Free MSTR GEX - MSTR Gamma Exposure
Free MSTR GEX maps gamma exposure by strike for an options market strongly influenced by Bitcoin and corporate financing activity. Select expirations, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the MSTR GEX tool
Search MSTR
MSTR 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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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 MSTR GEX workspace
Add MSTR Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the MSTR GEX heatmap.
Understanding MSTR gamma exposure
Strategy - formerly MicroStrategy - is not really a software company any more; it is a corporate vehicle that has issued convertible debt and equity to accumulate Bitcoin, which makes MSTR a leveraged bet on the coin with a stock ticker attached. Its gamma exposure is correspondingly extreme. Implied volatility routinely exceeds that of the underlying cryptocurrency, and the options chain has grown into one of the largest single-stock gamma markets in the US.
MSTR options can be influenced by Bitcoin, corporate financing, and the company's capital structure. Listed-options GEX does not capture every hedge related to convertible securities or other instruments. Use the call wall and gamma flip as selected-chain reference points, not price objectives or expected crossing levels.
New to the concept? Start with our guides to gamma in options and the options Greeks.
MSTR GEX methodology and limitations
QuantWheel calculates MSTR 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.
MSTR GEX FAQ
What is MSTR GEX?
MSTR GEX estimates gamma exposure across listed MSTR options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. MSTR GEX does not reveal actual dealer positions or predict where MSTR will trade.
How do I read the MSTR call wall and put wall?
QuantWheel labels the MSTR call wall as the strike with the largest positive modeled GEX and the MSTR put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the MSTR price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the MSTR gamma flip?
The MSTR gamma flip is the price where modeled net gamma crosses zero for the selected MSTR options data. Compare it with the current price and the shape of the strike chart. The MSTR gamma flip is a model output, not a trading signal.
Which expirations should I use for MSTR GEX?
Start with the nearest MSTR expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which MSTR contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the MSTR GEX calculator free?
Yes. You can run up to three free MSTR 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.