Free XLF GEX - XLF Gamma Exposure
Free XLF GEX maps gamma exposure by strike across financial-sector options. Select expirations around rates, credit or bank earnings, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the XLF GEX tool
Search XLF
XLF 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 XLF GEX workspace
Add XLF Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the XLF GEX heatmap.
Understanding XLF gamma exposure
XLF options are how institutions express views on the banking sector without picking individual names, and its gamma exposure profile is driven almost entirely by rates and credit rather than company-specific stories. GEX in XLF builds around FOMC meetings, yield-curve moves, and the mid-January and mid-July bank earnings clusters, when the big money-center banks all report within a few sessions of each other and the ETF's gamma resets in a single week.
XLF options can reflect interest rates, credit conditions, bank earnings, and portfolio hedging. Compare short-dated and later expirations to see whether modeled exposure is concentrated near the current price or distributed across the chain. The displayed walls do not establish an expiration pin or a change in realized volatility.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XLF GEX methodology and limitations
QuantWheel calculates XLF 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.
XLF GEX FAQ
What is XLF GEX?
XLF GEX estimates gamma exposure across listed XLF options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. XLF GEX does not reveal actual dealer positions or predict where XLF will trade.
How do I read the XLF call wall and put wall?
QuantWheel labels the XLF call wall as the strike with the largest positive modeled GEX and the XLF put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the XLF price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the XLF gamma flip?
The XLF gamma flip is the price where modeled net gamma crosses zero for the selected XLF options data. Compare it with the current price and the shape of the strike chart. The XLF gamma flip is a model output, not a trading signal.
Which expirations should I use for XLF GEX?
Start with the nearest XLF expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which XLF contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the XLF GEX calculator free?
Yes. You can run up to three free XLF 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.