Free calculator
Gamma exposure workspace
See gamma concentrations by strike and expiration. Paste your options-chain data, explore the heatmap, and export calculated results. No signup.
Gamma is delta change per $1 underlying move per share; OI is contracts. Use one symbol and a consistent snapshot. Explicit zeros are allowed; blank cells and duplicate strike/expiry rows are rejected.
Paste a chain or load the labeled example to begin.
What the numbers mean
Per-leg exposure is gamma × open interest × contract multiplier × spot² × 0.01: dollars of delta-notional change for a 1% underlying move. The call-minus-put convention assigns a positive sign to calls and a negative sign to puts. Gross mode adds both magnitudes.
Open interest does not reveal dealers’ inventory. Concentration strikes describe the supplied data; they are not guaranteed support or resistance. A gamma flip requires revaluing every leg’s gamma across spot scenarios; a sign change between strike bars is not a flip.
FAQ
Is this a live GEX feed?
No. This calculator uses your supplied chain and spot. The optional example is synthetic, and data freshness is not independently verified.
Can I compare expirations?
Yes. Use all expirations for the strike profile, select a single expiration, or use the heatmap for the supplied expiry breakdown.