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SPHR Gamma Exposure

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

Delayed
Net GEX
+$684K
per 1% move
Regime
Gamma flip shown but unverified - regime undetermined
Price
$131.22

GEX by Strike

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SPHR Gamma Exposure - Live Analysis

This page shows real-time gamma exposure (GEX) data for SPHR. Live data loads when the page opens and can be refreshed on demand during market hours.

Key SPHR levels from dealer gamma positioning: The call wall at $180 is the strike with the largest call GEX (call side only) - dealer hedging there tends to slow rallies. The put wall at $120 is the strike with the largest put GEX (put side only) - dealer hedging there tends to cushion dips. The dealer-defined trading range is $120 - $180. In a positive gamma environment, SPHR often trades within this zone.

Volatility context: SPHR ATM implied volatility is 64.2%.

FlashAlpha computes SPHR gamma exposure from live options data across all expirations for 6,000+ US equities and ETFs. The GEX chart above shows net GEX by strike (green above zero, red below) with the spot price, gamma flip, call wall and put wall marked on the chart; switch to Call vs Put or open interest views for the detail. Sign up free to unlock all key levels, or use the GEX API to pull SPHR gamma exposure data programmatically.

Frequently Asked Questions - SPHR Gamma Exposure

What is SPHR'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 SPHR 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 SPHR's gamma flip level?

The SPHR gamma flip is currently at $129.19. 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 SPHR's key support and resistance levels from options?

The SPHR call wall (resistance) is at $180 and the put wall (support) is at $120. The call wall is the strike with the largest call GEX (call side only) - dealer hedging there tends to slow rallies. The put wall is the strike with the largest put GEX (put side only) - dealer hedging there tends to cushion declines. 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 largest call GEX (call side only). Often resistance in positive gamma regimes.
  • Put Wall: The strike with the largest put GEX (put side only, absolute). Often support.
  • 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 often drifts toward it near expiration.

More SPHR Analysis

Full SPHR Analysis

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

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

3D implied volatility heatmap
SPHR Implied Volatility

ATM IV, IV percentile, IV vs realized vol