SPX gamma exposure
From the closing options book · October 20, 2026 · updated after every close
SPX closed at 7,712.57 on October 20, 2026 with dealers net short $27.31B of gamma. The call wall was 7800 (+1.1%), the put wall 7700 (−0.2%) and the apex 7735. SPX closed short gamma on 31 of the last 60 sessions.
SPX net gamma, last 60 sessions
SPX levels by session
| Session | Close | Call wall | Put wall | Flip | Net gamma |
|---|---|---|---|---|---|
| Oct 20 | 7,712.57 | 7800 | 7700 | — | −$27.31B |
| Oct 19 | 7,690.73 | 7705 | 7650 | — | −$18.81B |
| Oct 16 | 7,659.44 | 7825 | 7640 | — | −$77.19B |
| Oct 15 | 7,744.06 | 7800 | 7700 | — | −$10.94B |
| Oct 14 | 7,718.94 | 7800 | 7700 | — | −$67.37B |
| Oct 13 | 7,805.45 | 7815 | 7700 | 7817.5 | +$48.87B |
| Oct 12 | 7,807.24 | 7800 | 7700 | 7822.5 | +$39.07B |
| Oct 9 | 7,811.54 | 7820 | 7700 | 7807.5 | +$92.27B |
| Oct 8 | 7,765.36 | 7800 | 7750 | — | −$11.83B |
| Oct 7 | 7,801.77 | 7850 | 7790 | 7837.5 | +$35.99B |
| Oct 6 | 7,818.93 | 7825 | 7700 | 7792.5 | +$98.63B |
| Oct 5 | 7,773.95 | 7800 | 7700 | 7767.5 | +$66.59B |
| Oct 2 | 7,722.72 | 7725 | 7680 | 7722.5 | +$39.53B |
| Oct 1 | 7,666.45 | 7750 | 7600 | — | −$20.44B |
| Sep 30 | 7,651.54 | 7690 | 7680 | 7747.5 | +$18.65B |
| Sep 29 | 7,670.84 | 7800 | 7650 | — | −$29.13B |
| Sep 28 | 7,683.69 | 7800 | 7600 | — | −$31.95B |
| Sep 25 | 7,743.41 | 7740 | 7650 | 7737.5 | +$46.63B |
| Sep 24 | 7,704.13 | 7800 | 7600 | — | −$6.64B |
| Sep 23 | 7,706.03 | 7800 | 7600 | 7767.5 | +$50.45B |
How to read SPX gamma exposure
Gamma exposure estimates how much stock dealers must buy or sell to stay hedged as the index moves. When they are long gamma they sell rallies and buy dips, which tends to compress ranges. When they are short gamma they hedge with the move, which tends to extend it. The sign matters more than the size.
The call wall and put wall are the strikes with the most positive and most negative dealer gamma. They mark where hedging is concentrated, not where price must stop. Learn: what is gamma exposure.
This is the closing book. Members watch the SPX board move live all session.
Common questions
At the October 20, 2026 close, SPX net dealer gamma was −$27.31B: short gamma.
7800, +1.1% from the 7,712.57 close.
7700, −0.2% from the close.
There was no flip on the October 20, 2026 book: dealers were short gamma at every strike near price.
No. This page is the closing book, rebuilt after every close. FlowMonkey members see the board update live through the session.
Measured from the closing options book and rebuilt after every close. Nothing on this page is live. Not investment advice.