S&P 500 Gamma Levels: SPX and SPY
- SPX — call wall $7,750.00, gamma flip $7,654.29, put wall $7,400.00. Closed at $7,761.03.
- SPY — call wall $775.00, gamma flip $770.61, put wall $755.00. Closed at $773.39.
- Both SPX and SPY opened in long gamma and the wider of the two ran 0.56% high to low. SPX closed above its call wall while SPY did not.
- These are the previous session's closing levels. Today's levels move with the chain and are on the dashboard.
Closing levels, side by side
SPX and SPY track the same underlying index, so once you put the ETF on the index's scale their levels should line up. The fourth column does that conversion, using the closing price ratio of 10.0351.
| Level | SPX | SPY | SPY on SPX scale |
|---|---|---|---|
| Call Wall | $7,750.00 | $775.00 | $7,777.19 |
| Close | $7,761.03 | $773.39 | $7,761.03 |
| Gamma Flip | $7,654.29 | $770.61 | $7,733.13 |
| Put Wall | $7,400.00 | $755.00 | $7,576.48 |
| Net GEX | $97.50B | $10.92B | — |
The converted column is for comparison, not for trading. $7,777.19 is not a SPX strike — SPX contracts trade on a coarser grid than that. It shows where SPY's wall would sit if you measured it in SPX points, so the two complexes can be read on one scale.
On this close the two complexes disagreed by 27.2 points on the call wall and 78.8 points on the gamma flip, in SPX terms. That gap is normal — SPX and SPY are different pools of contracts with different open interest — but it means the level you act on depends on which one you are looking at.
What happened on August 7, 2026
| SPX | SPY | |
|---|---|---|
| Regime at the open | long gamma | long gamma |
| Session range | 0.56% | 0.54% |
| Reached the call wall | Yes | No |
| Reached the put wall | No | No |
| Crossed the gamma flip | No | No |
| Contracts in the chain | 13,698 | 5,306 |
How to read these levels
The gamma flip is the price where aggregate dealer gamma crosses zero. Above it, hedging tends to dampen moves; below it, hedging tends to amplify them. It is a regime boundary, not a target.
The call wall and put wall mark where gamma is most concentrated on each side. They are real features of the chain — but we measured what happens when price actually reaches one, across 100 trading days, and the wall held 44% of the time. Treat them as context, not as triggers. Here is the full study, including the parts that didn't work.
Where these numbers come from
GEXBoard computes dealer gamma exposure across the option chain every ten seconds and stores the result. The figures above are the last reading before the close on August 7, 2026, taken from that stored history — not recalculated, not adjusted.
This page regenerates automatically after every session. Nothing on it is written by hand.
These are yesterday's. See today's, live.
Levels recomputed every ten seconds through the session, for SPX, SPY and 28 more tickers. From $19/mo during beta.