Gamma in Next Expiration "Gamma in Next Expiration" is the estimated amount of total market gamma for all options in the underlying stock which is set to expire at the next options expiration. Gamma is the acceleration of directional exposure, and when dealers have a lot of this then it can slow the price action down and keep the price trading in a small range with strong likelihood. This metric is visible on each of the market gamma models that we provide daily. For SPX, SPY, NDQ, QQQ, RUT and IWM, this means the next market day since those now have weeklys expiring each market day. . When a large amount of positive market gamma expires (generally >25%) then the underlying stock may shift away from current prices. This is due to being released from the sticky pinning effect of high concentrations of gamma on dealer books. We have tools to scan and sort based on various expirations within a single ticker, as well as to scan for expiration metrics among thousands of securities: Related articles Gamma Notional Gamma Profile Gamma Flip Highest Gamma Expiration Date Net Gamma