Options Analytics
NVDA Gamma Exposure (GEX)
Analyze dealer hedging sensitivity, zero-gamma pivots, and volatility trigger levels.
Net Gamma Exposure
Aggregated call and put gamma across strikes. Large bars often mark key support/resistance and potential “pin” levels where price may gravitate, especially into expiration.
Put & Call Gamma Exposure
Breaks out gamma by puts vs calls so you can see which side dominates at each strike and whether downside protection or upside speculation is driving dealer positioning.
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Delta-Weighted Gamma Exposure
Weights gamma by option Delta to approximate where hedging intensity is highest near the current underlying price. These zones can precede sharp squeezes or air pockets in liquidity.
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See Delta-Weighted GEX to locate spots where dealer hedging may force sharp moves — create a free account.
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Understanding Gamma Exposure (GEX)
What is GEX?
Gamma Exposure (GEX) measures how sensitive options market makers’ portfolios are to changes in the underlying asset’s price. As the underlying moves, dealers adjust their Delta hedges, buying or selling stock or futures to stay neutral. The size and sign of GEX help estimate how aggressive those hedges may be.
For traders, GEX is a way to visualize the options dealer book and estimate where hedging flows may dampen or amplify price moves.
How to Interpret the Charts
High positive GEX values often create a stabilizing effect: dealers tend to sell into rallies and buy into dips, which can “pin” price near large strikes. When GEX turns negative, the behavior flips — dealers buy into rallies and sell into dips, potentially accelerating moves and increasing realized volatility.
The Zero Gamma level is a key pivot where this hedging behavior is expected to change sign, and it frequently behaves like an important support or resistance zone on the chart.
Practical Applications
- Identify key price levels where volatility might increase or collapse.
- Gauge overall market tone by observing the balance between Call GEX and Put GEX.
- Anticipate potential “pinning” near large open interest strikes into options expiration.
- Align intraday trading plans around Zero Gamma pivots and major GEX walls.
Want to see how this fits into the bigger picture? Open the full options & macro dashboard to combine GEX with volatility, skew, and macro risk signals.