SPX Gamma Exposure Today

"Gamma Exposure Today" for SPX is a critical lens for understanding the market's immediate hedging dynamics. It quantifies the collective sensitivity of option market makers' positions to price movements, specifically for the current trading day. When viewing the visualization, you'll observe distinct zones or levels on the SPX price chart where gamma exposure is either positive or negative. Positive gamma, often clustering above the current price, indicates that dealers are likely to be net sellers into rallies and net buyers into dips. This counter-trend hedging behavior can act as a dampener, potentially reducing volatility and making SPX price action stickier or more range-bound around those levels. Conversely, negative gamma, frequently found below the current price, suggests dealers are more likely to buy into strength and sell into weakness. This trend-following hedging can amplify price movements and increase volatility, especially if SPX crosses into these negative gamma territories. For a vol-focused trader, identifying these thresholds is key to anticipating where SPX might find support or resistance, or where intraday volatility could expand or contract. A shift in SPX across these gamma-heavy levels can signal a change in the market's underlying liquidity and responsiveness. Full live view on CrossVol Terminal.