What is the current DIA gamma exposure (GEX)?

As of Oct 29, 2026, State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) GEX on the assumed dealer book (dealers long the calls, short the puts, at 100% of open interest) is positive at $32.0M of delta per 1% move. The put-minus-call delta balance (DEX) is -$1.44B underlying-equivalent. GEX sums the book's gamma across all listed strikes and expirations, in dollars of delta per 1% move.

Is DIA in positive or negative dealer gamma right now?

DIA's assumed dealer book is long gamma (positive GEX): its hedging buys underlying weakness and sells into rallies to stay delta-neutral, which dampens realized volatility and can pin price near strikes it is long gamma at, where real dealers are positioned like the book. The book is an assumption, not observed positions.

What does DIA GEX tell options traders?

GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the gamma regime, so reading the sign and magnitude of GEX before sizing positions is standard practice.

State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) Gamma Exposure (GEX) & Greeks

Gamma exposure (GEX) analysis shows an assumed dealer book's hedging pressure across strikes (dealers long the calls, short the puts). Beside it: the put-minus-call delta balance (DEX), vanna, charm flow, vomma, and vega exposure.

State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $45.66B, listed on AMEX, carrying a beta of 0.87 to the broader market. State Street SPDR Dow Jones Industrial Average ETF Trust is an exchange traded fund launched and managed by State Street Global Advisors, Inc. public since 1998-01-20.

Snapshot as of Oct 29, 2026.

Spot Price: $522.11
GEX (assumed): $32.0M of delta per 1% move
DEX (put-minus-call balance): -$1.44B underlying-equivalent
Vega exposure (assumed): -$4.7M per vol point
Vanna (assumed): $159.6M of delta per vol point
Charm flow (assumed): $66.9M per calendar day
Vomma (assumed): -$272.3K per (vol point)^2

Exposures are the assumed dealer book as of Oct 29, 2026, all expirations. Assumes dealers are long the calls and short the puts, a share p of open interest each - here 100% of open interest (the GEX page sets the share). A date without a stored exposure is a gap; a value marked * is partial, averaged over fewer days, or may include contracts expiring that day or of an unreadable expiration: its reason is printed beside it. Its charm flow holds a cash level fixed: the spot.

As of Oct 29, 2026, State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has positive GEX of $32.0M of delta per 1% move on the assumed dealer book (dealers long the calls, short the puts, at 100% of open interest). The put-minus-call delta balance (DEX) is -$1.44B underlying-equivalent. Positive GEX means the assumed book is long gamma: its hedging buys dips and sells rallies, damping realized volatility and possibly pinning price near strikes it is long gamma at, where real dealers are positioned like the book.

DIA Strategy Sizing in the Current GEX Regime

The assumed dealer book's GEX on State Street SPDR Dow Jones Industrial Average ETF Trust is positive ($32.0M of delta per 1% move). In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level the GEX page draws - the spot price at which the book's GEX changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.

Reading the DIA gamma exposure profile

The bars below split the assumed dealer book's GEX into each strike's call part and put part: where its hedging concentrates as spot moves through each strike. The assumed dealer book's GEX is positive at $32.0M of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book. The put-minus-call delta balance (DEX) is -$1.44B underlying-equivalent: the open interest leans call-heavy by delta, the same in every view - a lean, not a dealer position or a hedge size (the hedging a move sets off is GEX's). The book's vega exposure is -$4.7M per vol point: the change in its option value for +1 vol point.

DIA GEX regime and trading style

With the assumed book long gamma, State Street SPDR Dow Jones Industrial Average ETF Trust realized volatility tends to undershoot implied where real dealers are positioned like it, supporting short-vol structures: credit spreads near established ranges, covered calls, iron condors with wings just outside the range its hedging leans against. Risk: a regime flip into negative gamma typically arrives with a spot drop through a gamma-flip strike, after which the same structures get hit by accelerating moves. The current expected move of 3.74% is the anchor for sizing wings - structures with wings at ±1σ collect ~68% probability of staying inside the band.

How the assumed book's hedging on DIA would feed the tape

Hedging is mechanical, not opinionated: a book's hedge follows its gamma. A long-gamma book sells into rallies and buys into dips, narrowing intraday ranges where real dealers are positioned like it; pinning, where it happens, comes from long gamma at a strike. The gamma flip, which the GEX page draws, is the price where the book's GEX changes sign: moves through it can change the regime of realized volatility, not just the direction.

Practical caveats for trading DIA GEX

GEX here is a model output, not a measured quantity: it assumes a dealer book long every call and short every put of open interest, at 100% of it, and cannot see who is actually short. Real books differ: call overwriting and protective-put buying fit the assumption, while heavy customer call buying or put selling contradict it, and then the real regime can differ from the sign shown. DIA's current put/call volume ratio of 0.93 is a rough check on customer flow; lopsided ratios, well above 1.0 or below 0.6, are where the assumption deserves the most scrutiny. Cross-check with the IV-rank context on the volatility page: high-IV-rank regimes tend to coincide with negative gamma even when the headline number prints positive, because realized vol is already running hot enough to make hedging flows reactive rather than damping. When the implied move sits at modest levels (3.74% here), the entire gamma profile compresses into the near-expiration tenors and the longer-dated GEX number becomes less actionable. Treat the gamma sign as a probability tilt, not a deterministic prediction.

Learn how gamma exposure is reported and how to read the data →

Each strike's call part (the book long the calls) and put part (short the puts) of the assumed dealer book's GEX at 100% of open interest, in dollars of delta per 1% move, all expirations, as of Oct 29, 2026: the 40 strikes with the largest absolute GEX.

Frequently asked DIA gamma exposure (gex) & greeks questions

What is the current DIA gamma exposure (GEX)?: As of Oct 29, 2026, State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) GEX on the assumed dealer book (dealers long the calls, short the puts, at 100% of open interest) is positive at $32.0M of delta per 1% move. The put-minus-call delta balance (DEX) is -$1.44B underlying-equivalent. GEX sums the book's gamma across all listed strikes and expirations, in dollars of delta per 1% move.
Is DIA in positive or negative dealer gamma right now?: DIA's assumed dealer book is long gamma (positive GEX): its hedging buys underlying weakness and sells into rallies to stay delta-neutral, which dampens realized volatility and can pin price near strikes it is long gamma at, where real dealers are positioned like the book. The book is an assumption, not observed positions.
What does DIA GEX tell options traders?: GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the gamma regime, so reading the sign and magnitude of GEX before sizing positions is standard practice.