Free CVX GEX - Chevron Gamma Exposure
Free CVX GEX maps Chevron gamma exposure by strike. Select expirations around crude oil, refining or company events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the CVX GEX tool
Search CVX
CVX is already entered. Keep it or enter another ticker, then select Search.
Select expirations
Choose one or more expiration dates to include.
Generate GEX
Select Generate GEX to view the chart and key levels.
Run up to 3 free GEX calculations per day. Need more?
Continue for free in the GEX SandboxGEX Workspace
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What is Gamma Exposure (GEX)?
Gamma Exposure represents the sensitivity of an option's delta to changes in the underlying price. Market makers hedge their gamma exposure, creating support/resistance at high GEX strikes.
Key Levels:
- Call Wall: Strike with highest positive GEX (resistance)
- Put Wall: Strike with the largest put GEX, shown as the deepest negative bar (support)
- Gamma Flip: Where total GEX changes from negative to positive
Positive GEX: Market makers sell into rallies, buy into dips (stabilizing).
Negative GEX: Market makers buy into rallies, sell into dips (amplifying moves).
Select a ticker and expiration date, then click Generate GEX to see the analysis
Build your CVX GEX workspace
Add CVX Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the CVX GEX heatmap.
Understanding CVX gamma exposure
Chevron's gamma exposure profile closely resembles Exxon's - heavy covered-call flow, structurally positive gamma, walls that cap rather than get chased - but its chain is smaller, which makes its levels marginally less authoritative and its walls somewhat easier to overrun during sharp crude moves. Reading the two together is more useful than reading either alone, because divergence between them usually reflects something project-specific rather than a change in the oil outlook.
CVX options can reflect crude oil, refining, geopolitical, and company-specific positioning. The chart may show exposure concentrated at round-number strikes when open interest clusters there. Compare those strikes across expirations and use the result as positioning context rather than evidence that CVX will pin to a level.
New to the concept? Start with our guides to gamma in options and the options Greeks.
CVX GEX methodology and limitations
QuantWheel calculates CVX GEX from the selected expirations, available options data and the formula displayed in the calculator. The result summarizes modeled gamma exposure by strike.
GEX is a model output, not observed dealer inventory or a price forecast. Open interest does not identify who owns an option, and the displayed call wall, put wall and gamma flip can change when the inputs or selected expirations change.
CVX GEX FAQ
What is CVX GEX?
CVX GEX estimates gamma exposure across listed CVX options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. CVX GEX does not reveal actual dealer positions or predict where CVX will trade.
How do I read the CVX call wall and put wall?
QuantWheel labels the CVX call wall as the strike with the largest positive modeled GEX and the CVX put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the CVX price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the CVX gamma flip?
The CVX gamma flip is the price where modeled net gamma crosses zero for the selected CVX options data. Compare it with the current price and the shape of the strike chart. The CVX gamma flip is a model output, not a trading signal.
Which expirations should I use for CVX GEX?
Start with the nearest CVX expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which CVX contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the CVX GEX calculator free?
Yes. You can run up to three free CVX GEX calculations per day on the public tool. After using those calculations, continue for free in the GEX Sandbox. Check the current QuantWheel pricing page for plan access details.