Gamma Exposure Leaders: Top 50 by Net Dealer Gamma

As of June 8, 2026 (end-of-day snapshot). Pages update daily after the market close.

Net gamma exposure (GEX) measures the total dollar-delta change dealers must hedge per $1 move in the underlying, under the standard assumption that retail is net long calls and net short puts (dealers on the other side). Positive GEX means dealers must buy as price rises and sell as price falls, a volatility-dampening force that creates pinning. Negative GEX flips this: dealers chase moves, amplifying realized volatility. Names with the largest absolute GEX have the strongest dealer hedging footprint.

Top 50 by Net GEX

Methodology

GEX is computed from the full options chain using the dealer-hedging convention. For each contract: GEX = gamma × open_interest × contract_multiplier × spot² × 0.01 (per $1 move). Calls contribute positively under the retail-long assumption; puts contribute negatively. Net GEX sums across all strikes and expirations. Updated daily after close.

Frequently Asked Questions

What does positive vs negative GEX mean?

Positive GEX means dealers are net long gamma: they hedge by buying on up-moves and selling on down-moves, which dampens realized volatility and often causes price to pin near heavy open-interest strikes. Negative GEX means dealers are net short gamma: they hedge by selling into weakness and buying into strength, which amplifies realized volatility and often produces trending intraday price action. The sign of aggregate GEX is one of the more direct readouts of the structural hedging regime currently in force on a given underlying.

Where does the dealer-hedging assumption come from?

The industry-standard convention assumes retail is net long calls (for upside speculation) and net short puts (via cash-secured puts, put-writing income strategies, and credit spreads). Market makers take the offsetting position (net short calls and net long puts) and hedge that exposure with the underlying. This framing is used by most published gamma-exposure research from SqueezeMetrics, SpotGamma, and academic papers on dealer hedging flows. The convention does not hold perfectly in every market, but it is the baseline assumption GEX calculations are built on.

What is the "gamma flip" level?

The gamma flip is the strike at which net GEX crosses zero as a function of spot price. Above the flip, dealers are net long gamma and hedging is volatility-dampening; below, dealers are net short gamma and hedging amplifies moves. Each ticker's Gamma Exposure page shows the flip level along with call walls (large positive GEX clusters above spot) and put walls (large negative GEX clusters below spot). The gamma flip is often a more meaningful intraday level than support/resistance derived from chart patterns because it has a structural-flow basis.

How accurate is GEX?

GEX depends on the retail-long convention, which doesn't hold perfectly across all market regimes. During heavy institutional put-buying flow (broad-market hedging campaigns), the dealer position can be the opposite of what the standard convention assumes, which would invert the sign of aggregate GEX. Treat GEX as a structural positioning signal that's usually directionally correct in normal regimes, not a mechanical forecast. Cross-check against price action and the put/call ratio when GEX disagrees with realized volatility behavior.

How fresh is the data on this screener?

All public screener data refreshes once per trading day after the 4:00 PM ET market close, typically available by 5:30 PM ET. The platform uses end-of-day OPRA aggregates which are licensed for free public display. Authenticated API-tier users with their own Tradier or tastytrade BYOK credentials can pull intraday data through the streaming endpoints.

Where does the underlying data come from?

End-of-day OPRA aggregates for the options data, exchange-published stock prices for the spot reference, and a calibrated implied-volatility surface computed from the listed chain. Ranking metrics like IV rank, GEX, and unusual-activity counts are computed nightly from these primary inputs. Methodology details are in each screener's "How it's computed" section above.

Are these stocks recommended trades?

No. The screener is a ranked list of names that meet a quantitative filter at the close of the prior trading session, a research starting point, not a buy or sell signal. Whether any name on the list represents a tradeable opportunity depends on the underlying catalyst, your strategy, current market context, and risk tolerance. The platform does not give trade advice; the lists are descriptive, not prescriptive.

How often does the ranking change?

The ranking refreshes every trading day after the close. Names move on and off the list as their underlying metric (IV rank, gamma exposure, volume, etc.) crosses thresholds. Most screeners show meaningful day-over-day churn at the top of the list during active markets and lower turnover during low-volatility regimes. The "biggest change" screeners specifically target fast-moving names.

Is the screener tradeable in real-time during market hours?

The screener itself ranks on end-of-day data. To trade names on the list during market hours, use your own broker's real-time chain data; the platform's per-ticker pages link directly to real-time chains for authenticated users. The screener's job is to surface the universe of candidates that met yesterday's filter; the trade decision uses live data.

Can I export the ranked list?

Pro and API tier users can export rankings via the API (REST endpoint per screener slug returns a JSON list with all metric columns) or pull them programmatically through the Python SDK. Free users have the full ranking visible on the page; programmatic access requires authentication. Daily snapshots are also available for backtesting research through the API tier.