IYJ Gamma Exposure
Per-strike dealer gamma positioning for IYJ. Identifies 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 secondsIYJ Gamma Exposure - Live Analysis
IYJ is currently trading at $158.20 in a positive gamma regime. Net gamma exposure (GEX) stands at +$65K, with the gamma flip level at $157.74.IYJ 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 IYJ. When IYJ falls, dealers must buy shares to maintain their hedge - creating natural buying pressure that supports the price. When IYJ 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 IYJ levels from dealer gamma positioning: The call wall at $160 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at $157 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is $157 - $160. In a positive gamma environment, expect IYJ to gravitate within this zone.
Volatility context: IYJ ATM implied volatility is 19.7%.
FlashAlpha computes IYJ gamma exposure from live options data across all expirations for 6,000+ US equities and ETFs. 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 IYJ gamma exposure data programmatically.
Frequently Asked Questions - IYJ Gamma Exposure
What is IYJ's gamma exposure today?
IYJ currently has net gamma exposure (GEX) of +$65K in a positive gamma regime. Gamma exposure (GEX) measures the total gamma held by options market makers at each strike price. It reveals where dealer hedging flows are concentrated and how they create intraday support and resistance levels.
Is IYJ in positive or negative gamma?
IYJ 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.
Where is IYJ's gamma flip level?
The IYJ gamma flip is currently at $157.74. 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 gamma flip as a key intraday pivot level.
What are IYJ's key support and resistance levels from options?
The IYJ call wall (resistance) is at $160 and the put wall (support) is at $157. 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. In positive gamma regimes, price tends to oscillate between these two levels.
Related Reading
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What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. 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.
- Max Pain: The strike where option holders experience maximum loss. Price gravitates here near expiration.
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