Updated every 15 minutes

SPY gamma levels today: walls & gamma flip

At 15:59 ET on 2026-10-12, SPY was at 778.07, $0.82 above zero gamma (777.25), above the call wall at 778.00. Net GEX was +2.80B per 1% move (positive gamma); the two walls were $1.00 apart, 0.13% of spot.

Last session · last update ET

Call wall

778.00

The strike carrying the most call-side gamma, at or above zero gamma.

Put wall

777.00

The strike carrying the most put-side gamma, at or below zero gamma.

Zero gamma / gamma flip

777.25

The price at which modelled net dealer gamma changes sign.

Max pain

776.00

The strike where total option payout at expiry is smallest.

Spot 778.07 · net GEX +2.80B per 1% move · walls and zero gamma from the open-interest book, SPY 0DTE

GammaTape desk replaying an SPX 0DTE session: a green call wall at 7450, a red put wall at 7350 and an amber zero gamma line near 7389 drawn over the price, with GEX by strike in the right-hand panel.
The desk in replay, SPX session of 2026-06-12: call wall, put wall and zero gamma on the chart, GEX by strike on the right.
See these move on the chart Or draw them inside MotiveWave

The four numbers above are the headline, free and without an account. The strike ladder and session replay are in the product: 30-day replay from $24/month on Starter; 90 days and the volume book on Pro at $49/month.

Questions

What are SPY gamma levels?
They are the strikes where modelled dealer gamma concentrates in the SPY 0DTE option chain. The call wall is the strike carrying the most call-side gamma at or above zero gamma, the put wall the most put-side gamma at or below it, and the gamma flip — zero gamma — is the price at which net GEX changes sign. Together they describe where dealer hedging is most concentrated.
Why does SPY differ from SPX when they track the same index?
They are two separate option chains on two separate products, and they are not held by the same people: SPY is largely the retail and ETF book, SPX the index and institutional one. Their walls need not land on matching prices, which is why GammaTape computes each from its own chain and shows both.
Is SPY positive or negative gamma right now?
The net GEX figure above answers it as of the update time shown. Positive means dealers are modelled net long gamma, so their hedging trades against the move; negative means they are modelled net short gamma, so their hedging trades with it. The sign changes at zero gamma, also shown above.
How often does this page update?
Every 15 minutes. The dashboard recomputes the same numbers every 3 seconds — this page is a public snapshot of the same engine, published without an account.
Where does the data come from?
The SPY 0DTE option chain. GammaTape computes Black-Scholes gamma per strike and weights it by open interest and, in the product, also by the day's volume. The walls and zero gamma on this page are the open-interest book. The method is written out on the methodology page.

Market analytics, not investment advice. Levels describe options positioning; they are not a forecast. See the methodology for how each level is built, the glossary for what each term means, or the GEX calculator for the arithmetic behind one strike.