Free HYG GEX - HYG Gamma Exposure
Free HYG GEX maps gamma exposure by strike for high-yield credit exposure. Select expirations around credit spread or interest rate events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the HYG GEX tool
Search HYG
HYG 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 HYG GEX workspace
Add HYG Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the HYG GEX heatmap.
Understanding HYG gamma exposure
HYG is the equity market's window into credit risk, and its options are used primarily as a cheap proxy hedge against corporate spread widening. That gives HYG an unusual gamma exposure profile: the flow is structurally put-heavy, because most participants are buying downside protection rather than speculating on upside. Long stretches pass with almost nothing happening, then a credit scare arrives and the whole put side of the chain lights up within days.
New to the concept? Start with our guides to gamma in options and the options Greeks.
HYG GEX methodology and limitations
QuantWheel calculates HYG 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.
HYG GEX FAQ
What is HYG GEX?
HYG GEX estimates gamma exposure across listed HYG options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. HYG GEX does not reveal actual dealer positions or predict where HYG will trade.
How do I read the HYG call wall and put wall?
QuantWheel labels the HYG call wall as the strike with the largest positive modeled GEX and the HYG put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the HYG price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the HYG gamma flip?
The HYG gamma flip is the price where modeled net gamma crosses zero for the selected HYG options data. Compare it with the current price and the shape of the strike chart. The HYG gamma flip is a model output, not a trading signal.
Which expirations should I use for HYG GEX?
Start with the nearest HYG expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which HYG contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the HYG GEX calculator free?
Yes. You can run up to three free HYG 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.