Gamma exposure / SPY
SPY gamma exposure
Dealer hedging is positioned to add to moves.
SPY is at 765.14, 0.58% below its gamma flip at 769.57. In negative gamma, dealer hedging tends to push with moves instead of against them, so moves can run further.
The call wall is 785 and the put wall is 761. The king node, the strike where dealer hedging is most concentrated, is 761. Options are pricing a move of about ±4.51 to the 2026-09-30 close (760.63 to 769.65).
As of 4:43 PM ET, Tue Sep 29. The live map refreshes through the trading day.
The live map adds the playbook, the price chart with every level, and options flow with CVD. No account needed.
The numbers
| Price | 765.14 |
|---|---|
| Gamma regime | Negative gamma |
| Gamma flip | 769.57+0.58% |
| Call wall | 785+2.60% |
| Put wall | 761-0.54% |
| King node | 761-0.54% |
| Total dealer gamma | -$7.29bn per 1% move |
| Expected move | ±4.51 to 2026-09-30 |
| Max pain | 7672026-09-30 expiry |
| Gamma expiring today | 0% |
Common questions
- Is SPY in positive or negative gamma right now?
- Negative gamma. As of 4:43 PM ET, Tue Sep 29, SPY is at 765.14, 0.58% below its gamma flip at 769.57. In negative gamma, dealer hedging tends to push with moves instead of against them, so moves can run further.
- Where is SPY's gamma flip?
- At 769.57, +0.58% from the price of 765.14. The flip is the price where total dealer gamma crosses zero: positive gamma above it, negative below.
- What are SPY's call wall and put wall?
- The call wall is 785 and the put wall is 761. The call wall is the strike above the price with the largest positive dealer gamma; the put wall is the strike below it with the largest negative dealer gamma. They mark where hedging pressure tends to lean against price.
- What is SPY's king node?
- 761. It's the strike with the largest absolute dealer gamma, where hedging is most concentrated.
How it's calculated
Levels come from the SPY options chain (expiries out to 45 days, strikes within 18% of the price), modeled with the industry-standard convention that dealers are long calls and short puts. It's a model of positioning, not a measurement. Full formulas are on the methodology page.