OEX Gamma Exposure
Per-strike dealer gamma positioning for OEX. 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 secondsOEX Gamma Exposure - Live Analysis
OEX is currently trading at $3640.78 in a negative gamma regime. Net gamma exposure (GEX) stands at -$88K, with the gamma flip level at $3641.62.OEX 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 OEX. When OEX falls, dealers must sell shares to maintain their hedge - adding selling pressure that accelerates the decline. When OEX rises, dealers buy - fueling the rally. This creates a trending, volatile environment where moves are amplified rather than dampened. Breakout strategies tend to outperform mean reversion in negative gamma.
Key OEX levels from dealer gamma positioning: The call wall at $3650 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at $3600 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is $3600 - $3650. In a positive gamma environment, expect OEX to gravitate within this zone.
Volatility context: OEX ATM implied volatility is 17.7%.
FlashAlpha computes OEX 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 OEX gamma exposure data programmatically.
Frequently Asked Questions - OEX Gamma Exposure
What is OEX's gamma exposure today?
OEX currently has net gamma exposure (GEX) of -$88K in a negative 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 OEX in positive or negative gamma?
OEX 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.
Where is OEX's gamma flip level?
The OEX gamma flip is currently at $3641.62. 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 OEX's key support and resistance levels from options?
The OEX call wall (resistance) is at $3650 and the put wall (support) is at $3600. 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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