SPDR S&P 500 (SPY) (SPY): GEX, Gamma Flip & Max Pain
SPY — options on the SPY ETF that tracks the S&P 500 — the most actively traded options contract in the world, with daily expirations. Below: what GEX, the Gamma Flip and Max Pain mean for SPY, and how to read these market-maker levels in the GEX Terminal.
SPY Gamma Exposure (GEX)
GEX measures the aggregate gamma of SPY options dealers. It drives how they hedge price moves: with positive gamma they sell into strength and buy into weakness (dampening volatility); with negative gamma they do the opposite (amplifying trends and breakouts).
The SPY Gamma Flip
The Gamma Flip is the price where SPY total GEX changes sign. Above it, positive gamma dampens moves (ranging); below it, negative gamma amplifies them (trends, accelerations, breakouts). It is a key intraday reference for trading SPY.
SPY Max Pain and Call/Put walls
Max Pain is the strike where SPY options holders lose the most at expiry; price often drifts toward it before settlement. The Call Wall (peak positive GEX) acts as resistance, the Put Wall (peak negative GEX) as support.
What SPY offers in the GEX Terminal
- GEX levels, the Gamma Flip, Max Pain and hedging pressure
- Position Builder — build a strategy on live quotes
- Backtest — test a strategy on historical data
- Data updates at the New York session open; live access is subscription-based.
FAQ
What is gamma exposure (GEX) for SPY?
GEX shows how SPY options market-makers must hedge as price moves. Positive gamma dampens swings, negative amplifies them. Key levels are the Gamma Flip, Call Wall and Put Wall.
When does SPY data update?
US index and ETF data updates at the start of the New York session (US regular trading hours).
Can I build and backtest a SPY strategy?
Yes. The GEX Terminal offers a Position Builder (build a strategy on live SPY quotes) and a historical backtest. Live US index and ETF data is subscription-based.
See live SPY levels, the Position Builder and backtest in the GEX Terminal — alongside crypto, US indices and gold.
Open the GEX TerminalInformation is for analytical and educational purposes only and does not constitute investment advice.