Pineify logo

Options snapshot calculator

Free Gamma Exposure (GEX) Chart

Inspect a gamma-weighted options sample by strike. Values use a +1% spot move and fixed call-positive, put-negative assumptions. They do not measure actual dealer positions.

Up to 250 returned contracts · Reported 100-share contracts only · No account required

Analyze Gamma Exposure

Requests up to 250 contracts for a supported U.S. stock or ETF. The result is a partial sample, not a complete chain. Only reported 100-share contracts with valid gamma and OI are used.

Enter a Ticker to Analyze

Enter a stock or ETF ticker above and click "Analyze GEX" to visualize gamma exposure by strike price.

Read the unit before comparing GEX values

Gamma describes how option delta changes when the underlying price changes. This calculator multiplies reported gamma by open interest, 100 shares, spot squared, and 0.01. The result is an approximate dollar change in delta-equivalent exposure for a +1% spot move, with gamma held fixed. It is neither option profit nor the cash dealers will necessarily trade.

As a hypothetical example, gamma 0.02, open interest 1,000, a 100-share multiplier, and spot $100 give $200,000 per 1% move. Omitting 0.01 gives a number 100 times larger with a different unit. Compare formulas, units, contracts, expirations, and sign conventions before comparing providers.

A strike bar is not a dealer-position measurement

The chart assigns positive exposure to calls and negative exposure to puts. That is a scenario convention. The Options Industry Council explains that both long calls and long puts have positive gamma; short positions have negative gamma. Open interest alone does not identify the dealer side of either contract.

The highest positive and most negative strikes summarize this returned sample. They are not guaranteed support, resistance, price magnets, or volatility forecasts. A zero crossing between neighboring strike bars is not a zero-gamma underlying price, so this page does not label one.

Check what the request actually returned

  1. Enter a supported U.S. stock or ETF and select Analyze GEX.
  2. Read the included, returned, and excluded contract counts. A maximum of 250 contracts is requested; provider ordering can bias the sample.
  3. Check the number of expirations aggregated. The earliest expiration label does not mean the calculation uses only that expiry.
  4. Inspect the numeric table alongside the chart. Strike categories are equally spaced, even when their numeric gaps differ.

Missing gamma or unsupported contract rows are excluded, not treated as zero. A valid zero gamma or zero OI remains a zero contribution. A retrieval timestamp does not make the quote, Greeks, and reported OI contemporaneous. Nonstandard deliverables may need information beyond a reported share multiplier; confirm contract specifications separately.

Sources and calculation limits

Educational scenario analysis. No return, price target, hedging flow, or trading outcome is guaranteed.

GEX chart FAQ

What does this GEX chart calculate?

For each included contract, it computes gamma × open interest × 100 shares × spot price squared × 0.01. This approximates the dollar change in delta-equivalent exposure for a +1% spot move while holding gamma fixed. Calls receive a positive sign and puts a negative sign as an explicit scenario assumption.

Does negative put GEX mean puts have negative gamma?

No. Long calls and long puts both have positive gamma. Position gamma becomes negative when an option is sold short. Public open interest does not identify which side a dealer holds; the signs here are assumptions.

Does the chart find a zero-gamma spot level?

No. A change of sign between two strike bars is not a zero-gamma level as the underlying price moves. That requires repricing contract gamma across hypothetical spot prices with explicit volatility, time, and positioning assumptions. This tool does not perform that calculation.

Which contracts are included?

The page requests up to 250 contracts without following pagination. It aggregates all expirations returned in that sample, using only contracts reported as 100 shares with finite nonnegative gamma, valid open interest, and a valid strike. Unsupported or missing-data rows are counted as excluded. Adjusted deliverables require separate review.

Is the data live and complete?

The page fetches data on demand and shows retrieval time, which is not the source reporting time. Coverage, source entitlements, missing Greeks, and the 250-contract cap limit the result. It cannot establish a complete market-wide or full-chain gamma exposure.

Can I change the position assumptions?

This snapshot view fixes calls at +1 and puts at −1. The linked manual Gamma Exposure Calculator lets you enter inputs and change the call and put signs. Neither method can infer actual dealer inventory from open interest alone.

Test different position assumptions

Use the manual calculator to enter contract inputs and change call and put signs. Keep the same unit when comparing scenarios; this snapshot does not export an external data feed to Pine Script.

Open manual GEX calculator