IWM Gamma Exposure (GEX)
iShares Russell 2000 ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $295.99 · updated nightly
Net GEX by strike
■ positive (dealers dampen moves) ■ negative (dealers amplify moves) — strikes within ±15% of spot.
Gamma walls
| Strike | Net GEX / 1% | Share of total gamma | Distance from spot |
|---|---|---|---|
| $290 | −$652M | 15.1% | -2.02% |
| $285 | −$326M | 7.6% | -3.71% |
| $280 | −$202M | 4.7% | -5.40% |
| $287 | −$162M | 3.8% | -3.04% |
| $288 | −$157M | 3.7% | -2.70% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-13 | −$77M | $242M |
| 2026-07-14 | −$26M | $105M |
| 2026-07-15 | −$38M | $94M |
| 2026-07-16 | $13M | $50M |
| 2026-07-17 | −$1.24bn | $2.51bn |
| 2026-07-20 | −$9M | $22M |
| 2026-07-21 | −$8M | $13M |
| 2026-07-22 | $7M | $11M |
| 2026-07-23 | −$1M | $2M |
| 2026-07-24 | $1M | $144M |
| 2026-07-31 | −$337M | $398M |
| 2026-08-07 | −$1M | $59M |
| 2026-08-14 | $19M | $30M |
| 2026-08-21 | −$210M | $623M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of IWM. As the price moves, the amount they must hold changes — that sensitivity is gamma. GEX aggregates it across all open contracts (calls positive, puts negative, per the standard dealer-positioning convention) into a dollar figure per 1% move.
In a positive gamma regime, dealers sell into rallies and buy dips — mechanically dampening volatility. In negative gamma, hedging flows push in the same direction as the market, amplifying moves. The gamma flip ($302.23 right now) is the estimated price where the regime switches, and large single-strike concentrations ("gamma walls") often act like short-term magnets or barriers. These are estimates built on simplified assumptions — positioning context, not predictions. Full explainer: what is GEX?
More IWM options data
See the IWM max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with IWM if you hold it as a fund.
GEX for other tickers
GEX is computed nightly from end-of-day open interest and quotes using a Black-Scholes approximation (r=0, q=0), matching common retail GEX conventions (methodology). Derived metrics only — not raw market data, not investment advice.