SPX GEX Today
S&P 500 gamma explained
NDX Gamma Exposure Today
Nasdaq 100 Index Options, Understanding Dealer Positioning
NDX GEX Heatmap
Interactive heatmap available in TeploMap
NDX vs SPX
NDX (Nasdaq 100) typically carries higher realized volatility than SPX because of tech-sector concentration. In practice this tends to mean:
Wider expected moves. The implied one-day range is usually broader than the comparable SPX range.
Faster gamma flip crossings. Dealer positioning can swing through neutral more quickly during macro or earnings-driven sessions.
More pronounced 0DTE effects. QQQ (the ETF tracking the same index) adds another layer of gamma exposure that complements NDX index options.
How to Read the Levels
Levels shift intraday. Dealer positioning recomputes as new options trade and existing positions roll off, so the gamma flip and walls can drift through the session.
Expiration matters. Near-term options carry the largest gamma exposure. Multi-expiration views show how near-term concentration compares to the longer-dated structure.
Context, not prediction. These levels describe observed dealer positioning. They do not forecast price and should be read alongside spot, realized volatility, and macro context.