SPX and SPXW: S&P 500 market structure and daily 0DTE hedging

Options positioning

Gamma exposureSPX

Data as of 12 Nov 2026
Spot price
7,592.40pts

Underlying at calculation time

Net gamma exposure
-22.94B

$ billions per 1% move

Gamma flip: where the modeled profile crosses zero
7,636.29

Spot is 0.57% below the flip

Price range
All calculated prices
01 The bigger picture

Gamma exposure profile

How modeled gamma changes across underlying prices. Compare the effect of upcoming expiries.

Across prices
$ billions / 1% move
Gamma exposure in billions of dollars per 1% move. 100 calculated levels in view. Use the inspection slider or data table for source values.
SPX · Gamma exposure profileGamma exposure in billions of dollars per 1% move. Index level from 6,073.92 to 9,110.88. Spot price 7,592.40. Use arrow keys to inspect each source data point, Enter to pin, and Escape to clear. Drag horizontally to zoom both charts; double-click to reset. A data table is available below.Spot 7,592.40Flip 7,636.29
Index level / 100 sampled levels
Drag to zoom · Click or tap to pinKeyboard inspection · ← → to explore
02 A closer look

Gamma by strike

Where net gamma is concentrated at the current spot price. Each bar is an individual strike.

Negative$ billions / 1% move
Gamma exposure in billions of dollars per 1% move. 596 calculated strikes in view. Use the inspection slider or data table for source values.
SPX · Net gamma by strikeGamma exposure in billions of dollars per 1% move. Strike price from 6,075.00 to 9,110.00. Spot price 7,592.40. Use arrow keys to inspect each source data point, Enter to pin, and Escape to clear. Drag horizontally to zoom both charts; double-click to reset. A data table is available below.Spot 7,592.40
Strike price / 596 strikes
Drag to zoom · Click or tap to pinKeyboard inspection · ← → to explore
A field guide to gammaUnderstand the view

Start with the profile

The profile models exposure at different underlying prices. Above the horizontal zero line is positive gamma; below it is negative gamma. The flip marks the reported zero crossing.

Compare the expiries

“Excluding next expiry” removes the nearest expiration. “Excluding next monthly” removes the nearest monthly expiration. Toggle the legend to focus on a series; the scale stays fixed.

Find the concentrations

The strike chart shows exposure at the calculated spot price. Net gamma combines call and put contributions. Switch to Calls & puts to see them separately.

Keep the units in view

Gamma is shown in dollars per 1% move. Each chart chooses billions, millions, or thousands to keep values readable. These are modeled exposures, not a forecast of price direction.

Drag across either chart to zoom both to the selected prices. Choose Reset zoom or double-click a chart to return to the full range. Keyboard: Tab to a chart, use ← → to explore, Home / End to jump, Enter to pin, and Esc to clear. Data tables and full-precision CSVs are available below each chart.

Calculated from delayed options quotes.Range controls change the view; exports include the full calculated range.