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VanEck Semiconductor ETF SMH 598.9 25.9 4.52% Regime: Trend Up (93%)

SMH Gamma Exposure (GEX)

SMH (VanEck Semiconductor ETF): See how call and put gamma exposure is distributed across option strikes. Free delayed preview.

Previous-day view · Mon Sep 21 close. You are previewing the previous trading day. Subscribe to see today live and every other date — plans start at Delta, $39/mo. Sign up Sign in
ATM IV
0.341
Put Call Ratio (OI)
1.56
Put Call Ratio (Vol)
1.22
IV Rank
40.5
IV Percentile
18.3
Max Pain
560

Gamma exposure (2026-09-21)

GEX estimates dealer hedging flow at each strike.

Positive GEX = dealers are long gamma; they buy the dip and sell the rip, dampening volatility. Negative GEX = dealers are short gamma; they sell the dip and buy the rip, amplifying volatility.

DTE \text{DTE}
0.0
851.0
| Δ | |\Delta|
0.00
1.00
Moneyness Moneyness
-495.4
495.4
View values by strike
SMH · Gamma exposure · 2026-09-21. USD of exposure per 1% underlying move.
StrikeCallsPuts
100.00 754 -5.92 K
105.00 780 -7.24 K
110.00 288 -2.32 K
115.00 1.85 K -7.01 K
120.00 3.33 K -7.49 K
125.00 1.13 K -2.62 K
130.00 1.16 K -2.84 K
135.00 1.43 K -3.05 K
140.00 1.83 K -8.44 K
145.00 1.76 K -31.1 K
150.00 2.23 K -12.5 K
155.00 2.13 K -4.46 K
160.00 4.01 K -72.2 K
165.00 1.43 K -7.22 K
170.00 1.85 K -6.1 K
175.00 1.34 K -25.9 K
180.00 1.93 K -103 K
185.00 4.01 K -24.7 K
190.00 23.5 K -54.3 K
193.00 991 -6.39 K
194.00 167 -1.13 K
195.00 11.3 K -28.7 K
196.00 290 -3.31 K
197.00 31.2 -1.72 K
198.00 402 -1.27 K
199.00 505 -469
200.00 28.6 K -106 K
205.00 5.82 K -17.6 K
210.00 9.72 K -68.5 K
215.00 9.05 K -25.2 K
220.00 103 K -67.6 K
225.00 17.2 K -23.5 K
230.00 25.7 K -66.4 K
235.00 7.74 K -56.3 K
240.00 29.1 K -31.3 K
245.00 16.6 K -32.5 K
250.00 58.8 K -256 K
255.00 16.1 K -67.2 K
260.00 43.2 K -273 K
265.00 21.2 K -77.5 K
270.00 44.2 K -173 K
275.00 35.7 K -61.2 K
280.00 91.4 K -209 K
285.00 26.3 K -118 K
290.00 224 K -176 K
295.00 25.3 K -113 K
300.00 158 K -991 K
305.00 44.2 K -84.9 K
310.00 38.5 K -177 K
315.00 23.8 K -288 K
320.00 194 K -586 K
325.00 25.3 K -121 K
330.00 82.4 K -197 K
335.00 70.6 K -262 K
340.00 146 K -607 K
345.00 115 K -165 K
350.00 289 K -968 K
355.00 64.6 K -225 K
360.00 248 K -481 K
365.00 94.5 K -175 K
370.00 238 K -828 K
375.00 77.3 K -601 K
380.00 227 K -1.65 M
385.00 121 K -506 K
390.00 221 K -956 K
395.00 169 K -300 K
400.00 2.28 M -8.52 M
405.00 141 K -573 K
410.00 385 K -769 K
415.00 101 K -876 K
420.00 736 K -1.69 M
425.00 133 K -1.22 M
430.00 336 K -1.34 M
435.00 254 K -926 K
440.00 396 K -5.13 M
445.00 582 K -607 K
450.00 879 K -11.1 M
455.00 151 K -1.15 M
460.00 735 K -3.62 M
465.00 260 K -1.28 M
470.00 987 K -6.19 M
472.50 0 -2.32 K
475.00 537 K -5.24 M
477.50 0 -1.73 K
480.00 868 K -5.93 M
