SPX Gamma Levels — GEX Today
How to read SPX gamma levels
Dealers who sell options hedge in the market, and where they hedge shapes SPX. 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.
The expected move is what the options market is pricing: using SPX's 30-day implied volatility, it's the ±1 standard-deviation range — SPX stays inside it roughly two-thirds of the time. A tight expected move means the market expects calm; a wide one means it's bracing for a big swing. Pair it with the walls above to see where a move might stall.