What is ESTA gamma exposure (GEX) today?

ESTA gamma exposure (GEX) measures total dealer gamma across all strikes and expirations. Positive GEX means dealers dampen moves (buy dips, sell rips); negative GEX means dealers amplify moves. Live ESTA GEX, dealer regime, and the gamma flip level are on this page.

Where is the ESTA gamma flip, call wall, and put wall?

Current ESTA key levels: gamma flip at $69.52, call wall at $75.00, put wall at $65.00. The call wall acts as resistance from dealer short-call hedging, the put wall as support from dealer short-put hedging, and the gamma flip marks where dealer hedging shifts from stabilising to destabilising.

How do I get ESTA options data via API?

Get live ESTA options data via FlashAlpha's free REST API - no credit card required. GET https://lab.flashalpha.com/v1/exposure/gex/ESTA returns gamma exposure by strike; /v1/exposure/levels returns the gamma flip, call wall, and put wall; /v1/stock/esta/summary returns IV rank, VRP, and the full analytics stack. Free tier allows 5 requests/day; paid tiers unlock full-chain aggregation, 0DTE analytics, and the options screener.

What is Gamma Exposure (GEX)?

Gamma Exposure (GEX) measures the total gamma held by options market makers across all strikes and expirations. When dealers are long gamma (positive GEX), they buy dips and sell rips, dampening volatility. When short gamma (negative GEX), they amplify moves in both directions. The gamma flip level marks where positioning shifts from stabilising to destabilising.

What is Volatility Risk Premium (VRP)?

The Volatility Risk Premium is the difference between implied volatility (what options price in) and realised volatility (what actually happens). A positive VRP means options are expensive relative to actual moves - favorable for premium sellers. A negative VRP means the stock is moving more than options predict.

What is Implied Volatility (IV)?

Implied Volatility is the market's forecast of how much a stock will move, expressed as an annualised percentage. ATM IV reflects consensus expectations. The IV term structure shows how expectations change across time - contango (rising) is normal, while backwardation (inverted) signals a near-term event.

What is Options Skew?

Options skew measures how much more expensive out-of-the-money puts are compared to equidistant calls. The 25-delta skew compares 25-delta put IV to 25-delta call IV. Steep skew means the market is paying up for downside protection. Inverted skew can signal squeeze positioning or bullish sentiment.

What are DEX, VEX, and CHEX?

DEX (Delta Exposure) measures directional risk. VEX (Vanna Exposure) captures how dealer delta changes when volatility shifts. CHEX (Charm Exposure) shows how dealer delta evolves as time passes. Together, they reveal the full picture of dealer hedging flow.

What is a Volatility Surface?

The volatility surface maps implied volatility across strike price (moneyness) and time to expiration. Hot spots indicate where the market prices the most uncertainty. Traders use the surface to identify relative value - finding cheap or expensive options compared to the surrounding IV landscape.

What is an IV Edge Map?

The IV Edge Map shows the difference between SVI-calibrated implied volatility and ATM term structure IV at each strike and expiration. Positive values (red cells) indicate options that are expensive relative to ATM - potential sell opportunities for premium sellers. Negative values (blue cells) indicate cheap options - potential buy opportunities. The SVI model provides a smooth parametric fit to the volatility surface, so deviations from it highlight where market prices diverge from the model's fair value estimate.

0DTE (zero days to expiration) gamma measures the gamma exposure from options expiring on the same day. These options have the highest gamma per dollar invested and create the largest dealer hedging flows relative to their size. 0DTE options have become a dominant force in intraday market microstructure, and when 0DTE gamma is large, intraday price moves can be amplified by rapid dealer rebalancing.

What is Max Pain in Options?

Max Pain is the strike price where the total dollar value of outstanding put and call options would cause the greatest financial loss to option holders at expiration. It represents the price at which option sellers (writers) would pay out the least. While not a guaranteed magnet, many traders observe that stocks tend to gravitate toward max pain near expiration due to dealer hedging dynamics and the natural decay of out-of-the-money options.

What is the VIX Term Structure?

The VIX term structure shows expected volatility across different time horizons: VIX9D (9-day), VIX (30-day), VIX3M (3-month), and VIX6M (6-month). In normal markets, the curve slopes upward (contango) because longer-dated uncertainty is typically priced higher. When the curve inverts (backwardation), it signals acute near-term stress - the market expects more volatility now than in the future.

