RTY Futures Gamma Exposure
Per-strike dealer gamma positioning for RTY (E-mini Russell 2000) 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 secondsRTY Futures Gamma Exposure - Live Analysis
RTY (E-mini Russell 2000) is currently trading at 3036.70 in a positive gamma regime. Net gamma exposure (GEX), expressed as dollar gamma at the $50/point CME multiplier, stands at +$32.1M, with the gamma flip level at 3017.34.RTY 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 RTY. When RTY falls, dealers must buy futures to maintain their hedge - creating natural buying pressure that supports price. When RTY 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 RTY levels from dealer gamma positioning: The call wall at 3050 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at 3000 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is 3000 - 3050 in RTY index points. In a positive gamma environment, expect RTY to gravitate within this zone.
Volatility context: RTY ATM implied volatility is 15.8%.
FlashAlpha computes RTY 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 RUT options page. Sign up free to unlock all key levels, or use the GEX API to pull RTY gamma exposure data programmatically.
Frequently Asked Questions - RTY Futures Gamma Exposure
What is RTY futures gamma exposure today?
RTY futures currently have net gamma exposure (GEX) of +$32.1M in a positive gamma regime. Gamma exposure (GEX) measures the total gamma held by options market makers on the RTY (E-mini Russell 2000) 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 RTY in positive or negative gamma?
RTY 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 RTY trades nearly 24 hours on CME Globex it can shift overnight.
Where is RTY's gamma flip level?
The RTY gamma flip is currently at 3017.34. 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 RTY gamma flip as a key intraday pivot level.
What are RTY's key support and resistance levels from options?
The RTY call wall (resistance) is at 3050 and the put wall (support) is at 3000. 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 RTY index points. When comparing to cash RUT, apply the futures basis. In positive gamma regimes, price tends to oscillate between these two levels.
Related Reading
Compare RTY GEX With
What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For RTY 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 RUT: The RTY future trades at a basis to cash RUT (F − S); apply it when mapping futures gamma levels onto the cash index.
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