Free GLD GEX - GLD Gamma Exposure
Free GLD GEX maps modeled gamma exposure across gold-linked option strikes. Select the expirations you want to study, then generate the chart to compare net GEX, call wall, put wall and gamma flip as options positioning changes with the gold market.
How to use the GLD GEX tool
Search GLD
GLD 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
Multi-ticker dashboard with alerts
GEX Heatmap
Strike-level gamma by expiration
GEX Intraday PlayTape
Intraday gamma movement & replay
Max Pain Calculator
Options pain strike by expiration
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 GLD GEX workspace
Add GLD Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the GLD GEX heatmap.
Understanding GLD gamma exposure
GLD is the most liquid way to trade gold options, and its gamma exposure has a character of its own: gold trends hard, and during strong trends GLD spends long stretches with price pressed against or beyond its call wall as new strikes are continually added above. In consolidation phases, positive gamma builds and GLD chops quietly between its walls - often frustrating breakout traders until the regime changes.
GEX analysis in GLD is especially useful around macro catalysts - real-yield moves, dollar swings, and geopolitical risk episodes drive gold flows. A negative gamma reading in GLD is rarer than in equity indices, but when it appears during a risk-off spike, moves can extend far beyond what recent realized volatility suggests.
New to the concept? Start with our guides to gamma in options and the options Greeks.
GLD GEX methodology and limitations
QuantWheel calculates GLD 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.
GLD GEX FAQ
What is GLD GEX?
GLD GEX estimates gamma exposure across listed GLD options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. GLD GEX does not reveal actual dealer positions or predict where GLD will trade.
How do I read the GLD call wall and put wall?
QuantWheel labels the GLD call wall as the strike with the largest positive modeled GEX and the GLD put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the GLD price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the GLD gamma flip?
The GLD gamma flip is the price where modeled net gamma crosses zero for the selected GLD options data. Compare it with the current price and the shape of the strike chart. The GLD gamma flip is a model output, not a trading signal.
Which expirations should I use for GLD GEX?
Start with the nearest GLD expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which GLD contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the GLD GEX calculator free?
Yes. You can run up to three free GLD 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.