Where Dealer Hedging Pins the Tape, and Where It Breaks.
The Market-Maker GEX tool maps where options dealers are forced to hedge. Gamma exposure is the net options gamma dealers hold, the positioning that quietly pushes price toward some levels and lets it run from others. The tool tracks the daily gamma regime, plots the call and put walls by strike, and breaks the exposure out by expiration, so you can see where the tape is likely pinned and where it is primed to break.
Most traders watch price and volume and never see the hand on the other side of the trade. But dealers who are long gamma sell rallies and buy dips, damping every move, while dealers who are short gamma do the opposite and amplify it. The decision-relevant question is not just where price is, it is which way dealer hedging is leaning right now, because that flow decides whether a level holds or gives way.
Gamma is not a single number and a wall is not a guarantee: what it means depends on the sign of net gamma, where the big strikes sit relative to spot, and which expiration carries the weight. Positive net gamma favors mean reversion and quiet ranges, while negative gamma favors trends and breakouts, and the days net gamma flips through zero have historically marked the most volatile stretches. The tool shows all three layers at once so you read the regime in context rather than from a single strike.
A daily gamma regime tracker, the call and put walls by strike, the gamma flip point, and exposure broken out by expiration, for any liquid US ticker.
Net dealer gamma over time: positive suppresses volatility, negative amplifies it.
The call and put strikes carrying the most dealer gamma, the levels price tends to respect.
Days when net gamma crosses zero have historically marked elevated-volatility stretches.
Gamma broken out by expiration, so you see which date is anchoring the tape.
Positive gamma favors mean-reverting ranges; negative gamma favors trends and breakouts.
Pull dealer gamma positioning for any liquid US name, refreshed daily.
Check whether net dealer gamma is positive (volatility suppressed, ranges) or negative (volatility amplified, trends).
See the call and put strikes with the most gamma. These are the levels dealer hedging tends to defend.
Note how close net gamma is to zero. A flip through zero has historically preceded the most volatile stretches.
Break exposure out by expiration to see which date is anchoring the tape and when that anchor rolls off.
We welcome inquiries from traders, investors, institutions and affiliates
interested in learning more about our tools.