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Most GEX tools calculate gamma exposure from end-of-day Open Interest— a number the exchanges publish once per day, after the close. That gives you a static snapshot that doesn’t move until tomorrow morning.

GammaFlux runs a proprietary model every 60 seconds during market hours that combines overnight OI with live options chain data and live futures volume to estimate how dealer positioning is shifting intraday. The levels you see reflect what’s happening right now, not what happened at yesterday’s close.

This is the most important question to ask any GEX tool. Open Interest is published once per day by the exchanges, after the close. If a tool only uses OI, it’s structurally stuck on yesterday’s data — and it completely misses 0DTE flow, which is now more than half of S&P 500 options volume.

GammaFlux infers intraday gamma changes from four data streams that do update in real time:

• Live options chain data — bid/ask, traded volume, and implied volatility at every strike. New volume at a strike that had zero OI overnight is meaningful information.
• Live futures volume — dealers hedge options exposure mostly through ES, NQ, MES, and MNQ futures. When dealer positioning shifts, the futures tape shows it within seconds.
• Live underlying price— gamma is path-dependent. As price moves, every option’s delta changes, which means dealer hedges drift out of balance and have to be rebalanced.
• Overnight OI as a baseline— we don’t throw it out; it’s the starting point. We then estimate how that baseline has shifted as new flow arrives during the session.

The model effectively asks: “Given today’s volume, today’s deltas, today’s futures-tape activity, and the overnight baseline, what does the gamma surface most likely look like right now?” The output is updated every 60 seconds.

Because every contract that trades intraday has a real dealer on one side. Even if that contract is opened and closed within the same session — never touching end-of-day OI — the dealer has to hedge the position the entire time it’s open. That hedging is real flow that shapes price.

Volume tells you that hedging is happening. The strike where the volume is concentrated tells you where the hedging is happening. Combined with the option’s delta and the underlying’s movement, you can estimate how much gamma exposure that flow added to the dealer book — even if it never appears in tomorrow’s OI print.

Every option has a delta that depends on three things: the underlying price, the strike price, and the time to expiration. When the underlying moves, every option’s delta changes — and so does the dealer’s required hedge.

Gamma is the rate of change of delta. High gamma at a strike means small moves in the underlying force big changes in delta, which means dealers have to rebalance frequently. That’s why gamma levels act like magnets, walls, and pivots.

GammaFlux recomputes the delta and gamma for every relevant strike every 60 seconds based on the current underlying price. As price drifts toward or away from key strikes, the model reflects how dealer hedging pressure is concentrating or dispersing in real time.

Dealers don’t hedge SPX or SPY positions by buying small lots of stock — that’s inefficient. They use ES futures (and NQ for the Nasdaq complex) because futures offer leverage, deep liquidity, near-24-hour trading, and tight spreads.

That means whenever dealers are forced to hedge a shifting options book, the futures tape carries the signature within seconds. By monitoring futures volume in conjunction with what’s happening in the options chain, the model can detect dealer hedging activity in real time — including the hedging triggered by 0DTE flow that never touches OI.

It’s an estimate, and we’re upfront about that. Nobody outside the dealer desks themselves has perfect visibility into net dealer gamma positioning. Every third-party gamma tool — ours and every competitor — is producing an estimate based on public data.

What separates good estimates from bad ones is the quality of the input data, the soundness of the modeling assumptions, and how honestly the tool communicates its limitations. We use live options chain data + live futures volume + live underlying price + overnight OI as a baseline. Most competitors use only the last one.

Our intraday estimate converges to reality overnight when end-of-day OI prints settle the day’s flow. The estimate is good — but it is an estimate, not a direct measurement.

We’re honest about these. The main ones:

• Not every futures tick is dealer hedging. The model tries to separate hedging-related volume from systematic flow, prop trading, and arbitrage, but it isn’t perfect.
• Unusual conditions (FOMC announcements, CPI releases, gap days, holiday sessions) can create conditions where the model’s assumptions degrade. Treat the levels with extra skepticism on those days.
• The cadence is 60 seconds, not tick-by-tick. Very fast sub-minute moves can get partially aliased.
• End-of-day OI is still the ground truth. If the intraday estimate disagreed with where actual positioning ended up, we accept the OI and start fresh tomorrow.

