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OPEN Gamma Exposure

Per-strike dealer gamma positioning for OPEN. Identifies call wall, put wall, and the gamma flip level where dealer hedging behavior changes.

Net GEX
+$334K
Price
$1.75

GEX by Strike

OPEN Gamma Exposure - Live Analysis

This page shows real-time gamma exposure (GEX) data for OPEN, updated every 15 seconds during market hours.

Key OPEN levels from dealer gamma positioning: The call wall at $2 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at $2 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is $2 - $2. In a positive gamma environment, expect OPEN to gravitate within this zone.

Volatility context: OPEN ATM implied volatility is 159.5%.

FlashAlpha computes OPEN 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 OPEN gamma exposure data programmatically.

Frequently Asked Questions - OPEN Gamma Exposure

What is OPEN's gamma exposure today?

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 OPEN 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.

Where is OPEN's gamma flip level?

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 OPEN's key support and resistance levels from options?

The OPEN call wall (resistance) is at $2 and the put wall (support) is at $2. 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

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

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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.

More OPEN Analysis

Full OPEN Analysis

IV, GEX, dealer positioning, vol surface, options flow
OPEN Volatility Skew

IV smile, put/call skew, term structure
OPEN Vol Surface

3D implied volatility heatmap
OPEN Implied Volatility

ATM IV, IV percentile, IV vs realized vol