What is the ESTA options positioning narrative?

The ESTA options positioning narrative is a plain-English summary of dealer gamma exposure, key option levels (call wall, put wall, gamma flip), vanna and charm, and the resulting price-action bias. When dealers are short gamma they amplify price moves; when long gamma they dampen them. FlashAlpha regenerates the ESTA narrative each minute from live options data.

When does ESTA report earnings and what move is priced in?

The ESTA earnings section shows the next earnings date and session (before the open or after the close) alongside the options-implied move - the front-month straddle as a percentage of price. It also surfaces the term-structure kink, where front-expiry implied volatility is elevated for the event and collapses (IV crush) afterward. Only stocks that report earnings show this section; broad ETFs do not.

What are the key options levels for ESTA?

ESTA key options levels are the gamma flip, call wall, put wall, max positive gamma, max negative gamma, highest open-interest strike, and the 0DTE magnet. These are derived from dealer gamma positioning and act as support and resistance: the call wall caps upside, the put wall supports downside, the gamma flip marks the volatility-regime boundary, and the 0DTE magnet is where same-day expiry pins price.

What is ESTA's volatility forecast?

The ESTA volatility forecast combines three conditional models: EWMA (RiskMetrics, lambda 0.94), HAR-RV (Corsi heterogeneous autoregressive realized volatility), and a maximum-likelihood GARCH(1,1) with Student-t innovations. It reports a multi-horizon (1, 5, 21-day) forecast, the long-run mean volatility, and the mean-reversion half-life - how quickly volatility decays back toward its long-run level.

What is ESTA's spot-vol correlation?

ESTA spot-vol correlation is the 20- and 60-day Pearson correlation between spot log-returns and ATM implied-volatility changes - the leverage effect. Equity indices typically run strongly negative, meaning implied volatility spikes when price falls. A more negative correlation signals a stronger inverse spot/vol relationship and richer downside hedging demand.

How is ESTA dealer hedging flow shifting intraday?

The ESTA dealer positioning section compares settled dealer gamma and delta exposure to a live, simulation-aware estimate that incorporates intraday options flow. It classifies the net shift as amplifying (flow adds to moves), dampening (flow stabilises), neutral, or no-flow when every contract is still at its settled open interest before the session generates new positioning.

What is the ESTA dealer-regime strategy signal?

The ESTA strategy signal is a systematic dealer-regime decision envelope: it classifies the gamma regime, assigns a 0-100 score and a confidence, and lists best-fit option structures. It is a descriptive positioning read rather than trading advice, and it requires historical data coverage - symbols without historical coverage are flagged as not available rather than scored.

What is ESTA 0DTE options flow?

ESTA 0DTE options flow tracks same-day-expiry positioning using a live, simulation-aware model: net 0DTE gamma exposure, the intraday gamma flip and walls, a pin score, and dealer hedge-flow direction. 0DTE gamma is the largest intraday hedging driver relative to its size. The section is available for symbols with daily expiries (such as SPY, SPX, and QQQ) and pauses when the market is closed.

How liquid are ESTA options and where is open interest building?

The ESTA liquidity section scores per-expiry execution quality from 0-100 using ATM and open-interest-weighted bid-ask spreads, then flags the tightest and widest expiries. Alongside it, the open-interest change view surfaces the largest day-over-day OI shifts by strike - revealing where new positioning is building or unwinding across ESTA options.

ESTA GEX & Options Analytics

Name: ESTA Options Analytics Dataset
Creator: FlashAlpha
License: https://flashalpha.com/terms

ESTA implied volatility, gamma exposure (GEX), dealer positioning, volatility surface, and options flow.

Get ESTA data via API - GEX, vol surface, Greeks & more

Get Free API Key →

Loading latest available snapshot…

ESTA Options Key Levels

as of Nov 11, 2026 3:05 PM ET

Price $70.52. ATM IV 60.0%. HV20 63.9%. Net GEX 334K.

