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ZF Futures Gamma Exposure

Per-strike dealer gamma positioning for ZF (5-Year T-Note) options-on-futures. Dollar gamma is scaled by the $1000/point CME multiplier and priced with Black-76. Identifies the call wall, put wall, and the gamma flip level where dealer hedging behavior changes.

Net GEX
-$39.2M
Regime
Spot is at the gamma flip - regime undetermined
Last
103.71

GEX by Strike

ZF Futures Gamma Exposure - Live Analysis

This page shows real-time gamma exposure (GEX) data for ZF (5-Year T-Note) options-on-futures, updated every 15 seconds during market hours.

Key ZF levels from dealer gamma positioning: The call wall at 104 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at 104 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is 104 - 104 in ZF index points. In a positive gamma environment, expect ZF to gravitate within this zone.

Volatility context: ZF ATM implied volatility is 4.5%.

FlashAlpha computes ZF 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 $1000/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). Sign up free to unlock all key levels, or use the GEX API to pull ZF gamma exposure data programmatically.

Frequently Asked Questions - ZF Futures Gamma Exposure

What is ZF futures gamma exposure today?

Gamma exposure (GEX) measures the total gamma held by options market makers on the ZF (5-Year T-Note) chain at each strike. Dollar gamma is scaled by the $1000/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 ZF in positive or negative gamma?

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 ZF trades nearly 24 hours on CME Globex it can shift overnight.

Where is ZF's gamma flip level?

The ZF gamma flip is currently at 103.78. 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 ZF gamma flip as a key intraday pivot level.

What are ZF's key support and resistance levels from options?

The ZF call wall (resistance) is at 104 and the put wall (support) is at 104. 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 ZF points. In positive gamma regimes, price tends to oscillate between these two levels.

Related Reading

GEX What Is Gamma Exposure (GEX)? 0D Guide to 0DTE Trading Strategies API GEX API Documentation R Gamma Exposure Research Guide

Compare ZF GEX With

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What is Gamma Exposure?

Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For ZF futures, dollar gamma is scaled by the $1000/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.

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