SPY GEX Levels
Track live SPY gamma exposure — the same S&P 500 dealer positioning as SPX, priced on the ETF you actually trade.
SPY is the most heavily traded S&P 500 ETF and carries its own deep, daily-expiring options market. HermesGEX computes SPY gamma exposure per strike from official exchange options-chain data and overlays the call wall, put wall, zero-gamma flip and heaviest-gamma strike (HVL). Because SPY tracks the S&P 500 at roughly one-tenth of the index, its gamma map lines up closely with SPX — but the levels are quoted in SPY dollars, so you can act on them directly.
Why 0DTE matters for SPY
SPY options expire every trading day, so 0DTE gamma sets the tone for the intraday SPY tape. In a positive-gamma regime dealer hedging mutes swings and pins SPY near the highest-gamma strike; in negative gamma the same flow accelerates breakouts and deepens pullbacks. The zero-gamma flip tells you which of those two worlds you are trading.
The SPY levels worth watching
- Call Wall — upside cap where SPY rallies often stall
- Put Wall — downside floor where SPY dips often find support
- Zero Gamma — regime line separating range from trend days
- HVL — heaviest-gamma strike; SPY’s intraday center of gravity
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 SPY GEX live on your chart
Install one platform plugin — refreshed roughly every 5 seconds:
Frequently asked questions
What is SPY gamma exposure (GEX)?
SPY gamma exposure measures how much SPY options dealers must buy or sell to stay hedged as price moves. Positive GEX dampens volatility; negative GEX amplifies it. HermesGEX aggregates this per strike across the full SPY options chain.
How does SPY GEX relate to SPX?
SPY and SPX options track the same S&P 500, so their gamma structure is nearly identical. SPY levels are quoted at about one-tenth of SPX price; use whichever instrument you trade.
Where do SPY GEX levels come from?
They come directly from the SPY options chain using official exchange options-chain data — gamma is summed per strike and mapped to the call wall, put wall, zero-gamma flip and HVL.
Can I see SPY GEX for free?
Sign up free for the ES/NQ GEX preview and the public GEX heatmap — no credit card. Second-by-second live SPY gamma needs a subscription (Essential and up).
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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.