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 13, 2026

Gamma Exposure Explained: SPY in Negative Gamma, QQQ Pinned at 612

gex

# Gamma Exposure Explained: SPY in Negative Gamma, QQQ Pinned at 612

*Meta: Gamma exposure explained for Apr 13 — SPY dealers are short gamma (-$252B) while QQQ is long gamma (+$259B), pinning at 612. Full [GEX dashboard](https://voledge.io/dashboard/gex) levels, flip strikes, and walls inside.*

## Current GEX Regime: Dealer Positioning Today

Index dealer positioning is split. **SPY** sits on total GEX of **-$252.1B** — dealers are short gamma, meaning every S&P move gets amplified by their hedging flows. **QQQ** is the inverse: **+$258.8B** total GEX, dealers long gamma, pinning behavior dominant. Expect SPX-linked exposure to trend or cascade while tech-heavy Nasdaq products grind against the max-gamma strike.

In plain terms: selling pressure in S&P will beget more selling, while QQQ will fight to stay tethered to 612 unless an exogenous shock overpowers the dealer desk.

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

On **QQQ**, the setup is textbook positive-gamma pinning. Max gamma and call wall stack at **612**, with the put wall one strike lower at **610**. The session range most consistent with this structure is roughly 610–615. A breach of 610 to the downside would flip dealers into short gamma and open up the next liquidity band.

**SPY** has no clean flip strike in the visible data — net GEX is negative across every strike from 674 through 680, with put gamma dominating the book. Max gamma and put wall coincide at **680** (-$150.1B net), and the call wall sits directly above at **681** (+$64.9B net). This is a ceiling-and-trapdoor structure: 681 caps upside through dealer call selling, while anything below 680 amplifies downside through dealer put hedging. Until SPY reclaims 681, the path of least resistance is lower.

## SPX Strike-Level Gamma Analysis

The SPY strike grid shows stark asymmetry. Every strike from **674 to 680** carries negative net GEX, anchored by **-$150.1B** at 680 and **-$76.2B** at 679. Call gamma does not meaningfully appear until 681. DEX reinforces the skew — 680 alone carries **-650.5K DEX**, a large short-delta book concentrated at a single strike.

Translation: below 680, dealers must sell into weakness to stay hedged. There is no gamma support wall to cushion a drawdown until liquidity thickens well below the visible grid. That is the hallmark of a trending, high-realized-vol regime in SPX-linked products.

## Single-Name GEX Setups

**NVDA** is the standout. Total GEX of **+$173.0B** concentrates at the **187.5** strike (+$50.7B net GEX, 7.3M DEX), with a secondary cluster at **190** (+$41.6B, 4.9M DEX). Put wall 185, call wall 187.5. Flow confirms the positioning: $216.4M in NVDA call premium on the tape, including a **10.3x V/OI buy in the 190 calls expiring Apr 13** ($8.6M premium) and a **5.2x V/OI sweep in the 187.5 calls expiring Apr 10** ($26.8M premium). Dealers absorbing this call flow are now short upside gamma above 187.5 — if price clears that strike, hedging flows flip from dampening to amplifying.

**TSLA** prints a tight positive-gamma pin at **352.5** (+$52.3B net GEX), with flip strike, max gamma, and call wall all aligned there and the put wall at 350 defining the floor. **AAPL** shows similar structure with the pin at 265, but note the asymmetry at 260 (-$8.6B net GEX) — that is where downside hedging flows kick in if 265 fails.

## What GEX Means for Trading Today

Two regimes, two playbooks. SPY-correlated risk is in amplification mode — tighter stops, smaller size, and respect for the 680/681 level as the regime dividing line. A break below 680 opens downside that dealer flow will feed rather than absorb. QQQ, NVDA, TSLA, and AAPL sit in pinning regimes; expected ranges should compress toward the max-gamma strikes unless flow breaks the setup. The NVDA 187.5/190 complex is the one to watch — aggressive near-dated call buying has pulled dealers into a position where an upside break becomes self-reinforcing. Monitor the [GEX dashboard](/tools/gex-dashboard) for intraday flip shifts and cross-reference any regime change with the [options flow tracker](/tools/options-flow). For the mechanics behind these flows, see the [market mechanics guide](/learn/market-mechanics).

## Related Reading

- [High IV Rank Stocks Today: NOW Hits 93 as Market Breadth Turns Bearish](https://voledge.io/blog/high-iv-rank-stocks-today-now-hits-93-as-market-breadth-turns-bearish) - [Earnings Options Strategy: Bank Earnings Kick Off Q1 Season (Week of Apr 13)](https://voledge.io/blog/earnings-options-strategy-bank-earnings-kick-off-q1-season-week-of-apr-13) - [High IV Rank Stocks Today: NOW Leads at 80 as Tech Dispersion Widens](https://voledge.io/blog/high-iv-rank-stocks-today-now-leads-at-80-as-tech-dispersion-widens)