NDX · Nasdaq-100 Index
NDX Gamma Exposure.
Live NDX gamma exposure, dealer positioning, and expiry-cycle breakouts for the Nasdaq-100.
$99/mo or $82.50/mo billed annually · 7-day free trial · Cancel anytime
Why NDX GEX matters
NDX is Nasdaq-100 exposure through an index option, cash-settled and European-style. Because the index is dominated by a small number of mega-cap tech names, NDX dealer flow behaves differently from SPX around single-stock earnings weeks - a heavy AAPL, MSFT, or NVDA move can pull the NDX gamma profile in ways SPX does not see. Reading NDX GEX alongside SPX gives you a cleaner sense of whether index-level positioning is tech-led or broader.
Coverage
NDX GEX panels cover the CBOE Nasdaq-100 options chain - dailies, weeklies, monthlies, and quarterly quad-witching. The concentration by strike is often heavier than SPX because more of the OI comes from institutional index hedging rather than retail day-trading. QQQ open interest is also available separately (see the QQQ page) for the retail-flow read.
How to read NDX GEX
NDX GEX is usually a smoother, more institutional profile than SPX. When it disagrees with SPX - for instance, NDX is negative gamma while SPX is positive - the divergence is often driven by concentrated single-name flow in the mega-caps. Track NDX zero-gamma against SPX zero-gamma as a paired signal; when they cross-flip on the same session, treat it as a regime change.
NDX GEX - common questions
What is NDX gamma exposure?
NDX gamma exposure is the aggregate gamma held by dealers on Nasdaq-100 index options. It reflects institutional hedging demand against tech-heavy portfolios and shifts around mega-cap earnings.
How is NDX GEX different from SPX GEX?
NDX has a heavier institutional flow mix and is more sensitive to individual mega-cap moves (AAPL, MSFT, NVDA, GOOGL). SPX has more 0DTE speculative flow. Comparing the two often shows whether index positioning is tech-concentrated or broadly distributed.
Does BackQuant cover NDX 0DTE?
Yes. NDX daily expiries are covered on the same 0DTE and 1DTE panels as SPX. NDX 0DTE volume is smaller than SPX but the dealer flow still concentrates around the close.
Should I use NDX or QQQ GEX?
NDX for the institutional-flow read (cash-settled, European-style, larger contract size); QQQ for the retail-flow read (physically settled ETF, American-style, smaller contract). Both track the Nasdaq-100 but the OI distribution and hedging behaviour differ. Ideally you watch both.
Learn how NDX GEX works
In-depth guides covering the mechanics behind the panel.
GEX for other tickers
Try NDX GEX free for 7 days.
Full terminal access. Every ticker covered. No feature gating. Cancel anytime.