SPX dealer-gamma (GEX) levels — 2026-08-18

Key levels

Call wall

7,900 — the strike carrying the most dealer positive gamma at or above spot; dealers hedge by selling into rallies there, so it often caps upside.

Put wall

7,690 — the strongest dealer support at or below spot; hedging buys the dips into it, so it often cushions declines.

Zero-gamma (gamma flip)

7,704 — the line where net dealer gamma flips sign — above it dealers are long gamma and moves mean-revert; below it they are short gamma and moves accelerate.

Max pain

7,760 — the strike where the most option value expires worthless; price is often drawn toward it into expiry.

Expected move

7,687 to 7,697 — the options-implied one-day range, from the lower to the upper band.

Net GEX

-45.335 Bn (negative gamma) — the net dealer gamma across the chain — positive dampens volatility, negative amplifies it.

FAQ

What is SPX's call wall today?

Call wall for SPX is 7,900 — the strike carrying the most dealer positive gamma at or above spot; dealers hedge by selling into rallies there, so it often caps upside.

Where is SPX's put wall?

Put wall for SPX is 7,690 — the strongest dealer support at or below spot; hedging buys the dips into it, so it often cushions declines.

What is SPX's zero-gamma (gamma flip) level?

Zero-gamma (gamma flip) for SPX is 7,704 — the line where net dealer gamma flips sign — above it dealers are long gamma and moves mean-revert; below it they are short gamma and moves accelerate.

What is SPX's max pain today?

Max pain for SPX is 7,760 — the strike where the most option value expires worthless; price is often drawn toward it into expiry.

What is SPX's expected move today?

Expected move for SPX is 7,687 to 7,697 — the options-implied one-day range, from the lower to the upper band.

Is SPX in positive or negative gamma today?

Net GEX for SPX is -45.335 Bn (negative gamma) — the net dealer gamma across the chain — positive dampens volatility, negative amplifies it.