SPX GEX Levels
Track live SPX gamma exposure — dealer call walls, put walls and the zero-gamma flip on the S&P 500, updated intraday.
SPX (the S&P 500 index) has one of the deepest 0DTE options markets in the world, so dealer hedging leaves a clear fingerprint on intraday price. HermesGEX computes SPX gamma exposure per strike directly from official exchange options-chain data and plots the levels that matter — call wall, put wall, zero-gamma flip and the heaviest-gamma strike (HVL). Read the S&P 500 gamma map before the open and you know where dealers are likely to defend, pin or accelerate.
Why 0DTE matters for SPX
S&P 500 index options expire every trading day, so 0DTE gamma dominates the SPX tape into the afternoon. In positive gamma, dealers sell rallies and buy dips, compressing SPX toward the highest-gamma strike; in negative gamma the same hedging flips to trend-following and volatility expands. Knowing which regime you are in — and where the zero-gamma flip sits — is the difference between fading a move and chasing it.
The SPX levels worth watching
- Call Wall — upside cap where SPX rallies often stall as dealers sell strength
- Put Wall — downside floor where SPX dips are frequently bought back
- Zero Gamma — the flip between the mean-reverting (positive) and trending (negative) regime
- HVL — the heaviest-gamma strike SPX tends to gravitate toward into the close
Full definitions of each level are in the GEX glossary。
New to GEX? Start with the gamma exposure guide, or browse all GEX levels by instrument。
See SPX GEX live on your chart
Install one platform plugin — refreshed roughly every 5 seconds:
Frequently asked questions
What is SPX gamma exposure (GEX)?
SPX gamma exposure measures how much S&P 500 index options dealers must buy or sell to stay hedged as price moves. Positive GEX means dealers dampen volatility (sell rallies, buy dips); negative GEX means they amplify it. HermesGEX aggregates this per strike across the full SPX options chain.
Where do SPX GEX levels come from?
They are computed directly from the SPX (S&P 500 index) options chain using official exchange options-chain data — every strike’s gamma is summed and mapped to the call wall, put wall, zero-gamma flip and HVL.
How is SPX GEX different from ES gamma levels?
It is the same underlying options — SPX index options — but SPX GEX is shown on the index itself, while ES levels map the same gamma onto the E-mini S&P 500 futures chart. Futures traders often prefer the ES view; index and options traders use SPX.
Can I see SPX GEX for free?
Sign up free for the ES/NQ GEX preview and the public GEX heatmap — no credit card. Second-by-second live SPX gamma needs a subscription (Essential and up).
Verify for free before you decide
Sign up for an ES/NQ GEX preview and the public GEX heatmap — no credit card. Second-by-second live data needs a subscription (Essential and up).
Other instruments
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. Options trading carries significant risk — assess it yourself.