Bet on stocks.
Up, down, or sideways.
Call the close on any stock with free tokens — no real money, ever. 100 tokens a day, stars for correct calls, streaks, and a leaderboard.
▶ Play: call the close
Bet free tokens on whether stocks finish up, down, or sideways. 100 tokens a day, stars for correct calls, streaks, and a leaderboard. No real money — ever.
Enter the arena →Sharpen your calls with our free options tools
GEX by strike
Net dealer gamma exposure for any optionable stock or ETF. Spot the call walls, put walls, and the gamma flip level — over the next 10 days, 30 days, or every listed expiration.
Open the GEX tool →Options strategy pricer
Build up to four legs, then drag a cursor across price and time. Black-Scholes reprices the whole position live, with IV and rate controls.
Open the pricer →What is gamma exposure (GEX)?
When traders buy options, market makers take the other side and hedge their risk by buying and selling the underlying stock. Gamma exposure estimates how much hedging pressure those dealers face at each strike price, computed from open interest and Black-Scholes gamma.
Why it matters
Where net GEX is positive, dealer hedging tends to dampen price moves — they sell into rallies and buy dips, often pinning price near large strikes ("call walls"). Where net GEX is negative, hedging amplifies moves — dealers sell as price falls and buy as it rises, which can fuel squeezes and sharp selloffs. The strike where net GEX crosses zero is the gamma flip level, a commonly watched regime line.
How our numbers are built
We pull each contract's open interest and implied volatility from Yahoo Finance, compute gamma per strike with the Black-Scholes model, and aggregate using the standard dealer convention: calls contribute positive gamma exposure, puts negative. It's an estimate of positioning, not a measurement — but it's the same approach used across the industry.