Free SPY GEX Heatmap - SPY Gamma Exposure
Use free SPY GEX Heatmap to compare modeled gamma exposure across strikes and expirations for SPY. Generate the grid, then review call wall, put wall, gamma flip and expiration structure alongside business context that includes macro data, interest rates, volatility, and broad market positioning.
How to use the SPY GEX Heatmap
Confirm SPY
SPY is already entered. Keep it or search another ticker.
Choose the formula
Keep the default formula or select the available calculation view.
Generate the Heatmap
Create the grid, then compare exposure across strikes and expirations.
Visualize gamma exposure across strike prices and expirations. Green = positive (call-heavy), purple = negative (put-heavy).
GEX Workspace
Multi-ticker dashboard with alerts
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Max Pain Calculator
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Build your SPY GEX workspace
Add SPY Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceUnderstanding the SPY GEX heatmap
The SPY options chain represents SPY. Evaluate its open-interest distribution alongside business context that includes macro data, interest rates, volatility, and broad market positioning. Use the heatmap to compare modeled exposure by strike and expiration instead of reading one cell without the surrounding grid.
For SPY, compare nearby expiration columns with later expirations before interpreting the call wall, put wall or gamma flip. Changes in open interest and included contracts can alter the modeled grid. The result describes selected options data and does not predict where SPY will trade.
SPY Heatmap methodology and limitations
The grid applies the selected formula to available SPY options data and organizes the modeled result by strike and expiration. The call wall, put wall and gamma flip summarize that model across the displayed data.
The heatmap does not observe market-maker positions, identify who owns a contract or predict the next SPY move. Use it as positioning context and compare the model with price, liquidity and your own risk plan.
Prefer a strike-level chart? Open the SPY GEX chart.
SPY GEX heatmap FAQ
What is a SPY GEX heatmap?
A SPY GEX heatmap is a grid of QuantWheel's modeled gamma exposure. Rows represent strikes, columns represent expirations, and color intensity represents the direction and relative size of the modeled exposure in each cell.
How do I read the SPY GEX heatmap?
Start with strikes near the SPY price, then compare the nearest expiration columns with later expirations. Read down one column to examine one expiration and across one row to see whether modeled exposure at a strike appears in several expirations.
What do the SPY GEX heatmap colors show?
Green cells show positive modeled net gamma and purple cells show negative modeled net gamma. Stronger color indicates a larger modeled value. The colors describe the calculation and are not guaranteed bullish, bearish, support, or resistance signals.
How are the SPY call wall, put wall and gamma flip modeled?
QuantWheel derives the displayed SPY levels from the selected formula and available options data. The call wall marks the largest positive modeled exposure, the put wall marks the largest negative modeled exposure, and the gamma flip estimates where aggregate modeled gamma changes sign.
How is the SPY GEX heatmap different from the SPY GEX chart?
The SPY heatmap separates modeled exposure by strike and expiration. The SPY GEX chart provides a strike-level profile in a chart view. Use the heatmap when the expiration breakdown matters and the chart when you want a simpler strike profile.
Is the SPY GEX heatmap free?
Yes. QuantWheel provides a limited number of free SPY GEX heatmap calculations. The tool shows the remaining free uses before you generate another heatmap.