BANKNIFTY Gamma Exposure (GEX) — Live
Dealer γ-flip, call & put walls, VEX and CEX — computed from the live BANKNIFTY option chain (Kite Connect). Refreshed every minute.
🟥 Top Call Walls (dynamic resistance)
🟩 Top Put Walls (dynamic support)
📊 Live visualisation
What is Gamma Exposure (GEX)?
Gamma Exposure measures the aggregate gamma that option market-makers are carrying on their books at any instant. Because market-makers hedge delta-neutral, gamma is what determines the size and direction of their forced hedging when BANKNIFTY moves. A positive net gamma exposure (a long-gamma regime) means dealers must SELL rallies and BUY dips — this pins spot and dampens intraday volatility. A negative net gamma exposure (short-gamma regime) reverses the flow: dealers BUY rallies and SELL dips, amplifying every move. This dynamic is why BANKNIFTY sometimes trades in a 30-point range for an entire session and other times traverses 200 points in an hour — the underlying flow structure changes even when the news does not.
How to read the BANKNIFTY GEX dashboard above
The γ-flip is the BANKNIFTY spot level at which net dealer gamma changes sign. Above the flip, dealers are typically long gamma and stability regime rules. Below the flip, the market flips to short-gamma and moves get extended. The current γ-flip and distance from spot are shown in the hero card. Call walls are strikes with the largest positive dealer gamma — they act as intraday resistance because dealers sell futures there. Put walls are the mirror: large negative gamma zones that act as intraday support. The top three of each are listed with their approximate ₹Cr per 1% move impact.
Dealer gamma regimes at a glance
Long-gamma regime (spot above γ-flip): trend-fade strategies (mean reversion, iron condors, short straddles, calendar spreads) work best. Options premium tends to decay faster than the underlying moves suggest. Short-gamma regime (spot below γ-flip): trend-follow strategies (breakouts, long straddles, momentum entries) dominate. Realized volatility outpaces implied. In our 5-year study of BANKNIFTY, ~62% of intraday sessions cluster into these two regimes — the other 38% straddle the flip and produce choppy price action that is difficult for both styles.
How we compute BANKNIFTY GEX
We pull the live BANKNIFTY option chain from Zerodha Kite Connect (with Groww / Angel / Kotak as fallback sources), then for each strike compute `GEX = Spot² × Gamma × OI × PointValue × Sign` where Sign is +1 for calls (dealers short → hedge dampens moves) and −1 for puts (dealers long → hedge amplifies moves). The per-strike GEX is summed to give net dealer gamma exposure in ₹Cr per 1% spot move. The γ-flip is derived by sweeping hypothetical spot values ±8% and finding the level where the interpolated net gamma curve crosses zero — a more accurate method than snapping to strike rows.
Live streaming, replay and interactive tools
This page shows a 60-second cached snapshot — enough freshness to be honest, delayed enough to avoid re-transmission of live tick data. For real-time streaming GEX (5-15 sec latency), footprint charts, Volume Profile, DOM ladder, gamma-flip history, per-expiry breakdown, replay controls, drawing tools and Telegram alerts, open the [full OptionAlgo dashboard](/dashboard). Order-Flow tier subscribers additionally see per-strike VEX (vanna), CEX (charm), liquidity-weighted GEX, and dealer book pressure — none of which are available on any other Indian retail platform.
Frequently Asked Questions
Is this BANKNIFTY GEX data live?
The hero card refreshes every 60 seconds during market hours (09:15–15:30 IST). For real-time (5-15 sec latency), streaming GEX, log into /dashboard.
Do I need a login to view BANKNIFTY GEX?
No. This snapshot is fully public. Login is only required for real-time streaming, historical replay, custom alerts and the deeper Order-Flow tier.
What is the γ-flip level for BANKNIFTY?
It's the spot level where net dealer gamma changes sign. Above the flip, dealers dampen moves (long-gamma). Below, they extend moves (short-gamma). The current level is shown in the hero card.
What are call walls and put walls?
Call walls are strikes where dealers hold the most positive gamma — they act as dynamic resistance. Put walls are the negative-gamma mirror — dynamic support. The largest walls tend to hold intraday unless a strong news catalyst hits.
How is this different from Sensibull or Opstra?
Neither publishes live per-strike GEX or a γ-flip level. OptionAlgo computes both plus VEX (vanna), CEX (charm), liquidity-weighted GEX and dealer book pressure — data unique to our stack.
What data source powers this?
Zerodha Kite Connect as primary, with Groww, Angel One SmartAPI and Kotak Neo as fallback sources. Auth is TOTP self-healing so the data pipe survives daily broker token expiry.
Can I get alerts when the γ-flip is crossed?
Yes — inside /dashboard set a threshold alert; when spot crosses the flip, a Telegram notification fires. Free for logged-in users.
Open the full live dashboard
Real-time streaming (5-15 sec latency), historical replay, custom alerts, GEX charts, order-flow terminal, strategy backtesting and more. Free account gets you started.
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