SPX market maker exposure and net GEX in dollar gamma
SPX market maker exposure is an estimate of how much the index options dealers must buy or sell to stay hedged. Net GEX expresses it in dollar gamma: the dollars of hedging needed for each 1% move in SPX. Positive net GEX tends to calm the index, negative net GEX tends to make moves larger.
How dollar gamma is calculated
For each strike, gamma is multiplied by open interest, the 100 share contract multiplier, the index level squared and 0.01. Calls count as positive and puts as negative, on the usual assumption that dealers are long the calls and short the puts customers trade. Summing every strike gives net GEX in dollars per 1% move.
Because the index level enters squared, SPX dollar gamma figures are large, often in the billions. Compare a reading with its own history rather than with another ticker.
Reading the current level
A large positive reading means dealers are expected to sell into rallies and buy dips, which tends to compress the daily range. A negative reading means hedging is expected to follow the move. The gamma flip is the index level where the estimate changes sign.
Short dated expirations, including 0DTE, carry most of the gamma near spot, so net GEX can change a lot within one session as those contracts age and expire.
Limits of the estimate
Open interest is published once a day and does not say who holds each contract, so dealer positioning is an assumption. Treat net GEX as a map of likely hedging pressure, not a forecast.
Questions
- Is SPX market maker exposure the same as GEX?
- In practice yes. Both describe dealer gamma positioning; net GEX is the usual way to put a single number on it.
- Why is SPX GEX shown per 1% move?
- It makes the figure a dollar amount of hedging for a realistic move, so readings at different index levels can be compared.
- Where can I see current SPX net GEX?
- Obelion's SPX gamma exposure page shows total net GEX, gamma by strike, the flip and the walls, compared with the last 90 days.
Related
- What is a gamma squeeze?
- 0DTE options explained
- Free gamma exposure chart
- SPX vs SPY gamma exposure
- Does max pain work?
- Open interest vs volume in options
- Best gamma exposure (GEX) tools in 2026
- Cheapest stock charting and options data platforms in 2026
- SpotGamma alternatives in 2026
- Unusual Whales alternatives in 2026
- FX Fighter Kurumi-chan: the trading lessons behind the anime
- Stock market Reddit: where to read, and how to check what you read
- Best free stock market tools, the honest Reddit-style list
- Gamma exposure on Reddit: what GEX really tells you
- Unusual options activity from Reddit: how to check it yourself
- Options trading for beginners: the lessons Reddit keeps repeating
- Is paper trading worth it? The honest Reddit answer
- TradingView alternatives: an honest, Reddit-style comparison
- Is Obelion Terminal legit?
- GEX on Reddit: how to read a gamma exposure chart
- Is day trading worth it? The honest Reddit answer
- SPY options on Reddit: what to know before you trade them
- 0DTE options on Reddit: do they actually work?
- Stock screener settings Reddit asks about: free screens that work
- Sector rotation on Reddit: how to tell which sectors lead
- How do market makers hedge options?
- What are vanna and charm?
- What is the gamma flip?
- SPY gamma pin and how it resolves
- Volume profile trading strategy for day traders
- What is GEX trading? Dealer gamma exposure explained
- How to read an options chain
- Trading simulator with real market data
- Multi timeframe analysis: trading multiple timeframes
- Trading dashboard setup for day traders
- Build your own trading indicator
- TradingView vs thinkorswim
- TradingView vs Obelion Terminal
For education only, not financial advice. See the disclaimer.
