SENSEX Gamma Exposure (GEX) | Live GEX Profile
Gamma Exposure (GEX) measures how much SENSEX dealers must hedge as the index moves. Positive GEX (long-gamma regime) typically pins the spot and dampens volatility, while negative GEX (short-gamma regime) accelerates moves. Our tool plots GEX per strike with Call Wall and Put Wall levels — the most actionable map of where dealer hedging will support or resist price.
The chart shows Net GEX bars per strike (green above zero where dealers stabilize, red below where they accelerate moves) with the ABS GEX line tracing total hedging concentration. Use the time slider to scrub any minute of the session in both live and historical modes.
BSE Sensex (SENSEX) GEX Regime: Long-Gamma vs Short-Gamma
Long-gamma regime on SENSEX
When net GEX is positive on BSE Sensex, dealers are net long gamma. Their delta-hedging requires selling on rallies and buying on dips — exactly the opposite of momentum traders. The result: SENSEX intraday ranges compress, breakouts fail, and price tends to pin near heavy-gamma strikes.
Short-gamma regime on SENSEX
When net GEX flips negative, dealers are net short gamma. Their hedging now requires buying on rallies and selling on dips — amplifying every move. SENSEX candles get larger, intraday ranges expand, and breakouts have follow-through. Most BSE Sensex sharp moves happen in short-gamma regimes.
Reading the regime shift on SENSEX
Watch the Net GEX value at the top of the chart. As BSE Sensex expirations roll off, walls collapse, and OI rebalances, net GEX can flip mid-session. That flip is one of the highest-quality regime-change signals available — and it's invisible on a price chart alone.
Acting on regime as of 12 June 2026
Today's SENSEX regime determines what works. Long-gamma = sell premium, fade extremes. Short-gamma = buy premium, ride trends. Check Net GEX first, then pick your strategy. Treating every day the same is how good signals get washed out.
BSE Sensex (SENSEX) GEX Calculation: From Greeks to Dealer Hedging
The SENSEX GEX formula
Per strike, GEX = Spot² × Gamma × Open Interest. Calls add to GEX (dealers assumed long), puts subtract (dealers assumed short). Summing across the BSE Sensex option chain yields the aggregate dealer gamma exposure — the size of the rebalancing flow that has to happen for every 1-point spot move.
Why we use Spot² in SENSEX GEX
Gamma is a per-unit-of-spot quantity. Multiplying by spot once converts to delta-per-1-point. Multiplying again converts to delta-per-1-percent move — the standard convention used by SpotGamma, Perfiliev, and most academic literature. Our SENSEX numbers use the same formula expressed in crores.
Why our SENSEX numbers differ from US GEX dashboards
We omit the US 100-contract multiplier and express in Rs ÷ 10⁷ (crores). The formula, sign convention, walls, and regime direction are all identical. Only the absolute magnitudes scale differently. Proportional bar heights and rankings match international tools exactly.
Trusting the math as of 12 June 2026
The BSE Sensex GEX you see today is the same standard formula tested across decades of dealer-flow research. Walls and regime calls translate cleanly to action on SENSEX.
How to read the Gamma Exposure chart
- Check the regime (Net GEX sign) — Positive Net GEX = long-gamma regime (pinning/mean-reversion). Negative = short-gamma regime (trending). The colour of the Net GEX number tells you immediately.
- Identify the Call Wall and Put Wall — Toggle Show Walls in settings. Call Wall is the upside ceiling, Put Wall is the downside floor. Spot tends to oscillate between them on positive-GEX sessions.
- Read the per-strike bars — Green bars above zero are strikes where dealers stabilize price (positive Net GEX). Red bars below zero are strikes where dealers amplify moves.
- Use the ABS GEX line — The blue overlay traces total gamma concentration. Spikes mark the most actionable strikes — where dealer hedging flows are largest.
- Scrub the time slider for context — Drag the slider backward to see how walls migrated through the day. A rising Call Wall + rising spot = sustained bullish bias. A falling Put Wall + falling spot = breakdown risk.