GEX levels · every ticker

GEX Levels

Dealer gamma exposure levels — call wall, put wall, zero-gamma flip and HVL across ES, NQ, SPX, SPY, QQQ and NVDA.

GEX levels — short for gamma exposure levels — map where options dealers must hedge, and therefore where price tends to stall, reverse or accelerate. HermesGEX publishes live GEX levels for the futures, indices, ETFs and single stocks traders actually watch: the call wall, put wall, zero-gamma flip and heaviest-gamma strike (HVL). Pick a ticker below to open its dedicated GEX levels page.

What are GEX levels?

GEX levels are price strikes derived by aggregating gamma across an underlying’s full options chain. In positive gamma, dealers dampen volatility (selling rallies, buying dips) and price tends to coil toward the highest-gamma strike; in negative gamma, dealers amplify moves, so breakouts run and pullbacks deepen. The zero-gamma flip is the line between those two regimes. Reading these levels before the session tells you where the market is likely to be defended or accelerated.

Live GEX levels for each ticker

Each ticker has its own live GEX levels page:

ES GEX LevelsS&P 500 (SPX)Map SPX dealer gamma onto your ES chart and see the intraday magnets that actually move price.NQ GEX LevelsNasdaq-100 (NDX)Map NDX dealer gamma onto your NQ chart to time intraday acceleration and pullback levels.SPX GEX LevelsS&P 500 (SPX)Track live SPX gamma exposure — dealer call walls, put walls and the zero-gamma flip on the S&P 500, updated intraday.SPY GEX LevelsS&P 500 (SPY tracks SPX)Track live SPY gamma exposure — the same S&P 500 dealer positioning as SPX, priced on the ETF you actually trade.QQQ GEX LevelsNasdaq-100 (QQQ)Track live QQQ gamma exposure — dealer call walls, put walls and the zero-gamma flip on the Nasdaq-100 ETF.NVDA GEX LevelsNVIDIA (NVDA)Track live NVDA gamma exposure — dealer call walls, put walls and the zero-gamma flip on the market’s most heavily optioned single stock.

How to use GEX levels

Treat the call wall as an upside cap and the put wall as a downside floor: in positive gamma, price often ranges between the two walls and gravitates back toward the HVL. When price breaks the zero-gamma flip into negative gamma, the same hedging flow turns trend-following — favour momentum over fading. Overlay these levels on your chart (the web Options Desk or a platform plugin) and you can watch them move in real time as options flow shifts.

New to GEX? Start with the gamma exposure guide.

Frequently asked questions

What are GEX levels?

GEX (gamma exposure) levels are option-derived price strikes — call wall, put wall, zero-gamma flip and the heaviest-gamma strike (HVL) — that show where dealer hedging is concentrated. They act as intraday support, resistance and regime markers.

How are GEX levels calculated?

Every strike’s gamma across the underlying’s options chain is aggregated using official exchange options-chain data, then summed into net exposure and mapped to the key levels. Futures (ES/NQ) are derived from their index options (SPX/NDX).

Which instruments have GEX levels here?

ES and NQ futures, the SPX index, the SPY and QQQ ETFs, and NVDA stock. Each has its own dedicated GEX levels page linked above.

Are GEX levels free?

Sign up for the ES/NQ GEX preview and the public GEX heatmap free — no credit card. Second-by-second live levels need a subscription (Essential and up).

Start for free

Sign up for an ES/NQ GEX preview and the public GEX heatmap — no credit card. Second-by-second live levels need a subscription (Essential and up).

Market and options data come from official exchange options-chain data; gamma exposure is a model estimate for research and education only, and is not investment advice. Trading carries significant risk — assess it yourself.