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GEX Heat Map

A GEX heat map for SPY, QQQ, IWM and DIA

See where options dealers may need to buy or sell as prices move. Our GEX and VEX heat maps show dealer gamma and vega by strike, with the walls and the gamma flip marked, refreshed every day after the close.

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What a GEX heat map shows

Gamma exposure (GEX) estimates how much hedging options dealers may need to do at each price. A heat map lays that out by strike and expiration, so you can see at a glance where dealer positioning is concentrated.

Example gamma exposure chart by strike with positive bars above the gamma flip, negative bars below it, and labeled call wall and put wall
A made-up example of a gamma profile. Not real market data.

The levels we mark

  • Call wall: a strike with heavy call gamma, which often acts as resistance.
  • Put wall: a strike with heavy put gamma, which often acts as support.
  • Gamma flip: the approximate price where dealer gamma turns from positive to negative. Above it, moves tend to be calmer; below it, they tend to be faster.
  • Vega exposure (VEX): where dealer sensitivity to volatility is concentrated, which helps explain moves in implied volatility.

What you get

  • Gamma and vega heat maps for SPY, QQQ, IWM and DIA.
  • Call and put walls, the gamma flip and a breakdown by expiration.
  • A plain-English read of the setup for the next session.
  • A fresh update every trading day after the close.

Limits worth knowing

Every GEX model is an estimate. Public data does not show exactly who owns each contract, and open interest only updates once a day. Treat a wall as an area to watch, not a guarantee, and combine it with your own chart and risk plan. Our GEX guide explains the details.

Pricing

The GEX and VEX heat maps are included with the Trader and Elite plans. Starter members can add them for $19.99 a month. See the pricing page for details.

Frequently asked questions

What is GEX in trading?

GEX, or gamma exposure, estimates how much options dealers may need to buy or sell the underlying as its price moves. It is built from option open interest and gamma at each strike.

What is a gamma flip?

The gamma flip is the approximate price where overall dealer gamma changes from positive to negative. Markets often feel calmer above it and more volatile below it.

Which tickers do you cover?

SPY, QQQ, IWM and DIA, updated every trading day after the close.

Is GEX a reliable predictor of price?

No single indicator is. GEX is an estimate based on assumptions about who holds each contract, so use walls and the flip as areas to watch alongside your own analysis.

Which plans include the heat maps?

Trader and Elite include them. Starter members can add them for $19.99 a month.

My Own Stock Guru (MoSog) provides market research and education. Nothing on this page is investment advice. Trading stocks and options involves risk, and past results do not guarantee future results. See our disclaimer.