Level	Price	Significance
Call Wall	$75	Maximum call gamma - acts as resistance
Put Wall	$65	Maximum put gamma - acts as support
Gamma Flip	$69.52	Gamma flip shown but unverified - regime undetermined

Gamma flip shown but unverified - regime undetermined

ESTA Options Analytics Dashboard

ESTA snapshot (Nov 11, 2026 3:05 PM ET): Price $70.52. ATM IV 60.0%. HV20 63.9%. Net GEX 334K. Gamma flip: $69.52. Call wall: $75. Put wall: $65.

ESTA Options Key Levels Summary

Level	Price	Significance
Call Wall	$75	Maximum call gamma - acts as resistance
Put Wall	$65	Maximum put gamma - acts as support
Gamma Flip	$69.52	Gamma flip shown but unverified - regime undetermined

ESTA Options API Access

All ESTA options analytics data is available via the FlashAlpha Lab API. Endpoints:

GET /v1/stock/esta/summary - Full summary: price, volatility, exposure, flow, macro
GET /v1/exposure/gex/esta - Per-strike gamma exposure
GET /v1/exposure/dex/esta - Per-strike delta exposure
GET /v1/exposure/vex/esta - Per-strike vanna exposure
GET /v1/exposure/chex/esta - Per-strike charm exposure
GET /v1/volatility/esta - IV analysis, term structure, dispersion

Free tier: 5 requests/day. See pricing for higher limits. Try the interactive API playground.

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ATM IV

60.0%

HV20: 63.9%

VRP

Gamma Regime

VIX

Updated

Nov 11, 2026 3:05 PM ET

Bid / Ask

Expected Move

Max Pain

P/C Ratio (OI)

Data not yet available for ESTA

SPY QQQ TSLA NVDA AAPL AMZN META AMD MSFT GOOGL

Price Chart

How ESTA compares

Ranked against 1,449 tickers with options data at the Nov 10 close

ATM implied volatility

61.4%

Higher than 65% of tickers, #502 of 1,449

20-day realized volatility

62.2%

Higher than 63% of tickers

Price vs max pain

+4.1%

Above the all-expirations max pain of $65.00; further from it than 25% of tickers

Gamma regime at the close

Undetermined

79 tickers closed in negative gamma, 171 in positive, 1,199 undetermined

Tickers with the closest implied volatility to ESTA

Ticker	Price	ATM IV	20-day realized	vs max pain	Gamma regime
ESTA	$67.67	61.4%	62.2%	+4.1%	Undetermined
TLN	$361.55	61.4%	71.0%	+9.6%	Positive gamma
DKNG	$19.01	61.4%	96.9%	-15.5%	Undetermined
TDOC	$8.94	61.4%	103.9%	+27.7%	Undetermined
STLA	$4.28	61.5%	62.1%	-14.4%	Undetermined
GH	$156.81	61.6%	57.8%	-2.0%	Undetermined
KD	$17.27	61.6%	110.6%	+32.8%	Undetermined

Volatility Term Structure

Skew & smile →

IV by Tenor

GET /v1/stock/esta/summary Try it | Docs

Dealer Greek Exposure

Full GEX analysis

How we calculate

Dealer exposure is computed from end-of-day options open interest and greeks across all listed strikes and expirations. We assume market makers hold the opposite side of public order flow. GEX, DEX, VEX, and CHEX are aggregated using the Black-Scholes model with dividend-adjusted forwards. Data updates after market close (~8:30 PM ET) based on OCC-reported OI.

What is GEX?

Net dealer gamma exposure. Positive = dealers buy dips/sell rallies (mean reversion). Negative = dealers amplify moves. Formula: GEX = Sum(gamma x OI x 100 x spot).

What is Gamma Flip?

Price where net GEX crosses zero. Above = positive gamma (supportive). Below = negative gamma (amplifying). Key intraday pivot level.

What is Call Wall?

Strike with highest call gamma. Dealers sell here on rallies, creating upside resistance. The upper bound of the dealer-defined trading range.

What is Put Wall?

Strike with highest put gamma. Dealers buy here on dips, creating downside support. The lower bound of the dealer-defined trading range.

Top Strikes by Gamma

GET /v1/exposure/gex/esta Try it | Docs

ESTA 0DTE Gamma Exposure

Zero days-to-expiration gamma, top strikes by gamma notional, and dealer hedging flow estimates.

