QQQ Gamma Exposure (GEX)
Invesco QQQ Trust · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $725.51 · 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 |
|---|---|---|---|
| $700 | −$459M | 3.6% | -3.52% |
| $740 | $394M | 3.1% | 2.00% |
| $730 | $347M | 2.8% | 0.62% |
| $736 | $318M | 2.5% | 1.45% |
| $705 | −$300M | 2.4% | -2.83% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-13 | $16M | $1.08bn |
| 2026-07-14 | −$39M | $596M |
| 2026-07-15 | $246M | $543M |
| 2026-07-16 | $957,618 | $173M |
| 2026-07-17 | −$552M | $5.60bn |
| 2026-07-20 | $32M | $142M |
| 2026-07-21 | $15M | $51M |
| 2026-07-22 | $14M | $47M |
| 2026-07-23 | $3M | $12M |
| 2026-07-24 | −$137M | $714M |
| 2026-07-31 | $305M | $1.69bn |
| 2026-08-07 | −$331,246 | $164M |
| 2026-08-14 | −$7M | $59M |
| 2026-08-21 | −$457M | $1.73bn |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of QQQ. 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 ($727.81 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 QQQ options data
See the QQQ max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with QQQ 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.