IV Rank measures where the current implied volatility sits relative to its range over the past year. A rank of 80% means IV is in the top 20% of its annual range — ideal for selling premium.

What's the difference between IV Rank and IV Percentile?

IV Rank compares the current IV to the high and low over the past year (linear scale). IV Percentile counts the percentage of days IV was lower than today. IV Rank is better for spotting extremes; IV Percentile is better for gauging how unusual current levels are.

How do I use the scanner?

The scanner page shows all tracked stocks ranked by IV rank. You can sort by any column, filter by sector, and search for specific symbols. High IV Rank stocks (80+) are great candidates for premium-selling strategies.

Where does the data come from?

We pull options data from major exchanges via institutional-grade data feeds, with quotes updated throughout the trading day.

What plans do you offer?

We have three plans: Free ($0 — full IV scanner, sector heatmap, 10 watchlist symbols, 500 API calls/month), Pro ($49/mo or $470/yr — flow alerts, earnings analysis, short pressure scanner, GEX/DEX, CSV export, API access, 50 watchlist symbols), and Premium ($149/mo or $1,430/yr — everything in Pro plus live streaming, custom alert rules, dark pool flow, unlimited watchlist, bulk API).

How does billing work?

We offer monthly and yearly billing via Stripe. Yearly plans save you roughly two months. You can upgrade, downgrade, or cancel at any time from your billing settings. No long-term contracts.

Can I cancel anytime?

Yes. Cancel from Dashboard > Settings > Billing. You keep access through the end of your current billing period. No cancellation fees.

Do you offer refunds?

We don't offer automatic refunds, but if you're unhappy within the first 7 days, email support@voledge.io and we'll work it out.

What is unusual options flow?

Unusual flow flags options orders where volume significantly exceeds open interest, or where the trade size is abnormally large. These can signal institutional or 'smart money' positioning. Available on the Flow page for Pro and Premium users.

How do I export data as CSV?

On the Scanner or Flow page, click the 'Export CSV' button in the top-right toolbar. This downloads the current filtered view. CSV export requires a Pro or Premium plan.

Can I set custom alerts?

Pro users can set IV rank threshold alerts on watchlist symbols. Premium users get a full rule builder with multi-condition alerts (e.g., IV Rank > 80 AND volume > 10,000). Manage alerts from the Watchlist page.

Yes! Pro and Premium plans include API access for programmatic data retrieval. Create an API key in Dashboard > Settings > API Keys. See our docs for endpoints, rate limits, and examples.

What is the earnings IV crush analysis?

The Earnings page shows upcoming earnings with current IV, estimated move, and historical IV crush data. IV crush is the sharp drop in implied volatility after an earnings announcement — knowing the typical crush helps you size trades correctly.

How does the Short Pressure Scanner work?

We estimate daily short interest by combining FINRA short volume reports, bi-monthly FINRA SI snapshots, and SEC Fails-to-Deliver data. A calibrated cover rate model interpolates between official reports to give you a daily estimate. The composite Short Pressure Score (0-100) weights SI%, short volume ratio, days to cover, FTD momentum, and put flow bias. Stocks scoring 80+ with SI above 15% are flagged as squeeze candidates.

How often is data updated?

Scanner data refreshes every 5 minutes during market hours. Options flow updates every 3 minutes. Premium users with live streaming get updates every 15 seconds.

Which browsers are supported?

VolEdge works in all modern browsers: Chrome, Firefox, Safari, and Edge. We recommend Chrome or Firefox for the best experience. Mobile browsers are fully supported.

April 6, 2026

Gamma Exposure Explained: GEX Levels and Dealer Positioning — Apr 6, 2026

gex

# Gamma Exposure Explained: [GEX dashboard](https://voledge.io/dashboard/gex) Levels and Dealer Positioning — Apr 6, 2026

*Meta description: Gamma exposure explained through today's GEX levels, flip strikes, and dealer positioning data. SPY, QQQ, NVDA, and TSLA gamma structure for options traders.*

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## Current GEX Regime: Dealer Positioning Today

Aggregate gamma exposure across **SPY** and **QQQ** remains firmly positive at $28.1B and $15.0B respectively, placing dealers in a long-gamma posture. Dealer hedging is dampening moves in both directions — buying dips, selling rallies — compressing realized volatility and favoring range-bound conditions heading into the week.

## Key GEX Levels: Flip Strike, Gamma Walls, and Pin

SPY's GEX flip strike sits at 667. Above that level, dealer gamma hedging shifts from dampening to amplifying — a transition from the current mean-reverting regime to one where directional momentum feeds on itself. With SPY closing Friday well below that threshold, the flip remains overhead context rather than an immediate concern, but any catalyst-driven rally toward 667 warrants attention for a regime shift.