Options Flow

How we calculate

Options flow aggregates open interest and volume across all listed strikes and expirations from OCC-reported data. Put/call ratios are computed from total contract counts. Active expirations count distinct expiry dates with meaningful OI. Updated after market close based on end-of-day OI reports.

Open Interest

Calls

Puts

P/C Ratio (OI)

Volume Today

Call Volume

Put Volume

P/C Ratio (Vol)

GET /v1/stock/esta/summary - includes options flow data Try it

ESTA Max Pain Analysis

Basic Full max pain page

API Docs →

ESTA OI Concentration & Positioning

How concentrated open interest is across strikes - high concentration means a few key levels dominate hedging flows.

Volatility Surface

Full vol surface

How we calculate

The volatility surface is calibrated using the SVI (Stochastic Volatility Inspired) parameterisation fitted to mid-market option prices across all listed strikes and expirations. The 50×50 grid interpolates across log-moneyness and time-to-maturity. Skew metrics use 25-delta put and call IVs from the nearest monthly expiry. Updated after market close.

Full 3D surface tool →

Strike
ATM

GET /v1/surface/esta Try it | Docs - public endpoint, no auth required

Put/Call Ratio

Logged in

How to read this

The put/call ratio compares put option activity to call option activity. A ratio above 1.0 means more puts than calls (bearish sentiment). Below 0.7 is typically considered bullish. The ratio by expiration shows where directional bets are concentrated, while the moneyness breakdown reveals whether traders are buying protection (OTM puts) or speculating on upside (OTM calls).

Aggregate Ratios

P/C Ratio (Open Interest)

P/C Ratio (Volume)

By Expiration

OI by Moneyness

Live Options Flow

Alpha

How to read this

The tape buffer tracks every options print in the rolling in-memory window. Net volume = buy-classified contracts minus sell-classified contracts; positive = call/put demand pressure on the ask. Large blocks are prints ≥ 100 contracts, often institutional. Recent trades shows the latest tape with side classification (buy at ask / sell at bid / mid).

IV Edge Map

Growth

What is this?

The edge map shows the difference between SVI-fitted implied volatility and the ATM term structure IV at each strike/expiration point. Positive values (red) indicate options that are expensive relative to ATM - potential sell opportunities. Negative values (blue) indicate cheap options - potential buy opportunities. The larger the deviation, the stronger the signal.

Where the SVI-calibrated surface diverges from ATM term structure IV, options are potentially mispriced. Blue cells are cheap relative to ATM (buy edge). Red cells are rich (sell edge). The bigger the divergence, the stronger the signal.

Strike
ATM

Market Context

CBOE VIX

S&P 500

Fear & Greed

VVIX

Vol of Vol

SKEW Index

Tail Risk

MOVE Index

Bond Vol

ESTA Volatility Skew by Expiry

How implied volatility varies across delta (10ΔP to 10ΔC) for each expiration. Steep put skew = expensive downside protection. Flat skew = balanced sentiment.

ESTA Theta Decay by DTE

Net theta exposure aggregated by days-to-expiration bucket. Shows where time decay is concentrated - critical for premium sellers and income strategies.

ESTA Bid-Ask Spread & Liquidity

Options market liquidity profile - ATM vs wing spreads and contract depth. Tighter spreads = better execution for traders.

View details

VIX Term Structure

VIX index family across tenors - contango (rising curve) is normal; backwardation (inverted) signals near-term stress. The VIX futures basis shows the premium/discount of longer-dated vol expectations vs spot VIX.

ESTA Volatility Risk Premium (VRP)

ALPHA

Is selling premium on ESTA profitable right now? VRP measures the spread between implied and realized volatility - positive VRP means options are overpriced relative to actual moves. Combined with dealer positioning and directional decomposition, this tells you whether to sell, what structure to use, and how much to risk.

ESTA Earnings & Expected Move

When ESTA next reports earnings and the options-implied move priced into the front-month straddle, including the IV-crush kink in the volatility term structure.

ESTA Key Options Levels

The full set of ESTA dealer-hedging levels - gamma flip, max positive and negative gamma, call wall, put wall, and the 0DTE magnet - that act as support and resistance.

