GEX for the DAX: what SpotGamma is for the SPX, from real ODAX data
Diese Seite auf Deutsch: SpotGamma Alternative für den DAX
US tools such as SpotGamma established gamma exposure and dealer positioning for the SPX and US tickers — they do not cover the DAX. If you search for DAX GEX today, you mostly find calculations built on the US-listed Global X DAX ETF: a proxy instrument, not the Eurex ODAX options through which the actual DAX options market trades. The DAX Gamma Cockpit computes the same metric family directly on ODAX data for the real DAX index.
Why the ETF proxy is not enough
The US-listed DAX ETF is a separate instrument with its own, small options chain. Its open interest reflects the positioning of individual US market participants, not the picture at Eurex, where institutional DAX options business takes place. Three differences carry weight. First, the OI structure: the ODAX chain carries far more open contracts across more strikes and expiries. Second, settlement: ODAX expiries settle at 13:00 CET, in the middle of the European session; the ETF options follow US trading hours. Third, short maturities: daily DAX options (ODAP, 0DTE) exist only at Eurex and are entirely absent from the proxy. A GEX profile built on the ETF can therefore show levels at which no meaningful hedging exists in European trading. That is not a weakness of the US tools — they are built for US underlyings.
Feature comparison, kept factual
The comparison below states verifiable differences in scope, not quality judgements. US tools remain the reference for US underlyings.
- Market covered — Gamma Cockpit: DAX (German blue-chip index). Typical US tools: SPX, US single names; DAX only via the US-listed ETF proxy.
- Underlying options — Gamma Cockpit: Eurex ODAX index options, including daily expiries (ODAP). ETF-based views: the ETF's own small options chain.
- Data source — Gamma Cockpit: official Eurex settlement data, updated every trading day on a previous-day basis.
- Settlement context — ODAX expiries settle at 13:00 CET within the European session; the metrics are aligned to that schedule.
- Language — German first, with an English toggle on the data pages; this page is the English overview.
All figures describe the mechanics of the hedging side of the options market. None of them is a recommendation to act.
What the Cockpit computes
All metrics are derived from Eurex ODAX open interest; each term is explained in the glossary (German, with English toggle):
- Net GEX — gamma exposure aggregated across all strikes: shows whether dealer hedging currently tends to dampen or amplify moves.
- Gamma flip — the level at which aggregate gamma changes sign (zero gamma).
- Call wall — the strike with the largest call-gamma concentration above the reference price (call & put wall).
- Put wall — the counterpart on the put side below the reference price.
- Max pain — the strike at which open options would in aggregate hold the least intrinsic value at expiry (max pain).
- Vanna & charm — sensitivity of delta to implied volatility and to passing time (vanna, charm).
Frequently asked questions
Are these the same calculations as the US tools use?
The metric family is the same: gamma exposure per strike, aggregated into gamma flip, call wall, put wall and net GEX. Whether an individual US tool computes identically cannot be said without its published methodology. The Cockpit discloses its own conventions: the basis is Eurex ODAX open interest, and vanna and charm follow a fixed dealer-positioning convention that is documented on the methodology page.
How current is the data?
The free view is based on the previous day's Eurex settlement and is updated every trading day in the morning. The figures reflect the most recently settled trading day. Intraday updates are part of the beta.
Is there a free view?
Yes: the daily DAX expiry-day diagram with open interest per strike and max pain, and the daily DAX gamma levels. Both are freely accessible without a login; an English toggle is available on the pages.
Intraday gamma exposure, all levels and the daily briefing — in the beta.
Intraday view and daily briefing in the betaData: Eurex