GEX Cycles vs Gross & Net Gamma Exposure
- The first chart shows the gross gamma map until January.
- Bigger dots mean more gamma. Grey means calls and puts are roughly matched, blue is call-heavy, orange is put-heavy. The largest dots, at 8000 and 7000, are matched positions. Call-heavy strikes from 8050 to 8200 appear for the December and early-January expiries.
- The second chart shows the net gamma map until January.
- On a net basis 7000 disappears and 8000 shrinks to an ordinary dot: for the 18 December week it holds about $31 billion of gross gamma but only about $1.2 billion net. The largest net positions are call gamma near the current price for the 16 October expiry (roughly $3 billion each at 7800 to 7900) and at 8040 to 8160 for the turn of the year. Net put gamma is sparse and below the market, at 7650 to 7700 for late October and 7500 for 20 November.