Free IREN GEX - IREN Gamma Exposure
Free IREN GEX maps IREN gamma exposure by strike for an options market influenced by Bitcoin mining and AI data centers. Select expirations, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the IREN GEX tool
Search IREN
IREN 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 IREN GEX workspace
Add IREN Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the IREN GEX heatmap.
Understanding IREN gamma exposure
IREN has executed the most aggressive pivot in the mining sector, repositioning its power and datacenter capacity toward AI compute customers while retaining Bitcoin operations. That makes its gamma exposure genuinely two-sided in a way its mining peers' are not: the stock can rally on an AI hosting contract while Bitcoin falls, and the options market has repriced it several times as the revenue mix shifted.
Implied volatility in IREN is extreme even by mining-sector standards, because the market is valuing contracts that have been announced but not yet delivered. Open interest crowds into near-dated calls, and gamma stacks above spot in the ladders characteristic of a momentum name. The practical read on IREN's gamma flip level is that it marks the boundary between the AI-datacenter narrative holding and the stock reverting to trading as a Bitcoin proxy - the two regimes have very different volatility profiles.
New to the concept? Start with our guides to gamma in options and the options Greeks.
IREN GEX methodology and limitations
QuantWheel calculates IREN 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.
IREN GEX FAQ
What is IREN GEX?
IREN GEX estimates gamma exposure across listed IREN options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. IREN GEX does not reveal actual dealer positions or predict where IREN will trade.
How do I read the IREN call wall and put wall?
QuantWheel labels the IREN call wall as the strike with the largest positive modeled GEX and the IREN put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the IREN price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the IREN gamma flip?
The IREN gamma flip is the price where modeled net gamma crosses zero for the selected IREN options data. Compare it with the current price and the shape of the strike chart. The IREN gamma flip is a model output, not a trading signal.
Which expirations should I use for IREN GEX?
Start with the nearest IREN expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which IREN contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the IREN GEX calculator free?
Yes. You can run up to three free IREN 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.