ASML Gamma Exposure (GEX) Levels

What these levels mean

Dealers who sold ASML options must hedge them with shares. Gamma exposure (GEX) sums, strike by strike, how many shares they have to buy or sell for a 1% move: open interest × gamma × 100 × spot² × 1%, positive for calls and negative for puts (dealers are short both). The strike with the most call gamma is the call wall, where rallies tend to stall as dealers sell into them; the strike with the most put gamma is the put wall, where dips tend to find buying. The gamma flip is where cumulative GEX crosses zero: above it hedging dampens moves, below it hedging amplifies them.

Expected move

The one-day range is spot ± at-the-money implied volatility × √(1/365), read from the nearest expiration after today. It is a one-standard-deviation estimate, so ASML closes inside it roughly two days in three.

How GEX is computed here

OptionScout captures the full chain of each nightly-capture ticker from the Massive.com options feed, keeps every strike with open interest and finite gamma, and computes the levels above. Walls are reported only when a strike actually carries net positive (call) or net negative (put) gamma, and the flip only when cumulative GEX crosses zero with real mass on both sides, so this page never shows a level that does not exist.

Not advice. Dealer positioning is one input; it does not predict direction.