SPY Gamma Levels — GEX Today

How to read SPY gamma levels

Dealers who sell options hedge in the market, and where they hedge shapes SPY. The call wall is the big positive-gamma strike above price — rallies tend to stall there. The put wall is the big negative-gamma strike below — dips often find support there. The gamma flip is the pivot: above it dealer hedging dampens moves (calmer, mean-reverting); below it hedging amplifies moves (faster, trendier). Max pain is the strike that pins the most option value into expiry. These are computed from public options data — a read on structure, not a trade signal.

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