RUT GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 2,860
- Gamma flip
- 2,9954.7% above spot
- Regime
- Negative gamma
- Positive peak (P1)
- 3,100
- Negative peak (N1)
- 2,900
- Max pain
- 2,98016 Oct 2026 expiry
- Net GEX
- -742.4M
RUT is in negative gamma: the gamma flip at 2,995 is 4.7% above spot (2,860). Below the flip, dealers are short gamma and tend to amplify moves. The top positive gamma peak (P1) is at 3,100 (+8.4% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 2,900 (+1.4% from spot), a volatility trigger rather than support. The flip moved +2.4% since the previous snapshot (2,924 → 2,995).
RUT GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 2,860 | 2,995 | 3,100 | 2,900 | Negative |
| 17 Sep 16:04 ET | 2,875 | 2,924 | 3,000 | 2,850 | Negative |
| 16 Sep 16:07 ET | 2,859 | 2,930 | 3,100 | 2,850 | Negative |
| 15 Sep 16:09 ET | 2,870 | 2,953 | 3,000 | 2,900 | Negative |
| 14 Sep 16:14 ET | 2,892 | 3,002 | 3,005 | 2,900 | Negative |
| 11 Sep 16:00 ET | 2,904 | 3,011 | 3,005 | 2,900 | Negative |
| 10 Sep 16:00 ET | 2,891 | 3,051 | 3,005 | 2,900 | Negative |
| 9 Sep 16:00 ET | 2,921 | 3,047 | 3,005 | 2,900 | Negative |
| 8 Sep 16:00 ET | 2,961 | 3,055 | 3,005 | 2,900 | Negative |
| 4 Sep 16:00 ET | 2,975 | 3,055 | 3,005 | 2,900 | Negative |
| 3 Sep 16:00 ET | 2,968 | 3,053 | 3,005 | 2,900 | Negative |
| 2 Sep 16:00 ET | 2,955 | 3,058 | 3,005 | 2,900 | Negative |
| 1 Sep 16:00 ET | 2,921 | 3,065 | 3,005 | 2,900 | Negative |
| 31 Aug 16:00 ET | 2,956 | 3,060 | 3,005 | 2,900 | Negative |
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About RUT options GEX
Russell 2000 index options trade on Cboe under the RUT symbol and, like SPX, are European-style and settle in cash. The index covers roughly two thousand smaller US companies, a different slice of the market from the mega-caps leading the S&P 500. How many contracts are open along the chain shapes the whole profile.
Here all listed RUT expirations are merged into a gamma exposure chart that labels the flip, the two strongest long-gamma strikes (P1/P2) and the two strongest short-gamma strikes (N1/N2).
When fewer contracts are spread along a chain, one sizeable position can build a peak that towers over its neighbors. P1 and N1 on RUT can therefore look more pronounced than on SPX, but they are also more fragile: a single roll or close can move them. Before leaning on a peak, check the GEX heatmap for how many days it has held. Then open the IWM page, which covers the same index through ETF options. When both profiles point to the same area of the index, the zone has broader backing; when only RUT shows it, one large holder may be behind it.
RUT levels use end-of-day open interest from the latest available report and are posted after the US close, not updated during the day.
FAQ
What kind of options are RUT options?
RUT options are options on the Russell 2000 index of US small-cap companies. They are European-style, so they can only be exercised at expiry, and they settle in cash instead of delivering stock.
Why can a single strike dominate the RUT profile?
When fewer contracts are open across a chain, each large position makes up a bigger share of total gamma. A single strike can then stand out from its neighbors and can move quickly when that position is rolled or closed.
Should I read RUT together with IWM?
Yes. IWM is the ETF that tracks the Russell 2000, and its American-style options form a separate market from the index options. A zone that shows up on both pages is backed by more positioning than one that appears on only one of them.
How often is the RUT page refreshed?
It is rebuilt once per trading day, after the US market close, using end-of-day open interest from the latest available report for all listed RUT expirations.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.