Free tools / Options positioning
Estimated Gamma Exposure (modeled)
A modeled estimate of where options dealers sit in gamma across 13 major underlyings: net gamma, the zero-gamma flip level, and the gamma-by-strike profile. It is computed from end-of-day open interest and implied volatility under a standard assumption about dealer positioning, so it is an estimate, not observed dealer data. Read it as positioning context (where hedging flows cluster, and whether they tend to dampen or amplify moves), not as a forecast or a trade signal.
As of end of day 2026-08-13 (0 days ago) / Modeled from end-of-day options chains via Yahoo Finance
| Underlying | Spot | Net GEX ($/1% move) | Call GEX | Put GEX | Zero-gamma flip | Modeled regime |
|---|---|---|---|---|---|---|
| SPY | 777.88 | $23.12Bn | $37.60Bn | $14.48Bn | 768.93 | net long gamma: hedging tends to dampen moves |
| QQQ | 732.07 | $7.57Bn | $15.00Bn | $7.43Bn | 718.98 | net long gamma: hedging tends to dampen moves |
| NVDA | 225.30 | $2.04Bn | $3.25Bn | $1.21Bn | 200.28 | net long gamma: hedging tends to dampen moves |
| MSFT | 496.88 | $2.04Bn | $2.97Bn | $931.5M | 390.69 | net long gamma: hedging tends to dampen moves |
| META | 594.97 | $927.5M | $1.82Bn | $893.4M | 547.50 | net long gamma: hedging tends to dampen moves |
| AAPL | 305.26 | $830.3M | $2.29Bn | $1.46Bn | 295.52 | net long gamma: hedging tends to dampen moves |
| AMZN | 265.13 | $648.4M | $1.33Bn | $682.8M | 237.39 | net long gamma: hedging tends to dampen moves |
| IWM | 303.50 | $635.9M | $3.99Bn | $3.35Bn | 302.51 | net long gamma: hedging tends to dampen moves |
| TSLA | 339.96 | $603.6M | $1.38Bn | $775.9M | 322.97 | net long gamma: hedging tends to dampen moves |
| GOOGL | 346.36 | $287.3M | $1.08Bn | $795.6M | 340.41 | net long gamma: hedging tends to dampen moves |
| AMD | 483.01 | $227.2M | $664.0M | $436.8M | 469.50 | net long gamma: hedging tends to dampen moves |
| NFLX | 78.24 | $164.4M | $340.1M | $175.6M | 73.65 | net long gamma: hedging tends to dampen moves |
| BABA | 122.16 | $26.0M | $182.1M | $156.2M | 119.05 | net long gamma: hedging tends to dampen moves |
Gamma by strike: SPY
Modeled signed dollar gamma per strike near spot (777.88). Teal is positive gamma (hedging tends to stabilize), amber is negative (hedging tends to amplify). Larger bars are where modeled hedging flows cluster.
Modeling assumptions (read before using)
This is a MODELED estimate, not a disclosed dealer position. It rests on assumptions that may not hold; we state them so the number is read for what it is:
- Dealer sign assumption (the core one). We assume dealers are net long call gamma and short put gamma. Actual dealer inventory is not disclosed, so this is inferred, not observed. If it is wrong for a name, that name's sign can flip.
- Open interest as a positioning proxy. Open interest counts every holder, not the dealer net, so it only approximates dealer inventory.
- Inputs. Black-Scholes gamma from end-of-day open interest and implied volatility (Yahoo Finance), using spot (not forward) and the 3-month T-bill as the rate. Wide or stale end-of-day quotes distort gamma.
- Static snapshot. The profile holds open interest and implied volatility fixed; real hedging is path dependent and changes intraday.
Computed from end-of-day options chains via Yahoo Finance. A modeled estimate, presented as a modeled estimate.