NIFTY gamma exposure — where dealers are pinned.
The SpotGamma-style dashboard missing from every Indian F&O platform. Aggregate dealer gamma at current spot, zero-gamma flip level, high-gamma magnet strikes, and 1-sigma expected move. Computed live from NSE's option-chain open interest. The single chart US 0DTE and index-option traders watch all day — now for NIFTY and Bank NIFTY.
How to read the stack
Positive = dealers are long gamma → their delta-hedging flows SUPPRESS volatility (buy dips, sell rips). Markets tend to mean-revert toward magnet strikes and pin at expiry. Negative = dealers are short gamma → flows AMPLIFY volatility. Breakouts extend, dips accelerate, and "trending day" setups outperform.
The spot level at which aggregate dealer gamma crosses zero. Effectively the regime-change marker. Markets spend most days cleanly above or below it; breaches usually precede a shift in intraday volatility character.
Strikes with the fattest gamma stack regardless of sign are the physical "pins". Call-heavy magnets above spot = resistance / ceiling. Put-heavy magnets below spot = support / floor. On expiry Thursday the largest magnet within ±1% of spot is usually where NIFTY prints close.
ATM IV × √T. The market's own volatility assumption for the expiry window. Breakouts through the 1σ envelope typically signal a volatility-regime change, especially when GEX is negative.
Why this matters on Indian expiry
NIFTY weekly expiry Thursday is the most crowded options event on the planet by volume. On expiry days, dealer gamma builds massively at the nearest-to-spot strikes. Knowing which strikes are the physical pins vs which are just cosmetic OI tells you exactly where the index is being magnetised. Traders in the US look at equivalents from SpotGamma, MenthorQ, VolSignals for SPX 0DTE trades — Indian traders have been flying blind on the same data NSE publishes free every 3 minutes.
Caveats: the SpotGamma sign convention assumes US-style dealer-short-puts / dealer-long-calls positioning. Indian retail leans net-short options, which partially inverts the sign — we show both signed GEX and absolute-gamma magnets so the magnet levels stay useful regardless of which side of the position you think dealers are really on.
Related F&O tools
Get today's GEX read with Axel's historical context
Axel pulls live GEX, compares today's net-gamma magnitude + flip level to the last 20 expiry sessions, and flags whether today's setup matches a known pin-day, vol-expansion, or regime-change pattern. Analysis framing, not a trade call.
Research tool · not investment advice.
Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. GEX is a model, not ground truth. Dealer-positioning sign is a convention inherited from US options research — Indian retail-flow dynamics mean the signed aggregate may be noisy. Magnet (absolute-gamma) levels are more robust. Option-chain OI + IV from NSE's public 3-minute snapshot (same-origin display only). Black-Scholes European Greeks with 6.5% risk-free rate placeholder. Educational research tool, not a trade recommendation.