Free XSP GEX - XSP Gamma Exposure
Free XSP GEX maps gamma exposure by strike for cash-settled Mini-SPX options. Choose the expirations you want to compare, then generate the chart to see net GEX, call wall, put wall and gamma flip in the smaller SPX contract.
How to use the XSP GEX tool
Search XSP
XSP 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 XSP GEX workspace
Add XSP Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the XSP GEX heatmap.
Understanding XSP gamma exposure
XSP is the Mini-SPX index: identical to SPX in every respect except that contract notional is one-tenth the size, which puts cash-settled, European-style index options within reach of smaller accounts. Because XSP tracks the same underlying as SPX and SPY, its gamma exposure profile is a scaled-down mirror of the main index complex, and its strikes map directly onto SPY's at a one-to-one price level.
The practical value of watching XSP GEX separately is that its participant mix is different. Flow skews toward retail and smaller advisory accounts rather than the institutional vol desks that dominate SPX, so open interest concentrates in fewer, rounder strikes. That makes the XSP call wall and put wall a reasonably clean read on where non-institutional index positioning sits, and the gamma flip level is worth comparing against SPX's to see whether the two cohorts agree.
New to the concept? Start with our guides to gamma in options and the options Greeks.
XSP GEX methodology and limitations
QuantWheel calculates XSP 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.
XSP GEX FAQ
What is XSP GEX?
XSP GEX estimates gamma exposure across listed XSP options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. XSP GEX does not reveal actual dealer positions or predict where XSP will trade.
How do I read the XSP call wall and put wall?
QuantWheel labels the XSP call wall as the strike with the largest positive modeled GEX and the XSP put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the XSP price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the XSP gamma flip?
The XSP gamma flip is the price where modeled net gamma crosses zero for the selected XSP options data. Compare it with the current price and the shape of the strike chart. The XSP gamma flip is a model output, not a trading signal.
Which expirations should I use for XSP GEX?
Start with the nearest XSP expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which XSP contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the XSP GEX calculator free?
Yes. You can run up to three free XSP 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.