Free OPEN GEX - Opendoor Gamma Exposure
Free OPEN GEX maps Opendoor gamma exposure by strike. Choose expirations around housing market or company events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the OPEN GEX tool
Search OPEN
OPEN 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 OPEN GEX workspace
Add OPEN Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the OPEN GEX heatmap.
Understanding OPEN gamma exposure
Opendoor buys homes directly, holds inventory and resells it, which makes it one of the most rate-and-housing-sensitive equities with a liquid options chain. Its gamma exposure reflects both that macro leverage and a substantial retail following: the share price is low, weekly calls are cheap, and speculative positioning arrives in bursts on mortgage-rate headlines and housing data.
New to the concept? Start with our guides to gamma in options and the options Greeks.
OPEN GEX methodology and limitations
QuantWheel calculates OPEN 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.
OPEN GEX FAQ
What is OPEN GEX?
OPEN GEX estimates gamma exposure across listed OPEN options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. OPEN GEX does not reveal actual dealer positions or predict where OPEN will trade.
How do I read the OPEN call wall and put wall?
QuantWheel labels the OPEN call wall as the strike with the largest positive modeled GEX and the OPEN put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the OPEN price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the OPEN gamma flip?
The OPEN gamma flip is the price where modeled net gamma crosses zero for the selected OPEN options data. Compare it with the current price and the shape of the strike chart. The OPEN gamma flip is a model output, not a trading signal.
Which expirations should I use for OPEN GEX?
Start with the nearest OPEN expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which OPEN contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the OPEN GEX calculator free?
Yes. You can run up to three free OPEN 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.