SPX · S&P 500 Index
SPX Gamma Exposure.
Live SPX gamma exposure, ranked walls, and 0DTE dealer positioning - updated throughout the session.
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Why SPX GEX matters
SPX is the largest options market in the world. Dealer hedging on SPX options directly moves the index intraday, and the effect concentrates hardest in the last 60–90 minutes of the session - the window where 0DTE gamma peaks and systematic vol strategies rebalance. Reading SPX dealer positioning correctly is the difference between fading a rip and being run over by it.
Coverage
SPX GEX panels cover the full CBOE options chain - daily (0DTE), weekly, monthly (third-Friday PM-settled), and quarterly (quad-witching). The 0DTE and 1DTE views are broken out separately from the aggregate so you can read the same-day and next-day gamma cleanly. Historical GEX and rolling percentile-regime views back it up for context.
How to read SPX GEX
Start with the aggregate: is dealer gamma positive (pinning) or negative (cascade)? Note the zero-gamma flip level. Then drop into the 0DTE view for the intraday story - where is the largest call wall, where is the put wall, is aggregate gamma into the close positive or negative? Trade the walls as intraday support/resistance in positive gamma, treat breaks as acceleration points in negative gamma.
SPX GEX - common questions
What is SPX gamma exposure?
SPX gamma exposure (GEX) is the aggregate gamma held by dealers on S&P 500 index options. Positive GEX means dealers hedge counter-trend and suppress volatility; negative GEX means dealer hedging amplifies moves. It is one of the primary drivers of intraday SPX behaviour.
Does BackQuant show SPX 0DTE GEX?
Yes. SPX 0DTE and 1DTE panels are core to the terminal, alongside the aggregate view. You can read the same-day gamma profile separately from the longer-dated cycles, which is where the last-hour flow concentrates.
What is the SPX zero-gamma level?
The zero-gamma level is the SPX price at which aggregate dealer gamma flips from positive to negative. Above it, dealer hedging tends to compress moves; below it, dealer hedging amplifies them. Traders watch it as the single most important intraday regime marker on the S&P.
How often does SPX GEX update?
Continuously through the US session. Panels reflect new prints as they arrive - fast enough to catch mid-session sign changes in dealer inventory around catalysts like FOMC, CPI, and NFP.
Can I see historical SPX GEX?
Yes. Historical GEX profiles are available for every session so you can study how past regimes played out - where the zero-gamma flip sat, how walls held or broke, and what happened after the pin released.
Learn how SPX GEX works
In-depth guides covering the mechanics behind the panel.
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