The max gamma strike at 650 acts as the primary magnet. Dealer hedging is most concentrated here, creating strong gravitational pull. The put wall also sits at 650, reinforced by $35.5B in put-side gamma — the largest single-strike concentration in the SPY chain. This level functions as a mechanical floor: as price approaches 650, dealers buy shares to adjust put hedges, providing support that is structural, not discretionary.

The call wall registers at 645, below both the put wall and current trading range — an unusual configuration suggesting limited call-side gamma resistance above. QQQ mirrors this positive gamma structure: flip at 595, max gamma and call wall converging at 590, put wall at 580. Both indexes are trading within their gamma-defined corridors.

## SPX Strike-Level Gamma Analysis

The [GEX dashboard](/tools/gex-dashboard) strike-level breakdown reveals sharp asymmetry in SPY's gamma landscape. From 655 to 670, net GEX is aggressively positive — the 665 strike carries $15.6B, the 660 strike $11.5B, and 661 adds $9.4B. This cluster creates a dense hedging buffer that mechanically sells into any rally, capping upside velocity.

Below 650, the picture inverts. The 650 strike prints -$27.9B net GEX with DEX at -401.6K — the most negative reading in the chain. The 640 strike adds -$14.7B, and 648 contributes -$9.7B. If 650 fails as support, dealers shift from buying dips to selling into weakness, an amplification regime that could accelerate a move toward the -$14.7B pocket at 640 and the -$7.5B cluster at 630. The 650 level is the fulcrum: above it, positive gamma vs negative gamma dynamics favor self-correction; below it, the market self-reinforces.

## Single-Name GEX Setups

**TSLA** is the standout negative-gamma name at -$7.8B aggregate GEX, with no defined flip strike — dealers are short gamma across the entire chain. Every strike from 335 to 370 carries negative net GEX: the 350 strike prints -$2.2B, the put wall at 370 shows -$1.5B, and 360 adds -$1.3B. This is a textbook amplification environment where moves in either direction feed on themselves through dealer hedging flows. Wider intraday ranges and trend persistence are the expected behavior in this name.

**AAPL** sits at the opposite extreme with $30.0B in positive GEX — the highest reading of any single name tracked. Price at $255.92 is bracketed between the put wall at 250 ($3.1B net GEX) and the max gamma / call wall at 260 ($8.5B). The flip strike at 237.5 sits far below, giving the positive gamma regime wide margin. Expect compressed ranges and mean-reversion toward the 255-260 corridor.

**NVDA** carries $13.7B positive GEX with max gamma, call wall, and flip strike all converging at 180 — making that strike the single most important level in the name. The [options flow tracker](/tools/options-flow) shows $58.6M in net bullish NVDA premium from Friday's session: five separate call sweeps against one put buy. The $21.1M print in 177.5 calls (Apr 10 expiry) at 4.3x volume-to-OI is an aggressive opening position. Below 180, though, the picture shifts fast — the 170 put wall carries -$3.6B in net GEX, and a break below it would flip the local dealer positioning negative.

## What GEX Means for Trading Today

The macro GEX market structure favors premium sellers and mean-reversion strategies. Positive dealer positioning across SPY and QQQ compresses expected ranges — credit structures positioned outside the put wall and call wall levels carry the structural tailwind of dealer hedging. The key watch level is SPY 650: as long as that floor holds, the dampening regime persists. A break below shifts dealer dynamics from supportive to accelerative, with the 640 GEX pocket as the next mechanical target.

On single names, TSLA's negative gamma environment demands respect — [market mechanics](/learn/market-mechanics) favor trend-following over fading moves. AAPL and NVDA remain pinned in positive gamma corridors where breakout attempts face dealer selling into strength. The divergence between TSLA's amplification regime and the index-level dampening regime is the most actionable structural feature this week.

## Related Reading

- [High IV Rank Stocks Today: Compressed Vol, Positive GEX, and the Names Worth Watching](https://voledge.io/blog/high-iv-rank-stocks-today-compressed-vol-positive-gex-and-the-names-worth-watching) - [Weekly Earnings Preview: Your Earnings Options Strategy Before Q1 Season Begins](https://voledge.io/blog/weekly-earnings-preview-your-earnings-options-strategy-before-q1-season-begins) - [The Best Options Strategy Isn't Always About High IV — Why Butterflies Fit Right Now](https://voledge.io/blog/the-best-options-strategy-isnt-always-about-high-iv-why-butterflies-fit-right-now)