Free LLY GEX - Eli Lilly Gamma Exposure
Free LLY GEX maps Eli Lilly gamma exposure by strike. Select expirations around earnings, clinical results or regulatory events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the LLY GEX tool
Search LLY
LLY 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 LLY GEX workspace
Add LLY Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the LLY GEX heatmap.
Understanding LLY gamma exposure
Eli Lilly's GLP-1 franchise turned a traditionally low-volatility pharmaceutical name into one of the largest and most actively hedged options markets in healthcare. Its high share price gives it wide strike intervals, so gamma concentrates into few levels, but the sheer size of the open interest means those levels carry real hedging weight. Clinical trial data, manufacturing capacity updates, and competitive readouts from rivals all reset the gamma profile.
The distinctive feature of LLY gamma is how much of it is event-driven by news that arrives outside earnings. Trial results and regulatory decisions do not follow a quarterly calendar, so gamma can build in an expiration that has no obvious catalyst on the schedule - which is exactly why watching the map is useful. The call wall has been repeatedly overrun during GLP-1 enthusiasm phases, and the gamma flip level matters most after a competitive data release, when the market reassesses how durable the franchise's lead is.
New to the concept? Start with our guides to gamma in options and the options Greeks.
LLY GEX methodology and limitations
QuantWheel calculates LLY 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.
LLY GEX FAQ
What is LLY GEX?
LLY GEX estimates gamma exposure across listed LLY options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. LLY GEX does not reveal actual dealer positions or predict where LLY will trade.
How do I read the LLY call wall and put wall?
QuantWheel labels the LLY call wall as the strike with the largest positive modeled GEX and the LLY put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the LLY price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the LLY gamma flip?
The LLY gamma flip is the price where modeled net gamma crosses zero for the selected LLY options data. Compare it with the current price and the shape of the strike chart. The LLY gamma flip is a model output, not a trading signal.
Which expirations should I use for LLY GEX?
Start with the nearest LLY expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which LLY contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the LLY GEX calculator free?
Yes. You can run up to three free LLY 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.