Nydar's GEX widget calculates net gamma exposure across all options strikes — showing dealer hedging pressure, the gamma flip level, and whether the current regime is stabilising or volatile
Nydar's GEX widget maps out options market maker hedging obligations across every listed strike price for a given US equity or ETF ticker. Nydar calculates net gamma at each strike, identifies the flip point where dealer exposure shifts from positive to negative, and highlights gamma walls — strikes with outsized concentration that act as price magnets.
Dealer hedging is one of the most powerful mechanical forces in equity markets. When you know where Nydar plots the gamma walls and which side of the flip point price is trading on, you have a structural edge that most retail traders lack entirely. The academic foundation for GEX analysis rests on the variance risk premium documented by Peter Carr and Liuren Wu in "Variance Risk Premiums" (The Review of Financial Studies, Vol. 22, No. 3, 2009, pp. 1311-1341), which showed that options market makers systematically bear variance risk — and their hedging activity creates the mechanical price dynamics that GEX measures. For a broader treatment of dealer gamma positioning and its effect on realised volatility, see Bollen and Whaley, "Does Net Buying Pressure Affect the Shape of Implied Volatility Functions?" (The Journal of Finance, Vol. 59, No. 2, 2004).
When someone buys an option, a market maker takes the other side. To stay market-neutral, the dealer must continuously hedge by buying or selling the underlying stock as price moves. The size and direction of that hedging obligation is gamma — and Nydar's GEX widget quantifies it across every strike.
When dealers are net long gamma, they hedge by buying when price drops and selling when price rises. Nydar displays this as green "Stabilising" — volatility gets suppressed and price tends to stay range-bound near high-gamma strikes.
When dealers are net short gamma, they must sell when price drops and buy when price rises — amplifying moves in both directions. Nydar flags this regime in red as "Volatile." This is when you see sharp selloffs accelerate and rallies overshoot. Trending markets live in negative gamma territory.
Nydar's horizontal bar chart shows net gamma exposure at each strike price. Green bars extending left represent positive gamma (stabilising). Red bars extending right represent negative gamma (volatile). Nydar centres the chart around the flip point, showing roughly 17 strikes in view.
Highlighted in yellow on Nydar's chart, the flip point is the strike where dealer gamma transitions from positive to negative. When the stock trades above Nydar's flip point, expect range-bound, mean-reverting price action. Below it, expect directional moves and increased volatility.
Nydar's gamma walls are strikes with outsized gamma concentration, shown in yellow badges above the chart and highlighted in the bar display. Price is attracted to these levels — think of them as magnets. A gamma wall above spot acts as resistance; one below acts as support. Nydar highlights the Max Gamma strike as the strongest wall in the profile.
Total GEX
Nydar's aggregate gamma exposure across all strikes. Positive values (green, "Stabilising") mean dealers are net long gamma. Negative values (red, "Volatile") mean dealers are net short gamma. Nydar shows this in abbreviated form (K, M, B).
Flip Point
The dollar price where net gamma flips from positive to negative. This is the single most important level in Nydar's GEX profile. Watch how the stock trades relative to Nydar's flip point — it defines the volatility regime.
Max Gamma
Nydar identifies the strike price with the largest absolute gamma exposure — the strongest "wall." Dealers have the most hedging obligation here, making it the most likely price magnet and the hardest level for price to break through.
Identify the regime
Check where the current price sits relative to Nydar's flip point. Above it, favour mean-reversion strategies (sell rallies, buy dips). Below it, favour trend-following strategies (breakouts, momentum).
Use gamma walls as targets
In positive gamma environments, Nydar's gamma walls act as price magnets. Set profit targets near these levels. In negative gamma, gamma walls can be breached more easily — use them as invalidation zones rather than hard targets.
Watch for flip point breaks
When price crosses below Nydar's flip point, expect an acceleration in selling as dealers switch from dampening to amplifying moves. This often triggers cascading sell pressure — Nydar's GEX data can signal when to reduce long exposure or tighten stops.
Combine with other signals
Nydar's GEX tells you about the mechanical structure of the market, not fundamentals or sentiment. Pair it with Nydar's options flow widget for directional bias, Nydar's chart for technical levels, and Nydar's volume profile for price acceptance zones.
GEX is not directional. Positive gamma means low volatility, not bullish. Negative gamma means high volatility, not bearish. Nydar's GEX data tells you how price is likely to behave, not where it is going.
Intraday shifts happen. Large options trades can shift Nydar's gamma profile significantly during the day. A morning flip point can move by the afternoon if a big block trade repositions dealer exposure.
Expiration effects. Nydar's GEX concentrations intensify as options approach expiry. The pinning effect near max gamma strikes is strongest on expiration day (OPEX) and weakens at the start of a new cycle.
Nydar's GEX calculations are derived from live options chain data — open interest and pricing across all listed strikes and expirations for the selected ticker. Nydar aggregates call and put gamma at each strike to produce the net exposure profile.
Available for US equities and ETFs with listed options
| Feature | GEX | Max Pain | Options Flow | Options Chain |
|---|---|---|---|---|
| Primary data | Net gamma per strike | Open interest concentration | Large trade flow | Full chain (bids/asks/OI) |
| Shows volatility regime | Yes (positive/negative gamma) | No | Indirectly (via flow size) | No |
| Key levels | Flip point + gamma walls | Max pain price | Large sweep strikes | All strikes visible |
| Directional bias | No (regime only) | Pin target | Yes (call/put ratio) | Put/call skew |
| Dealer positioning | Yes (core purpose) | Implied | No | No |
| Asset coverage | US equities & ETFs | US equities & ETFs | US equities & ETFs | US equities & ETFs |
| Best for | Volatility regime & hedging pressure | Expiration pinning targets | Institutional directional bets | Options pricing & Greeks |
Last reviewed: March 2026