SPX GEX Today — Gamma Flip & Key Levels
As of Fri 6 Nov 2026 close · all expirations
- Spot
- 7,377
- Gamma flip
- 7,6023.0% above spot
- Regime
- Negative gamma
- Positive peak (P1)
- 8,100
- Negative peak (N1)
- 7,300
- Max pain
- 7,62510 Nov 2026 expiry
- Net GEX
- -85.7B
SPX is in negative gamma: the gamma flip at 7,602 is 3.0% above spot (7,377). Below the flip, dealers are short gamma and tend to amplify moves. The top positive gamma peak (P1) is at 8,100 (+9.8% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 7,300 (-1.0% from spot), a volatility trigger rather than support. The flip moved -0.2% since the previous snapshot (7,614 → 7,602).
SPX GEX levels — last 14 snapshots
Weekly archive →| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 6 Nov 16:14 ET | 7,377 | 7,602 | 8,100 | 7,300 | Negative |
| 5 Nov 15:59 ET | 7,355 | 7,614 | 8,100 | 7,500 | Negative |
| 4 Nov 16:05 ET | 7,689 | 7,664 | 8,000 | 7,500 | Positive |
| 3 Nov 16:09 ET | 7,569 | 7,657 | 8,100 | 7,500 | Negative |
| 2 Nov 16:08 ET | 7,541 | 7,656 | 8,000 | 7,500 | Negative |
| 30 Oct 16:14 ET | 7,580 | 7,679 | 8,000 | 7,500 | Negative |
| 29 Oct 16:02 ET | 7,720 | 7,705 | 8,000 | 7,000 | Positive |
| 28 Oct 16:09 ET | 7,744 | 7,711 | 8,100 | 7,500 | Positive |
| 27 Oct 16:04 ET | 7,723 | 7,706 | 8,100 | 7,600 | Positive |
| 26 Oct 16:11 ET | 7,677 | 7,706 | 8,100 | 7,500 | Negative |
| 23 Oct 16:03 ET | 7,624 | 7,703 | 8,100 | 7,500 | Negative |
| 22 Oct 16:06 ET | 7,663 | 7,714 | 7,900 | 7,650 | Negative |
| 21 Oct 16:11 ET | 7,757 | 7,724 | 7,900 | 7,650 | Positive |
| 20 Oct 16:06 ET | 7,713 | 7,727 | 8,100 | 7,650 | Negative |
See SPX gamma exposure live
- Updates every 15 minutes, not once a day
- Per-expiration breakdown, including 0DTE
- Full interactive GEX heatmap and history
- Monte Carlo price paths
About SPX options GEX
S&P 500 index options trade on Cboe under the SPX symbol, and the index they follow is a standard benchmark for US large-cap stocks. They are European-style and cash-settled, and expirations are listed for every weekday next to the standard monthly contract, which settles on the morning of the third Friday. Because the index covers the broad US large-cap market, it is a natural starting point for dealer-gamma analysis of US stocks.
The page folds every listed SPX expiration into one net GEX curve. On it you will find the gamma flip, the largest long-gamma strikes (P1, P2), the largest short-gamma strikes (N1, N2) and max pain.
For the index, start with the regime. Above the flip, dealer rebalancing tends to cushion rallies and dips alike, and P1 often behaves like a magnet or a ceiling. Below it, hedging can add to selling, and N1 marks where acceleration becomes more likely. Same-day (0DTE) options that are opened and closed within one session never reach end-of-day open interest. This profile therefore shows positioning carried overnight, not intraday 0DTE pressure. For the ETF view of the same index, compare the SPY page.
Levels are rebuilt once per trading day from end-of-day open interest from the latest available report and posted after the US close, so they do not include the next session's trades.
FAQ
Are SPX options cash-settled?
Yes. SPX options are European-style and settle in cash against the S&P 500 index, so they cannot be exercised before expiry and no shares are delivered when they expire.
Why do traders watch SPX gamma exposure?
Dealers holding SPX option positions hedge with instruments tied to the S&P 500, so strikes where their gamma is concentrated can influence how the broad US large-cap market trades near those prices.
How is the SPX page different from the SPY page?
Both follow the S&P 500, but SPX options are cash-settled index options while SPY options are American-style options on an ETF that deliver shares. Different participants hold each market, so their levels can disagree and are worth checking side by side.
Does this page include 0DTE positioning?
Only positioning still open at the close is included. Same-day trades that are opened and closed within one session never appear in end-of-day open interest; the GammaFlip app has per-expiration views, including 0DTE, for that part of the market.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.