Gamma Exposure
Net dealer gamma by strike. The engine auto-selects the expiries and strikes that matter, then locates the zero-gamma flip and the gamma walls. Search any optionable ticker; prefetched symbols load instantly, and anything else gets looked up live.
Convention: dollar gamma per 1% move — per contract Γ × weight × 100 × Spot² × 0.01,
with calls contributing positive gamma and puts negative (naive dealer-positioning assumption). Weight is
open interest by default (settled overnight, the standard) or today's traded volume if you switch the
Weight by toggle — volume-weighting reflects today's flow rather than resting positioning.
Bars show net gamma by strike (green positive, red negative); the line is the cumulative profile, and the
zero-gamma flip is where it crosses zero nearest spot. The call wall / put wall are the
strikes of largest positive / negative net gamma. The Expiration dropdown auto-selects the contracts
that matter (0DTE plus every expiry within 30 days plus the next monthly OPEX) by default — pick "All",
a date range, or any individual expiration out to LEAPS. Strikes are always limited to ±12% of spot, above
a per-symbol open-interest floor, and must have traded at least one contract today — this drops strikes
carrying stale, untouched-today open interest that would otherwise stretch the chart's strike axis out with
little to show for it. The Snapshot toggle switches between the latest intraday chain and
a frozen end-of-day close snapshot (prefetched symbols only). Prefetched symbols (~60 liquid indices, ETFs,
and megacaps) load instantly and refresh every 15 minutes; any other ticker is looked up live by racing
several public CORS proxies at once, since CBOE's chain endpoint isn't directly reachable from a browser —
this is best-effort and can occasionally be slow or unavailable if every proxy is down at once.
Data: CBOE 15-minute delayed. Not investment advice.