Free SMH GEX - SMH Gamma Exposure
Free SMH GEX maps modeled gamma exposure across semiconductor-sector option strikes. Select expirations, then generate the chart to compare net GEX, call wall, put wall and gamma flip for options positioning influenced by major chip companies.
How to use the SMH GEX tool
Search SMH
SMH 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 SMH GEX workspace
Add SMH Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the SMH GEX heatmap.
Understanding SMH gamma exposure
The SMH chart organizes QuantWheel's modeled SMH gamma exposure by strike. Compare positive and negative bars across the selected expirations before interpreting the call wall, put wall or gamma flip.
Use the SMH profile to identify where the selected model is concentrated and how it changes when expirations change. The result describes the options data included in the calculation and is not a forecast or standalone trading signal.
New to the concept? Start with our guides to gamma in options and the options Greeks.
SMH GEX methodology and limitations
QuantWheel calculates SMH 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.
SMH GEX FAQ
What is SMH GEX?
SMH GEX estimates gamma exposure across listed SMH options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. SMH GEX does not reveal actual dealer positions or predict where SMH will trade.
How do I read the SMH call wall and put wall?
QuantWheel labels the SMH call wall as the strike with the largest positive modeled GEX and the SMH put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the SMH price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the SMH gamma flip?
The SMH gamma flip is the price where modeled net gamma crosses zero for the selected SMH options data. Compare it with the current price and the shape of the strike chart. The SMH gamma flip is a model output, not a trading signal.
Which expirations should I use for SMH GEX?
Start with the nearest SMH expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which SMH contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the SMH GEX calculator free?
Yes. You can run up to three free SMH 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.