NIFTY · live

Index gamma exposure

Spot — · Expiry —
As of —
Assumes dealers are net short calls and net long puts relative to customer flow — the convention every public GEX tracker uses, because actual dealer positioning cannot be observed from open interest alone. Treat this as a structural read, not a certainty.
Net GEX
—
Zero-gamma flip
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Net gamma exposure by strike₹ per 1% move
Positive — dealers long gamma, tends to dampen moves Negative — dealers short gamma, tends to amplify moves

How to read this chart

Each bar is net gamma exposure at one strike, for the nearest expiry. Green: dealers estimated long gamma. Red: short. The marker is the zero-gamma flip level.

  • Spot above the flip — long-gamma regime; moves tend to be absorbed.
  • Spot below the flip — short-gamma regime; moves tend to extend.
  • Large bars near spot — heavy OI; a magnet (positive) or accelerant (negative) into expiry.

Methodology & data

NSE and BSE don't publish implied volatility directly, unlike Deribit for BTC, so IV here is back-solved from each strike's last-traded price via Black-Scholes, then gamma is computed from that back-solved IV. Dealer positioning itself is never directly observable from public data, so this assumes dealers are net short calls and net long puts relative to customer flow — the same convention every public GEX tool uses. Treat it as a structural read on likely hedging pressure, not a certainty.

What is gamma exposure in options?

A measure of how much market makers must buy or sell the underlying index to stay delta-hedged as price moves, aggregated by strike. It's derived from implied volatility, not observed directly, since dealer positioning isn't published.

What is the zero-gamma flip level?

The index price at which net dealer gamma exposure crosses from positive to negative (or vice versa). Above it, the market tends to be self-dampening; below it, self-amplifying.

How is IV calculated if NSE doesn't publish it?

IV is back-solved from each option's last-traded price via the Black-Scholes formula, since NSE and BSE don't publish implied volatility directly the way some crypto exchanges do.

Which indices are covered?

NIFTY, BANKNIFTY, SENSEX, FINNIFTY, MIDCPNIFTY and BANKEX — switch between them using the selector above the chart.