iShares Russell 2000 ETF

Gamma exposure (GEX) measures the total gamma held by options dealers across all strikes for IWM. When dealers are net long gamma (positive GEX), they must sell the underlying as price rises and buy as it falls — acting as a stabilising force that dampens volatility. When dealers are net short gamma (negative GEX), they must buy as price rises and sell as it falls — amplifying moves. The GEX chart shows this by strike so you can identify the levels where dealer hedging is most intense.

The total net gamma exposure for IWM is currently −95.2M (negative (market-amplifying)). Negative net GEX means dealers are net short gamma — expect trending, higher-volatility behaviour as dealer hedging amplifies directional moves.

A GEX flip point (also called the gamma flip or zero-gamma level) is the price at which dealer net gamma exposure transitions from positive to negative. Above the flip point, positive gamma keeps volatility suppressed — rallies and dips are faded by dealer hedging. Below it, negative gamma takes over and dealer hedges amplify moves. The GEX chart on StrikeVue shows the strike-level distribution so you can identify these critical transition levels for IWM.

IWM gamma exposure data is recalculated every 5 minutes during United States market hours from live NYSE/NASDAQ options open interest and greeks. StrikeVue is completely free and requires no login.