Options exposure (GEX): hedging pressure by strike

How to read: the left column is the SPX strike and its approximate ES futures price; the middle column is net gamma, where M means $ millions per point; bars to the right are positive (green) or negative (red). CW = call wall, PW = put wall, ZG = net-gamma zero level. These are model reference levels and may not act as support or resistance. Swipe inside the chart on a phone.
Positive values usually mean estimated hedging dampens moves and negative values amplify them; the effect depends on actual positions and trading. The thin grey bars are a reference version that adds same-day volume and estimated trade direction; they are clipped at the chart scale and do not equal the main value at the edge. The open-interest (OI) chart is usually recomputed every 30 minutes during regular US trading hours (RTH, 09:30–16:00 ET). The orange row only marks the delayed quote; the page tries to refresh every minute and is not a real-time feed. The chart uses the cash index; approximate ES adds the futures basis. Archived days use only the price and basis stored with the archive.

Intraday: net gamma heatmap (one frame every 30 minutes)

Across: open-interest snapshots in ET. Down: strikes. Shade shows the size of net gamma at that strike (green positive, red negative); the orange line is SPX cash at each frame. Watch how walls move during the day and when the negative-gamma zone widens.

Charm: hedging direction as time passes (watch item)

Charm is the change in option delta over time. From the same positions it estimates which way dealers must trade to stay neutral: green = buy, red = sell, in $ millions per hour. Values grow sharply into the close and expiry; it is mainly for the direction of the last hour and feeds no automatic rule.