SPY Gamma Exposure Today
Source: CrossVol Terminal · 2026-05-13 06:29 UTC
How to read this view
Gamma Exposure Today for SPY offers a vital lens into the immediate impact of options positioning on the underlying ETF's price dynamics. This metric quantifies how sensitive the collective options market is to price changes in SPY, focusing specifically on the current trading day's influence. When viewing the chart, you'll observe distinct levels across strike prices where significant gamma exposure is concentrated. A positive gamma exposure at a given strike suggests that as SPY moves towards that level, the aggregate hedging activity of options participants tends to absorb price momentum, potentially creating a 'sticky' zone or a point of resistance. Conversely, areas showing negative gamma exposure indicate that price movements through those strikes could be amplified, leading to quicker acceleration or deceleration. For a vol-focused trader, these visualized gamma levels are critical markers, signaling where SPY might find support or resistance, or where volatility could unexpectedly expand. Observing the daily evolution of these levels provides actionable insights into SPY's short-term behavior, helping you anticipate potential shifts in market liquidity and price action around key thresholds. Full live view on CrossVol Terminal.
Frequently asked questions
What is SPY gamma exposure?
Gamma exposure on SPY measures how dealers' aggregate options book reacts to spot moves. Positive gamma typically dampens intraday range; negative gamma amplifies it. CrossVol Terminal reconstructs the live dealer book end-of-day and intraday across SPY strikes and expiries.
How is SPY gamma exposure useful for traders?
It identifies levels where dealer hedging accelerates or fades. Traders use it to anticipate pinning around large strikes, to flag exhaustion zones, and to size intraday risk. The SPY gamma profile is a leading-indicator for realized-versus-implied surprises.
When does SPY gamma flip from positive to negative?
The flip level is where aggregate net gamma transitions sign — below it, dealers sell into weakness; above it, dealers fade strength. CrossVol Terminal updates the SPY flip level every snapshot and surfaces the proximity of spot to that level on the live chart.
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