Free XBI GEX - XBI Gamma Exposure
Free XBI GEX maps gamma exposure by strike across a broad biotech basket. Select expirations around sector, regulatory or interest rate events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the XBI GEX tool
Search XBI
XBI 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 XBI GEX workspace
Add XBI Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the XBI GEX heatmap.
Understanding XBI gamma exposure
XBI is equal-weighted rather than cap-weighted, which makes it a genuinely different gamma market from the mega-cap-dominated sector ETFs. No single holding can drag the ETF around, so XBI GEX reflects broad biotech risk appetite: M&A cycles, FDA policy, and above all the rate environment, since unprofitable biotech is one of the most duration-sensitive corners of the equity market.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XBI GEX methodology and limitations
QuantWheel calculates XBI 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.
XBI GEX FAQ
What is XBI GEX?
XBI GEX estimates gamma exposure across listed XBI options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. XBI GEX does not reveal actual dealer positions or predict where XBI will trade.
How do I read the XBI call wall and put wall?
QuantWheel labels the XBI call wall as the strike with the largest positive modeled GEX and the XBI put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the XBI price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the XBI gamma flip?
The XBI gamma flip is the price where modeled net gamma crosses zero for the selected XBI options data. Compare it with the current price and the shape of the strike chart. The XBI gamma flip is a model output, not a trading signal.
Which expirations should I use for XBI GEX?
Start with the nearest XBI expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which XBI contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the XBI GEX calculator free?
Yes. You can run up to three free XBI 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.