MES Futures Gamma Exposure
Per-strike dealer gamma positioning for MES (Micro E-mini S&P 500) options-on-futures. Dollar gamma is scaled by the $5/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
Create a free account to view the full GEX by strike chart with call/put gamma, net GEX, and key levels for MES futures.
Sign up free - 30 secondsMES Futures Gamma Exposure - Live Analysis
MES (Micro E-mini S&P 500) is currently trading at 7753.12 in a negative gamma regime. Net gamma exposure (GEX), expressed as dollar gamma at the $5/point CME multiplier, stands at -$4.4M, with the gamma flip level at 7755.15.MES is currently trading below the gamma flip, meaning dealer hedging pressure is destabilizing - dealers amplify moves in both directions, increasing intraday volatility.
In the current negative gamma regime, options market makers are net short gamma on MES. When MES falls, dealers must sell futures to maintain their hedge - adding selling pressure that accelerates the decline. When MES rises, dealers buy - fueling the rally. This creates a trending, volatile environment where moves are amplified rather than dampened. Because MES trades nearly 24 hours on CME Globex, this hedging can play out overnight as well as in the cash session. Breakout strategies tend to outperform mean reversion in negative gamma.
Key MES levels from dealer gamma positioning: The call wall at 7800 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 - 7800 in MES index points. In a positive gamma environment, expect MES to gravitate within this zone.
Volatility context: MES ATM implied volatility is 11.1%.
FlashAlpha computes MES 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 $5/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 MES gamma exposure data programmatically.
Frequently Asked Questions - MES Futures Gamma Exposure
What is MES futures gamma exposure today?
MES futures currently have net gamma exposure (GEX) of -$4.4M in a negative gamma regime. Gamma exposure (GEX) measures the total gamma held by options market makers on the MES (Micro E-mini S&P 500) chain at each strike. Dollar gamma is scaled by the $5/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 MES in positive or negative gamma?
MES is currently in a negative 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 MES trades nearly 24 hours on CME Globex it can shift overnight.
Where is MES's gamma flip level?
The MES gamma flip is currently at 7755.15. 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 MES gamma flip as a key intraday pivot level.
What are MES's key support and resistance levels from options?
The MES call wall (resistance) is at 7800 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 MES 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 MES GEX With
What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For MES futures, dollar gamma is scaled by the $5/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 MES future trades at a basis to cash SPX (F − S); apply it when mapping futures gamma levels onto the cash index.
You've hit your daily request limit
Your quota resets at midnight UTC. Upgrade for uninterrupted access to live analytics.
What you unlock with an upgrade
Plans start at $63/mo · No contract · Cancel anytime