A modern browser (Chrome, Edge, or Brave) and a TradingView account (free tier works). Our extension overlays gamma levels directly on your existing charts.

SPY, QQQ, SPX, and NDX — plus their futures equivalents ES, NQ, MES, and MNQ. Futures levels are automatically converted using real-time fair value, so you see accurate gamma levels on your /ES or /NQ chart without any manual math.

Important on the futures side: the underlying futures (ES, NQ, MES, MNQ) trade nearly 24 hours a day, but GammaFlux’s live intraday tracking is built around the US regular session — 9:30 AM – 4:00 PM ET, Monday through Friday. Outside that window, the futures price ticks on your chart but the gamma surface is either frozen at the prior close or showing the latest pre-open OI baseline. The minute-to-minute volume-adjusted tracking that defines the product only operates during regular hours.

See the “When is the data live and when is it cached?” FAQ above for the full schedule and what to expect at each part of the day.

Every 60 seconds during the US options regular session (9:30 AM – 4:00 PM ET, Monday through Friday). Outside that window the underlying price still ticks on your chart, but the gamma levels are held at their last computed values until the options market reopens — see the next FAQ for the full schedule.

GammaFlux is built around the US regular session, when options activity is highest and dealer hedging dynamics are most informative. Here’s exactly when to expect each state:

Fully live — 60-second updates:

• Regular session: 9:30 AM – 4:00 PM ET, Monday through Friday. Options chain flowing, gamma surface continuously recomputing.

Locked at prior close — gamma frozen at yesterday’s 4:00 PM positioning:

• After-hours: 4:00 PM ET through the overnight OI publish (typically a few hours before the next regular open).
• Asian session: levels reflect the prior US close — typically several hours stale by Asian morning.
• Early London session: same — until overnight OI publishes, you’re seeing yesterday’s 4:00 PM positioning.
• Sunday futures open: 6:00 PM ET Sunday – Monday morning. Futures (ES, NQ) tick over Friday’s 4:00 PM gamma surface for the entire weekend overnight session.

Fresh OI baseline only — same analytics any static-OI tool would show:

• Pre-open window: from when overnight OI publishes (typically a few hours before the regular open) through 9:30 AM ET. The gamma surface re-baselines to the most recent settled OI — more accurate than yesterday’s 4:00 PM snapshot, but it’s the same kind of OI-only computation that static GEX tools show all day. The intraday flow tracking that makes GammaFlux distinctive isn’t running yet.
• Late London / pre-open New York: traders in this window see the freshest possible OI baseline before the US session opens — useful as context, but not yet a live read of dealer positioning shifts.

Everything closed:

• Weekends: Friday 4:00 PM ET through Sunday 6:00 PM ET — both options and futures frozen.
• NYSE-observed market holidays (Christmas, Thanksgiving, Independence Day, etc.). Full calendar at nyse.com/markets/hours-calendars.
• Half-days end at 1:00 PM ET (e.g., Black Friday, Christmas Eve when they fall on a weekday).

Practical note for evaluation:outside the US regular session, what you see is either a frozen snapshot (4:00 PM close until overnight OI publishes) or a re-baselined OI surface (after the OI publish through 9:30 AM ET). Both are real and useful as context, but neither is GammaFlux’s defining mechanism in action. The volume-adjusted intraday tracking that captures live dealer positioning shifts only operates during the US regular session — 9:30 AM to 4:00 PM ET, Monday through Friday. Traders in the Asian and London sessions will see levels that reflect prior settled positioning, not current real-time flow.

If you’re evaluating the product, do it during US regular hours. The pre-open OI baseline tells you roughly what static-OI tools would show — which is fine context — but the minute-to-minute level migration that demonstrates GammaFlux’s edge is a regular-session phenomenon.

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