The LSE Directory / Charting platforms
SpotGamma is an options market analytics firm that models dealer positioning in US equity and index options and publishes the resulting metrics, most prominently Gamma Exposure (GEX), as daily reports, real time charts and trading levels for subscribers. Its core product calculates how much stock options market makers must buy or sell to stay delta neutral as the underlying price moves, then translates that into concrete price levels such as Call Walls and Put Walls that traders watch for support, resistance and pinning behavior around option expirations. The firm specializes in translating options market structure into forward looking, mechanically driven price signals rather than fundamental or sentiment based analysis, distinguishing it from broader options flow trackers by its narrow focus on dealer hedging mechanics. Its GEX model recalculates across the four nearest option expirations, including same day (0DTE) contracts, and applies a proprietary open interest and volume adjustment intended to approximate intraday position changes rather than relying on stale overnight open interest snapshots. Additional tools include HIRO, a real time indicator of the net market impact of options trades as they print, and TRACE, which ingests options trades across US exchanges to show live gamma, delta and charm pressure. Coverage spans the major US equity indices and more than 3,500 individual US stocks and ETFs, aimed primarily at active retail and semi professional options traders rather than institutional desks. SpotGamma was founded in 2020 by Brent Kochuba, a former derivatives trader at Bank of America and Credit Suisse who later worked as a portfolio manager at Seven North Capital Management. Kochuba has said his focus on dealer hedging mechanics traces to the August 2015 market plunge, and he spent several years developing the underlying model before launching the company. Matthew Fox, a healthcare industry entrepreneur and former CEO of Q-State Biosciences, serves as SpotGamma's CEO. The company is privately held and lists roughly 11 to 50 employees on LinkedIn; its own site states its levels are integrated into the Bloomberg Terminal, and it says it has been referenced in outlets including the Wall Street Journal and Bloomberg Markets. Subscriptions are sold in two tiers, Essential and Alpha, with Alpha adding the HIRO and TRACE tools and a volatility dashboard, and the platform offers integrations with third party charting and execution software including TradingView, NinjaTrader, TrendSpider and thinkorswim. Through the first half of 2026, SpotGamma's public research has focused heavily on record same day options activity, noting that 0DTE contracts accounted for as much as 60 percent of daily S&P 500 options volume in 2025, and on large options expirations it estimates have moved over a trillion dollars of delta notional in a single session, reflecting the platform's continued emphasis on short dated options as a driver of US equity index moves.
