Learn
GEX, in plain words
Five concepts behind a gamma exposure map of the S&P 500: what each one means, how traders read it and where LiveGexLevels shows it.
Video guide · Start here
The free guide one episode at a time, in order: start from episode 1. Each page has the video, its chapters, the summary and the full transcript.
Episode 1 · 6 minWho moves the price
- Episode 2 · coming soon
Options, explained simply
- Episode 3 · coming soon
Delta and gamma, the two Greeks you need
- Episode 4 · coming soon
From the dealer to GEX: walls, flip, gamma + and −
- Episode 5 · coming soon
How far can it go today: expected move and volatility regime
GEX (gamma exposure)
GEX, short for gamma exposure, is an estimate of how much option dealers would have to buy or sell the underlying to stay hedged as its price moves, mapped strike by strike.
Gamma flip (zero gamma)
The gamma flip, also called the zero gamma level, is the price at which the estimated net gamma of option dealers changes sign, positive on one side and negative on the other.
Call wall and put wall
The call wall and the put wall are the prices where the estimated gamma exposure of call options and of put options concentrates most, and on a GEX map they mark its outer bounds.
0DTE GEX
0DTE GEX is the gamma exposure carried by options with zero days to expiration, the contracts that expire at the end of the same trading day.
Gamma regime
The gamma regime is the sign of the estimated net gamma of option dealers: positive when their hedging tends to dampen price moves, negative when it tends to amplify them.
How these pages work
Each page opens with a one-sentence definition, then explains how the concept is read, how it appears on the LiveGexLevels map and which MCP tool returns it to an AI assistant.
None of these concepts tells you what to trade. They describe where option hedging is estimated to concentrate; what you do with that is your decision.
GEX levels by instrument
SPX GEX levels
SPX GEX levels are the prices, in S&P 500 index points, where the estimated gamma exposure of S&P 500 options concentrates: the call wall, the put wall, the gamma flip and the levels between them.
ES GEX levels
ES GEX levels are the S&P 500 gamma exposure levels expressed in ES/MES futures points: the same SPX map, in the units futures traders use.
SPY GEX levels
SPY GEX levels are the S&P 500 gamma exposure levels expressed in SPY dollars, so a level may not sit exactly on an SPY strike.
