NDX GEX Today
Nasdaq 100 gamma explained
QQQ Gamma Exposure Today
Nasdaq 100 ETF Options, Understanding Dealer Positioning
QQQ GEX Heatmap
Interactive heatmap available in TeploMap
QQQ Trading Characteristics
QQQ is the most actively traded ETF for Nasdaq 100 exposure. Three traits shape how QQQ gamma reads compared with other tickers:
High beta. QQQ typically realizes more volatility than SPY because of tech-sector concentration, which widens expected moves and shifts the gamma flip more frequently.
Active 0DTE flow. Same-day options volume in QQQ has grown sharply and creates intraday gamma effects that can dominate the dealer positioning picture, especially during the open and the final hour.
NDX correlation. Watching QQQ alongside NDX index options gives a more complete view of Nasdaq 100 gamma, since hedging flow runs through both products.
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.