Free NDX GEX - Nasdaq Gamma Exposure
Free NDX GEX shows modeled Nasdaq gamma exposure by strike, including net GEX, call wall, put wall and gamma flip. Choose the expirations you want to compare, then generate the chart to study cash-settled NDX options positioning.
How to use the NDX GEX tool
Search NDX
NDX 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 NDX GEX workspace
Add NDX Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the NDX GEX heatmap.
Understanding NDX gamma exposure
NDX options provide cash-settled exposure to the Nasdaq market at a larger contract notional than QQQ. Institutional and structured-product activity can produce concentrated open interest at selected strikes. Use NDX GEX to compare those modeled concentrations, while recognizing that the chart covers listed NDX options rather than QQQ or futures positions.
New to the concept? Start with our guides to gamma in options and the options Greeks.
NDX GEX methodology and limitations
QuantWheel calculates NDX 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.
NDX GEX FAQ
What is NDX GEX?
NDX GEX estimates gamma exposure across listed NDX options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. NDX GEX does not reveal actual dealer positions or predict where NDX will trade.
How do I read the NDX call wall and put wall?
QuantWheel labels the NDX call wall as the strike with the largest positive modeled GEX and the NDX put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the NDX price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the NDX gamma flip?
The NDX gamma flip is the price where modeled net gamma crosses zero for the selected NDX options data. Compare it with the current price and the shape of the strike chart. The NDX gamma flip is a model output, not a trading signal.
Which expirations should I use for NDX GEX?
Start with the nearest NDX expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which NDX contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the NDX GEX calculator free?
Yes. You can run up to three free NDX 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.