GEX · SPY and QQQ
Gamma exposure, read in seconds.
Options positioning can pin price, cap a rally or turn a dip into a flush. Senntric shows where gamma sits for SPY and QQQ, the call wall, put wall and magnet, and whether the market is in a pinning or acceleration regime.
How to read GEX
Three levels and one regime.
These are the levels Senntric marks on the GEX chart, the heatmap and your price chart.
Call Wall
The strike with the largest call-side gamma concentration. Price often stalls or pins there as it approaches; a decisive break can open room higher.
Put Wall
The strike with the largest put-side gamma concentration. It often behaves like support or a volatility boundary; a clean break below can speed up selling.
Magnet
The positive-gamma strike near spot most likely to attract or anchor price under the current structure. Senntric only shows one when the concentration is meaningful.
Regime
Pinning when positive gamma dominates near spot (moves tend to be dampened), Acceleration when negative gamma dominates (moves tend to extend), Neutral when the structure is mixed.
A real example
SPY, October 23: sitting on the put wall.
How to read the snapshot above. It describes the structure, not a prediction.
- Spot
- $759.93
- Net GEX (1–7D)
- −$7.5B
- Put wall / Call wall
- 760 / 770
- Magnet · Regime
- 780 · Acceleration
Negative gamma dominates. Net GEX across the next week of expirations is about −$7.5B, so hedging is more likely to add to moves than absorb them.
Spot is on the put wall. 760 holds the largest put-side concentration. Holding it keeps the structure intact; a clean break below is where selling can speed up.
Overhead, 770 then 780. A recovery has the call wall at 770 to clear before positive gamma near the 780 magnet starts to matter.
GEX in Senntric
Positioning, next to the news and the chart.
Net GEX by strike
Every strike’s modeled net gamma exposure on one chart, with spot, the walls and the magnet marked.
Expiry filters
0DTE, 1–7 days, 8–30 days or all expirations, so you can separate same-day positioning from the monthly picture.
Gamma heatmap
Strikes against expiration dates, switchable between net GEX, absolute GEX, open interest and volume.
Regime and strength
Pinning, Acceleration or Neutral, with a strength reading, so the structure is summarized in one word.
GEX levels on your chart
Call wall, put wall and magnet drawn on the price chart, with their history, beside your own levels.
Live for SPY and QQQ
Updated through the session and timestamped, so you always know how fresh the snapshot is.
How traders use it
GEX through the session.
Positioning matters most around catalysts. See how it fits into trading the news.
01Before the open
Check the regime and where spot sits against the walls. Pinning and a nearby magnet suggest a range day is more likely; Acceleration means levels may not hold.
02Into a catalyst
CPI, FOMC or big earnings can reprice positioning fast. Note the walls beforehand so you can judge whether the reaction is breaking structure or stalling at it.
03Intraday
Switch to 0DTE to see same-day positioning, and use the walls with your own support and resistance rather than instead of it.
04After a break
When price clears a wall in an Acceleration regime, the move can extend. In Pinning, breaks more often fail back toward the magnet.
Honest limits
What GEX can’t tell you.
GEX is a model, not observed dealer positions
Like most public GEX tools, Senntric counts calls as positive and puts as negative gamma. Real dealer inventory is not public, so treat the sign as a convention.
Open interest updates once a day
Intraday trades are not in open interest until the next update, so same-day flows can shift the picture before the data shows it.
Walls are not guaranteed support or resistance
Strength, expiry, liquidity and the regime all matter. News can push price through any level.
It is one input
GEX works best combined with price structure, catalysts and risk management, not as a standalone signal.
Questions traders ask
Gamma exposure FAQ
What is gamma exposure (GEX)?
Gamma exposure estimates how much options market makers may need to buy or sell the underlying as its price moves, strike by strike. Large concentrations of gamma can dampen moves (positive gamma) or amplify them (negative gamma), which is why traders watch GEX levels as potential support, resistance and acceleration zones.
How is GEX calculated?
For each contract, Senntric computes exposure per 1% move as gamma × open interest × contract multiplier × spot² × 0.01, then sums by strike and expiration. Calls are counted as positive and puts as negative, the standard convention used by most public GEX tools.
What is the difference between positive and negative gamma?
In positive gamma, hedging tends to sell rallies and buy dips, so price is often more contained and pinned near large strikes. In negative gamma, hedging tends to buy rallies and sell dips, so moves can extend and volatility tends to be higher.
What are a call wall and a put wall?
The call wall is the strike with the largest call-side gamma concentration and often acts as resistance or a pin. The put wall is the strike with the largest put-side gamma and often acts as support. Neither is guaranteed; a decisive break can lead to a larger move.
Does Senntric show a gamma flip level?
No. A reliable flip level requires repricing every option across hypothetical prices, and a rough estimate can mislead. Senntric shows the regime instead (Pinning, Acceleration or Neutral) with a strength reading, plus the walls and the magnet.
Which symbols have live GEX in Senntric?
SPY and QQQ, with 0DTE, 1–7 day, 8–30 day and all-expiry views, a strike-by-expiry heatmap, and GEX levels on the chart.
Is 0DTE GEX different from total GEX?
Yes. Same-day options carry very large gamma near the money, so 0DTE positioning can dominate intraday behavior even when the all-expiry picture looks different. Comparing the 0DTE and all-expiry views shows whether the day’s structure agrees with the bigger picture.
How much does Senntric cost?
$149/month, with GEX profiles and heatmaps included alongside real-time news, squawk, alerts, charts and the rest of the workspace. There are no separate options add-ons.
See the positioning
Know where gamma sits. Before price gets there.
Live SPY and QQQ GEX, heatmaps and levels on your chart, beside real-time news, squawk and alerts.
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