Gamma exposure leaders

End-of-day data as of the Oct 29 close.

Net gamma exposure (GEX) here is that of the assumed dealer book: dealers long every call and short every put of open interest. Positive GEX means that book is long gamma: its hedger sells into rallies and buys into dips, a volatility-dampening force that can create pinning. Negative GEX flips this: the hedger chases moves, amplifying realized volatility. Names with the largest absolute GEX have the largest assumed hedging footprint.

Top 50 by Net GEX

Methodology

Net GEX is the GEX of the assumed dealer book at a dealer share of 1: dealers long every call and short every put of open interest. For each contract: gamma × open interest × contract multiplier × reference² × 0.01, the dollars of delta for a 1% move of the reference; calls add, puts subtract, summed over every strike and the expirations after the data date. The table ranks |net GEX| over the S&P 500, 400 and 600 names with complete inputs. Updated daily after close.

Frequently Asked Questions

What does positive vs negative GEX mean?

Positive GEX means the assumed dealer book is net long gamma: its hedger sells into rallies and buys into dips, which dampens realized volatility and can pin price near heavy open-interest strikes. Negative GEX means the book is net short gamma: its hedger sells into weakness and buys 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 assumed hedging regime on a given underlying.

Where does the dealer-hedging assumption come from?

The book follows the original GEX convention (SqueezeMetrics, 2017): customers are taken to be net short calls (call overwriting) and net long puts (protective puts), so dealers are long the calls and short the puts, and hedge that exposure with the underlying. Other vendors and papers use other conventions, and real positioning can differ, most visibly when heavy call buying leaves dealers short the calls. The book is an assumption to read GEX by, not an observation.

What is the "gamma flip" level?

The gamma flip is the price at which net GEX, recomputed at each price, crosses zero. Where GEX is positive the assumed book is net long gamma and hedging is volatility-dampening; where it is negative, hedging amplifies moves. In the usual chain, with put open interest heavier below spot, the negative side is below the flip. The GEX page shows the flip level with the call wall (the strike with the most call gamma) and the put wall (the strike with the most put gamma). 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 assumed book (dealers long the calls, short the puts), which real positioning does not always match. When heavy call buying leaves dealers short the calls, or heavy put selling leaves them long the puts, the real gamma can have the opposite sign to the book. 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, tastytrade, Schwab, or moomoo BYOK credentials can pull intraday data through the streaming endpoints (Schwab streaming requires a Schwab app approved for Accounts and Trading).

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.