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DarkGamma

dealer gamma exposure · IWM 220 · 180 contracts · as of 2026-08-28 · delayed sample data

See what the market's plumbing is about to force. GEX estimates how much dealers must hedge as price moves. Positive net GEX (long gamma) means they buy dips and sell rips — moves get dampened, strikes act like magnets. Negative (short gamma) means they hedge with the move — air pockets and trends. Method is open below.

Spot

220

IWM

Net GEX / 1%

$−28M

dealer $gamma per 1% move

Regime

Short γ

trend-amplifying / fragile

Flip point

220

spot below by 0.1%

Call wall

225

upside magnet / resistance

Put wall

215

downside magnet / support

What this means today

SPX is in short-gamma territory (net GEX $−28M). Dealer hedging reinforces moves, so expect wider ranges and trend-continuation / air-pocket risk. Reclaiming the flip 220 would return the tape to the calmer long-gamma regime.

GEX vs spot — the flip profile

Net dealer GEX across hypothetical spot levels. Above the flip = long gamma (dips bought, moves dampened); below = short gamma (moves amplified).

Gamma by strike (near spot)

203

205

208

210

213

215▼

218

220

223

225▲

228

230

233

235

238

◄ put gammacall gamma ►

0DTE gamma by strike — today's pin/decay map

203

205

208

210

213

215▼

218

220

223

225▲

228

230

233

235

238

◄ put gammacall gamma ►

Methodology

Dealer-positioning convention (SqueezeMetrics-style): dealers are assumed long calls, short puts. Per contract, GEX = Γ × OI × 100 × S² × 0.01 (dollar gamma per 1% move); calls count positive, puts negative. The flip point is found by recomputing Black-Scholes gamma across a grid of hypothetical spot levels and locating where aggregate net GEX crosses zero. Walls are the near-spot strikes carrying the most call / put gamma. This is a positioning convention, not ground truth — real dealer books are not observable. Source: pipelines/gex_pipeline.py.