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Dealer positioning

SMH Gamma Exposure (GEX)

Oct 29, 2026 · 3-session delay

−$72MNet gamma
$625Call wall
$555Put wall
$544.9Spot at close

VanEck Semiconductor ETF (SMH) closed that session in a negative gamma regime with net exposure of −$72M: dealers hedge by selling into weakness and buying strength, which amplifies moves in both directions. The dominant call wall sits at $625, while the put wall at $555 marks the heaviest downside hedging concentration.

Gamma by strike and expiration

How to read this: each column is an expiration, each row a strike. Gold cells mark the largest positive-gamma concentration per expiration (price magnets), purple the most negative (acceleration zones). Walls are where hedging flows are heaviest. Learn how GEX works →

What these terms mean: Gamma exposure·Call wall·Put wall

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More SMH data

Off-exchangeSMH Dark PoolPrints, levels, and off-exchange totalsOrder flowSMH Options FlowPremium totals, sweeps, and top strikesOverviewSMH Symbol OverviewEverything Robinflow tracks on SMH

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