482.50 0 -2.25 K
485.00 437 K -1.9 M
487.50 0 -2.76 K
490.00 611 K -6.33 M
492.50 1.12 K -15.5 K
495.00 632 K -3.22 M
497.50 2.39 K -507 K
500.00 3.63 M -26.7 M
502.50 4.95 K -16.4 K
505.00 715 K -3.1 M
507.50 2.65 K -126 K
510.00 1.46 M -7.03 M
512.50 1.13 K -53.3 K
515.00 912 K -5.04 M
517.50 15.6 K -955 K
520.00 1.25 M -17.6 M
522.50 66.2 K -201 K
525.00 5.94 M -16.7 M
527.50 43.1 K -827 K
530.00 1.63 M -34.2 M
532.50 82.7 K -1.44 M
535.00 1.51 M -26.9 M
537.50 92.9 K -2.27 M
540.00 2.21 M -30.3 M
542.50 326 K -2.79 M
545.00 2.2 M -19.5 M
547.50 277 K -990 K
550.00 10.6 M -32.4 M
552.50 2.11 M -1.22 M
555.00 5.91 M -8.93 M
557.50 826 K -1.26 M
560.00 24.2 M -23.1 M
562.50 7.27 M -1.58 M
565.00 17.4 M -8.32 M
567.50 3.94 M -3.33 M
570.00 25.9 M -13.1 M
572.50 19.7 M -408 K
575.00 37.4 M -5.02 M
577.50 8.86 M -439 K
580.00 29.6 M -11.7 M
582.50 6.1 M -303 K
585.00 38.1 M -5.87 M
587.50 4.53 M -140 K
590.00 33.6 M -4.19 M
592.50 3.19 M -97.6 K
595.00 17.1 M -2.69 M
597.50 6.96 M -151 K
600.00 74.3 M -19.6 M
602.50 3.05 M -161 K
605.00 17.1 M -1.48 M
607.50 1.92 M -19.5 K
610.00 14.9 M -2.03 M
612.50 723 K -11.7 K
615.00 49.6 M -2.2 M
617.50 135 K 0
620.00 35.8 M -1.73 M
622.50 217 K 0
625.00 35.4 M -4.67 M
627.50 301 K 0
630.00 16.5 M -35 M
632.50 23.3 K 0
635.00 7.51 M -849 K
637.50 125 K 0
640.00 11.5 M -973 K
642.50 5.57 K 0
645.00 8.81 M -350 K
650.00 27.3 M -1.87 M
652.50 425 0
655.00 3.51 M -365 K
657.50 577 0
660.00 12.5 M -485 K
662.50 1.56 K 0
665.00 2.21 M -293 K
670.00 5.79 M -1.39 M
675.00 4.04 M -356 K
680.00 5.02 M -576 K
685.00 1.61 M -142 K
690.00 1.4 M -118 K
695.00 2.58 M -165 K
700.00 23.9 M -175 K
705.00 1.12 M -127 K
710.00 2.43 M -352 K
715.00 1.03 M -76.1 K
720.00 2.58 M -214 K
725.00 1.57 M -74 K
730.00 2.59 M -35.5 K
735.00 676 K -20.7 K
740.00 613 K -35.4 K
745.00 704 K -27.3 K
750.00 9.38 M -368 K
755.00 1.22 M -19.3 K
760.00 1.57 M -223 K
765.00 1.21 M -15.3 K
770.00 4.17 M -21.5 K
775.00 852 K -17.9 K
780.00 1.98 M -213 K
785.00 407 K -41.3 K
790.00 430 K -14 K
795.00 341 K -39.6 K
800.00 6.85 M -470 K
805.00 1.04 M -10.1 K
810.00 781 K -8.89 K
815.00 735 K -5.56 K
820.00 625 K -8.09 K
825.00 177 K -9.64 K
830.00 256 K -3.32 K
835.00 343 K -4.85 K
840.00 675 K -5.6 K
845.00 137 K -1.99 K
850.00 995 K -9 K
855.00 165 K -4.66 K
860.00 490 K -31 K
865.00 139 K -9.76 K
870.00 136 K -11.2 K
875.00 323 K -8.78 K
880.00 164 K -3.46 K
885.00 344 K -1.39 K
890.00 209 K -15.9 K
895.00 96.4 K -2.04 K
900.00 484 K -54.1 K
905.00 95.6 K -6.23 K
910.00 316 K -54.4 K
915.00 52.2 K -6.87 K
920.00 82.6 K -2.66 K
925.00 227 K -7.52 K
930.00 295 K -2.57 K
935.00 117 K -6.59 K
940.00 582 K -1.87 K
945.00 236 K 0
950.00 619 K -9.6 K
955.00 122 K -4.44 K
960.00 251 K 0
965.00 135 K -1.85 K
970.00 258 K -4.85 K
975.00 398 K -1.19 K
980.00 908 K -16.5 K