# SPY — GEX Heatmap · GammaGrid demo

**Gamma weather: Storm.** This chain has no gamma flip inside its strike range, so only the sign of gamma is known — negative, hedging amplifies moves. *(next 26 days · 9 expiries)*

| Level | Value |
|---|---|
| Price | 764.29 |
| Call wall | 800.00 |
| Put wall | 535.00 |
| Gamma flip | — |
| Net GEX | -584.2 M |

## Gamma exposure across expiries

Net dealer gamma per expiry (the columns of the heatmap), and the walls and the gamma flip as they stand with more expiries folded in — the heatmap's depth slider.

| Expiry | Net GEX | Contracts |
|---|---|---|
| 2026-09-14 | 24.9 M | 48 |
| 2026-09-15 | -73.5 M | 43 |
| 2026-09-16 | 0.8 M | 35 |
| 2026-09-17 | 4.9 M | 36 |
| 2026-09-18 | -456.5 M | 585 |
| 2026-09-25 | -28.1 M | 278 |

| Expiries folded in | Call wall | Put wall | Gamma flip |
|---|---|---|---|
| 1 | 765.00 | 700.00 | 763.31 |
| 2 | 770.00 | 760.00 | — |
| 3 | 770.00 | 760.00 | — |
| 4 | 770.00 | 760.00 | — |
| 5 | 790.00 | 520.00 | — |
| 6 | 790.00 | 520.00 | — |

## About these numbers

Computed by GammaGrid from the SPY options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-09-13T04:12:59.146795 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

Other views of SPY: [Overview](https://app.gammagrid.io/demo/t/SPY.md) · [Max Pain / GEX](https://app.gammagrid.io/demo/t/SPY/max-pain.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/SPY/volatility.md).

Canonical page: <https://app.gammagrid.io/demo/t/SPY/heatmap> · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: <https://app.gammagrid.io/>