Gamma Ramp
// the slope of dealer gamma against spot price; steepens near large open-interest strikes
A gamma ramp is the curve of aggregate dealer gamma exposure plotted against the underlying spot price. The shape of the ramp identifies the gamma-flip level (where dealer gamma crosses zero) and the price at which dealer hedging flips from supply-providing to demand-amplifying.
- Plot of GEX (y-axis) vs hypothetical spot prices (x-axis). The zero-crossing is the "gamma flip" level.
- Above the flip, dealer hedging buys dips and sells rips (volatility-suppressive). Below, dealer hedging amplifies moves.
- Steep sections of the ramp correspond to strikes with large open interest; price tends to "stick" to those strikes through expiration.
How it is calculated
The gamma ramp is GEX recomputed across a synthetic price grid rather than at the current spot. Sweeping spot up and down lets you see where aggregate dealer gamma flips sign. The curve is steepest near large open-interest strikes because those contracts contribute the most gamma per 1% move; that is the "ramp" geometry that gives the metric its name.
What traders use it for
- Identifying the gamma-flip price ahead of an expiry. The flip is a structural support / resistance level; price often gravitates toward it.
- Sizing volatility positions. A ramp with a steep negative-gamma region below current price implies a fast move down if the flip is broken.
- Reading index-level structural risk. Tapeboard publishes the SPX gamma ramp on Tape Open; a flat ramp (positive gamma everywhere) signals a calm regime.
Worked example
Suppose the SPX gamma ramp prints positive aggregate gamma at the current spot of 5,055 and crosses zero at 5,005. Below the flip (5,005), dealer gamma turns sharply negative across the 4,950 and 4,925 strikes, where put open interest is heavy. A gap below 5,005 mechanically forces dealers to sell into the move (negative-gamma hedging amplifies declines), so 5,005 acts as structural support. As of 2026-05-02 16:00 ET, two weeks before expiry.
Live data: /stocks/SPX.
Common pitfalls
- The ramp is a snapshot. New large blocks of OI can re-shape it intraday; trade against a stale ramp at your own risk.
- Dealer-position assumption is the same as GEX. The ramp inherits the same uncertainty about whether dealers are actually short calls and long puts.
- Vanna and charm flows distort the ramp around event days (FOMC, CPI, earnings). A pure gamma ramp ignores those flows.
- Single-name gamma ramps are noisier than index ramps. A small option chain produces a jittery ramp that lacks the smooth structure of a deep, liquid chain.
Where this metric appears on Tapeboard
Gamma ramps for $SPX, $SPY, and $QQQ render on /gex daily. Single-name gamma ramps are available on each `/stocks/{T}/options` page when the chain is sufficiently liquid.
Tapeboard surfaces this metric as a first-class screening filter. See the comparison pages at all Bloomberg alternatives for how Tapeboard's gamma ramp surface compares against Koyfin, Finviz, TradingView, and Unusual Whales.
Related terms
- Gamma Exposure (GEX): Aggregate dealer-position gamma across an option chain. Positive GEX implies dealers buy dips and sell rips (volatility-suppressive); negative GEX implies the reverse (volatility-amplifying).
- IV Rank: Range-based, not percentile-based. IV Rank uses the highest and lowest IV prints over the lookback; IV Percentile counts the share of days below current.
- Options Flow: OPRA is the consolidated US options price-reporting authority; every executed options trade reports to OPRA in real time.
Primary sources cited
- CBOE Options Open Interest documentation: Per-strike open interest, the underlying input to gamma ramps, is published by CBOE end-of-day. https://www.cboe.com/us/options/market_statistics/historical_data/, retrieved 2026-05-04.
Methodology last reviewed 2026-05-04 by Marcus Reilly, Editor at Tapeboard. Every claim on this page has a row in the citation registry. Glossary terms reverify on the Jan 15 / Apr 15 / Jul 15 / Oct 15 cron and any time the underlying primary-source publishes a methodology change. See methodology for the full fact-check process and corrections for the public correction log.
Disclaimer. This page is for educational and informational purposes only. Nothing on Tapeboard is investment advice. See the full risk disclaimer.