ESTA Volatility Forecast

Conditional volatility forecasts for ESTA from EWMA (RiskMetrics), HAR-RV (Corsi), and a maximum-likelihood GARCH(1,1) model, with mean-reversion half-life and long-run vol.

ESTA Spot-Vol Correlation

The 20- and 60-day correlation between ESTA spot returns and ATM-IV changes - the leverage effect. Equity indices run strongly negative: vol spikes when price falls.

ESTA Dealer Positioning & Flow Risk

How ESTA dealer gamma and delta exposure have shifted since the open from intraday options flow, and whether that flow is amplifying or dampening price moves.

ESTA Strategy Signal

The systematic dealer-regime decision envelope for ESTA - a descriptive positioning read (gamma regime, score, and best-fit structures), not trading advice.

ESTA 0DTE Options Flow

Live, simulation-aware same-day-expiry positioning for ESTA - net 0DTE gamma, the intraday pin, and dealer hedge-flow direction.

ESTA Liquidity & Open Interest Change

Per-expiry execution quality for ESTA options - the chain-level liquidity score and tightest expiry - plus the biggest day-over-day open-interest shifts.

ESTA Options Positioning Narrative

A plain-English read of ESTA dealer gamma positioning, key option levels, and the resulting price-action bias - generated each minute from live gamma exposure (GEX), vanna, and charm.

Understanding ESTA Options Analytics

Key concepts behind the data on this page - learn how to read dealer positioning, volatility, and options flow.

Gamma exposure (GEX) Gamma flip Call wall Put wall Max pain Implied volatility Term structure Skew Volatility risk premium Volatility surface DEX VEX CHEX

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Real-time analytics, full strike-level exposure, vol surface, and historical data.

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Build with our API - integrate ESTA data into your own tools

GET /v1/stock/esta/summary

Core

Returns: price, volatility (IV, HV, VRP, term structure, skew), exposure (GEX, DEX, VEX, CHEX, key levels), options flow, macro context

GET /v1/exposure/gex/esta

Exposure

Returns: per-strike gamma exposure (call GEX, put GEX, net GEX) for all strikes with OI ≥ threshold

GET /v1/surface/esta

Advanced

Returns: SVI-calibrated implied volatility surface - 50×50 grid (tenors × moneyness), spot price, forward prices

Try in Playground → Full API Reference →

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ESTA GEX & Options Analytics

ESTA Options Key Levels

ESTA Options Analytics Dashboard

ESTA Options Key Levels Summary

ESTA Options API Access

Data not yet available for ESTA

Price Chart

How ESTA compares

Tickers with the closest implied volatility to ESTA

Volatility Term Structure

IV by Tenor

Dealer Greek Exposure

Key Levels

Top Strikes by Gamma

ESTA 0DTE Gamma Exposure

ESTA Top Gamma Strikes

Options Flow

Open Interest

Volume Today

ESTA Max Pain Analysis

Max Pain Strike

Pin Probability

Dealer Alignment

Max Pain by Expiration

Max Pain Strike

ESTA OI Concentration & Positioning

OI Concentration

Flow Summary

Volatility Surface

Realized vs Implied Volatility

IV-RV Spreads

Gamma Exposure by DTE

Dealer Hedging Scenarios

OI Concentration

Liquidity

IV Dispersion

Put/Call Ratio

Aggregate Ratios

By Expiration

OI by Moneyness

Live Options Flow

Large blocks

Recent tape

IV Edge Map

Market Context

ESTA Volatility Skew by Expiry

ESTA Theta Decay by DTE

ESTA Bid-Ask Spread & Liquidity

ATM Options

Wing Options (OTM)

VIX Term Structure

VIX Term Curve

VIX Futures Basis

ESTA Volatility Risk Premium (VRP)

VRP Spreads by Window

Directional VRP

Term VRP & Risk

Strategy Suitability

ESTA Earnings & Expected Move

ESTA Key Options Levels

ESTA Volatility Forecast

ESTA Spot-Vol Correlation

ESTA Dealer Positioning & Flow Risk

ESTA Strategy Signal

ESTA 0DTE Options Flow

ESTA Liquidity & Open Interest Change

ESTA Options Positioning Narrative

Understanding ESTA Options Analytics

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