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Gold GEX by strike
Gold options data from GLD/IAU ETF options (proxy, 15 min delayed, US market hours). Strikes are converted to the gold price with the daily gold/GLD ratio (10.93); open interest is in ounce-equivalents (1 GLD contract ≈ 9.1 oz). US market closed: chain from the last close (27 Oct 16:00 ET).
Gamma exposure of gold options dealers at every strike: net, calls, puts and the total, from GLD and IAU ETF options. XAU 4,057.20. Last updated 28 October 2026, 08:23 UTC.
Right now (08:23 UTC): Net gold options GEX is −$225M per 1 % move (short gamma): dealer hedging tends to add to moves under the standard assumption. Watch it live: GEX on the chart →
Gold GEX right now
Updated 28 Oct 2026, 08:23 UTC · descriptive data, not advice
- Net gold options GEX is −$225M per 1 % move (short gamma): dealer hedging tends to add to moves under the standard assumption.
- Call GEX +$1.41B, put GEX −$1.63B, total absolute GEX $3.04B.
- Gamma flip at 4,085.20; gold is at 4,057.20, below it.
- Largest call gamma (call wall) at 4,155, largest put gamma (put wall) at 3,827.
GEX by strike
USD of dealer hedging per 1 % move, summed over GLD and IAU options. Strikes within about 12 % of the price. Hover a bar for the call, put, net and absolute GEX at that strike. Updates every minute.
Gamma profile
Net GEX if gold traded at another price today, with the same positions. Where the line crosses zero is the gamma flip.
Net GEX, last 24 hours
Largest strikes by absolute GEX
| Strike | From price | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|
| 4,155 | +2.4 % | +$126M | −$108M | +$18M |
| 4,373 | +7.8 % | +$111M | −$60M | +$52M |
| 3,827 | -5.7 % | +$29M | −$134M | −$105M |
| 4,100 | +1.1 % | +$78M | −$76M | +$2.2M |
| 4,264 | +5.1 % | +$57M | −$86M | −$29M |
| 4,045 | -0.3 % | +$44M | −$98M | −$54M |
| 3,991 | -1.6 % | +$17M | −$88M | −$71M |
| 3,936 | -3.0 % | +$18M | −$84M | −$67M |
| 3,608 | -11.1 % | +$1.8M | −$98M | −$96M |
| 3,663 | -9.7 % | +$1.7M | −$97M | −$96M |
| 3,772 | -7.0 % | +$5.6M | −$90M | −$85M |
| 3,717 | -8.4 % | +$4.5M | −$75M | −$71M |
How price reacted at past levels
Every time price touched the call wall, put wall or gamma flip since 2026-10-27: did the level hold, or did price break through? Touch = within 0.15 % after being at least 0.4 % away; held = 0.5 % back before closing a minute 0.3 % through; two hours to decide. The same rule on round numbers shows what any level does.
| Level | Touches | Held | Broke | Undecided | Held, of decided |
|---|---|---|---|---|---|
| Call wall | 0 | 0 | 0 | 0 | – |
| Put wall | 0 | 0 | 0 | 0 | – |
| Gamma flip | 0 | 0 | 0 | 0 | – |
| Round numbers (every 25) | 1 | 0 | 0 | 1 | – |
Small samples swing a lot. A description of what happened, not a prediction. Method and free feed: GEX levels API
How to read the GEX histogram
Each bar is one strike. In Net GEX, bars to the right (teal) are strikes where dealer hedging tends to slow the price down, bars to the left (pink) are strikes where it tends to push it further. The largest call bar is the call wall, the largest put bar the put wall. Calls + puts shows both sides of each strike, Total abs GEX shows where the most gamma sits.
Gamma is largest close to expiry and close to the strike, so 0DTE (expiries in the next 24 hours) often dominates near the price on expiry days. Later shows the slower positioning behind it. See the GEX guide, gamma flip and call wall and put wall for the details.
How it is calculated
- Every GLD and IAU ETF option from Cboe (15-min delayed, a new chain every 5 minutes in US market hours): strike, expiry, open interest and implied volatility. Strikes are converted to the gold price with the daily gold/ETF ratio, and open interest to ounce-equivalents (contracts × 100 shares ÷ the ratio).
- Black-Scholes gamma per option, times open interest in ounce-equivalents, the price squared and 1 %: USD of hedging per 1 % move.
- Standard: dealers long calls and short puts (calls +, puts −), the usual assumption. Gold has only the standard assumption: the delayed ETF data has no trade sides, so dealer positions cannot be read from trades.
- The gamma flip is where the net GEX profile crosses zero; call wall and put wall are the strikes with the most call and put gamma.
Dealer positioning is not public, so these are estimates, not measurements, and not a forecast or advice.
GEX on the order bookGold levels nowMax painPut/call ratio
FAQ
What is GEX?
GEX (gamma exposure) estimates how much options dealers would have to buy or sell in the underlying to stay hedged when the price moves 1 %. It is the options gamma at each strike multiplied by open interest, the price squared and 1 %, in USD.
What do positive and negative GEX mean?
Positive net GEX (long gamma) means dealers hedge against the move: they sell into rallies and buy dips, which tends to dampen moves. Negative net GEX (short gamma) means they hedge with the move, which tends to add to it. The gamma flip is the price where net GEX changes sign.
What is the difference between net, call, put and absolute GEX?
Call GEX is the gamma from calls and put GEX the gamma from puts, with puts counted negative under the standard assumption. Net GEX adds the two. Total absolute GEX adds their sizes without the sign, so it shows where the most gamma sits, whichever side it is on.
Who is long and who is short the options?
Nobody publishes that. The standard model assumes dealers are long calls and short puts. For gold only the standard assumption is available: delayed ETF option data has no trade sides. Both are estimates.
Which options are included?
GLD and IAU ETF options (Cboe, 15-min delayed), all expiries, with strikes converted to the gold price. 0DTE means expiries in the next 24 hours; later means every expiry after that.
How often is it updated?
Every minute. The histogram on this page refreshes itself every minute while the page is open; the page itself is rebuilt every two minutes.