directions - creating trending, volatile conditions. The gamma flip level marks the transition point between these two regimes, and because ES trades nearly 24 hours on CME Globex it can shift overnight.
Where is ES's gamma flip level?
The ES gamma flip is currently at 7628.12. The gamma flip is the price level where aggregate dealer gamma transitions from positive (supportive) to negative (destabilizing). Above the flip, dealers suppress volatility. Below it, they amplify moves. Many traders use the ES gamma flip as a key intraday pivot level.
What are ES's key support and resistance levels from options?
The ES call wall (resistance) is at 7705 and the put wall (support) is at 7500. The call wall is the strike with the highest call gamma - dealers sell here, creating resistance. The put wall has the highest put gamma - dealers buy here, creating support. Levels are quoted in ES index points; when comparing to cash SPX, apply the futures basis. In positive gamma regimes, price tends to oscillate between these two levels.
Related Reading
Compare ES GEX With
What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For ES futures, dollar gamma is scaled by the $50/point CME multiplier and priced with Black-76. It reveals where dealer hedging flows are concentrated and how they affect price action.
Positive GEX (long gamma): Dealers buy dips and sell rips, dampening volatility. Price tends to pin near high-gamma strikes.
Negative GEX (short gamma): Dealers sell into drops and buy into rips, amplifying moves. Expect increased volatility and trend-following behavior.
Key Levels
- Call Wall: The strike with the highest call gamma. Acts as a resistance magnet in positive gamma regimes.
- Put Wall: The strike with the highest put gamma (absolute). Acts as a support magnet.
- Gamma Flip: The price level where net gamma shifts from positive to negative. A critical regime boundary.
- Basis vs SPX: The ES future trades at a basis to cash SPX (F − S); apply it when mapping futures gamma levels onto the cash index.
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