Question 1

GEX by Strike

Accepted Answer

Bar chart showing gamma exposure at each strike price. Reveals WHERE key price levels are. GEX by Strike displays gamma exposure by strike price as a bar chart:Green bars: Positive net GEX (stabilizing zones) — market makers buy dips, sell ralliesRed bars: Negative net GEX (volatility zones) — market makers amplify movesOpacity: Indicates relative importance (darker = higher magnitude)Best for: Identifying specific strike-based support/resistance levels and where market makers are positioned.Key Insight: GEX by Strike tells you WHERE key levels are. Switch to Gamma Profile to see how Total Net GEX changes at each modeled price — revealing max hedging pressure zones and regime transitions at flip points.

Question 2

Net GEX Forecast

Accepted Answer

Forecast of dealer hedging pressure at hypothetical future prices — shows where Net GEX would be positive (Sticky) or negative (Jumpy) if spot moved there. Net GEX Forecast (also known as the Gamma Profile) is a forecast of dealer hedging pressure. It asks: "if spot moved to each hypothetical level, how much — and in which direction — would dealers need to hedge?" The curve answers that for every price across the modeled range.Where today's GEX by Strike shows current dealer positioning at the current spot, the Net GEX Forecast projects the Net GEX dealers would carry if spot were at each strike instead — a forward look at hedging pressure that lets you see regime transitions before price gets there.Above the zero line (Positive) — at that price, dealers would be net long gamma and hedge against moves. Sticky regime: favor mean reversion, sell premium.Below the zero line (Negative) — at that price, dealers would be net short gamma and amplify moves. Jumpy regime: favor momentum, buy volatility.Crossing zero (Flip Point) — the price at which the regime changes. Crossing this line in real spot is a structural shift, not noise.Colored zones classify the curve's behavior: support (growing/declining), resistance (increasing/decreasing), and volatility expansion/compression. Marker points S (Stability) and V (Volatility) flag the price levels where forecasted hedging pressure peaks in each direction.How to use it: read the curve around current spot to anticipate what happens on the next 1–3% move — does dealer hedging become stronger and pin price, or weaker and let it run? Pair with GEX by Strike (which tells you where the current positioning is) for the complete picture.

Question 3

Term Structure

Accepted Answer

Compare key GEX markers across different expiration dates. Snapshot aggregator view. Term Structure is a “snapshot aggregator” that pulls specific markers from each expiration’s GEX by Strike calculation:Visualizes key levels (Flip Points, Max Pain, P/N/A markers) for each expiration side by sideShows how gamma structure shifts as you move through the term structureHelps identify level confluence — where multiple expirations agree on key levelsBest for: Multi-expiration analysis and identifying where key levels cluster across time.

Question 4

OI by Expiration

Accepted Answer

Total open interest (USD) stacked by exchange per expiration date. Open Interest shows the total notional value of outstanding option contracts per expiration, broken down by exchange (Bybit, Deribit).Key insight: Pure OI does not account for time. A $10M position expiring tomorrow and a $10M position expiring in 6 months look identical in OI — but their market impact is vastly different. Near-term positions carry far more gamma and drive much more hedging activity.Use OI to gauge where capital is concentrated across the term structure. For time-aware analysis, switch to the GEX metrics.

Question 5

P/C Ratio (Put/Call)

Accepted Answer

Put/Call OI ratio per expiration. Industry-standard sentiment gauge. Put/Call Ratio = Put OI ÷ Call OI for each expiration.< 1.0 (green) — Call-heavy, bullish positioning= 1.0 (dashed line) — Balanced> 1.0 (red) — Put-heavy, bearish positioning or hedgingP/C Ratio is an industry-standard metric that normalizes naturally — it's already comparable across expirations regardless of notional size. The reference line at 1.0 provides a universal benchmark.Note: Like OI, this metric does not account for time decay or gamma. A far-dated expiration with heavy put OI may reflect long-term hedges rather than near-term bearish bets.

Question 6

GEX ABS (Absolute)

Accepted Answer

Absolute gamma exposure per expiration. Time-weighted — near-term expirations dominate. Absolute GEX = |Call GEX| + |Put GEX| per expiration, showing total hedging activity regardless of direction.Unlike OI, gamma is highest for near-term, at-the-money options and decays rapidly for far-dated or deep OTM positions. This means GEX naturally time-weights the data — a $10M position expiring tomorrow generates far more gamma (and hedging flow) than the same position 6 months out. OI treats them equally.Use GEX ABS to see where the real hedging pressure lives across the term structure.

Question 7

GEX NET

Accepted Answer

Net gamma exposure (calls − puts) per expiration. Shows stabilization vs amplification balance. Net GEX = Call GEX + Put GEX (where put gamma is negative) per expiration.Positive — Dealer hedging stabilizes price (buy dips, sell rallies)Negative — Dealer hedging amplifies moves (sell into dips, buy into rallies)Bars are stacked by exchange using relative mode, so positive and negative contributions are visible separately. Like GEX ABS, this metric is time-weighted — near-term expirations with high gamma dominate the signal.

Question 8

GEX Call/Put (C/P)

Accepted Answer

Normalized GEX direction (Net ÷ Absolute). Ranges −1 to +1, comparable across expirations. GEX Call/Put (C/P) = (Call GEX − Put GEX) ÷ (Call GEX + Put GEX), producing a value between −1 and +1.+1 (green) — Entirely call-dominated gamma (maximum stabilization)0 — Balanced gamma−1 (red) — Entirely put-dominated gamma (maximum amplification)The key advantage over raw Net GEX: normalization makes expirations directly comparable. A small expiration with $1M net GEX and a large one with $100M net GEX could both show +0.6 — meaning the same directional character despite vastly different notional sizes.Call-dominated (positive) = dealers buy dips and sell rallies → stabilizing, bullish. Put-dominated (negative) = dealers sell into drops → amplifying, bearish.

Question 9

GEX Upside/Downside

Accepted Answer

Hedging pressure balance relative to current price. Ranges −1 to +1. Shows where dealer hedging activity concentrates. GEX Upside/Downside = (Upside GEX − Downside GEX) ÷ (Upside GEX + Downside GEX), producing a value between −1 and +1.+1 — All hedging pressure above price0 — Balanced distribution around price−1 — All hedging pressure below priceUpside GEX = absolute gamma at strikes above current price. Downside GEX = absolute gamma at strikes below current price.Bar direction matches spatial meaning: bars pointing up = pressure above, bars pointing down = pressure below. This metric shows where hedging activity concentrates, not direction. Use alongside GEX C/P for directional context — C/P tells you what kind of gamma (calls vs puts), U/D tells you where it sits.

Question 10

OHLC Day View

Accepted Answer

Daily candlestick chart with GEX levels overlaid. See how price interacts with gamma levels. OHLC Day View overlays GEX marker levels on a daily candlestick chart:See price action in relation to Flip Point, S/V, P1/P2, N1/N2, and other key levelsMarkers appear as horizontal lines across the chart with labelsHelps validate whether price respects GEX-derived levels over timeEnable Expected Move overlay to see IV-based probability bandsBest for: Swing traders analyzing how daily price reacts to gamma structure.

Question 11

OHLC 1H View

Accepted Answer

Hourly candlestick chart with GEX levels overlaid for intraday analysis. OHLC 1H View provides hourly candles with GEX level overlay:Higher granularity for intraday trading and scalping near gamma levelsSame marker overlays as Day View but on 1-hour timeframeShows intraday reactions to key gamma levels in real-timeEnable Expected Move overlay to see IV-based probability bandsBest for: Intraday traders and scalpers working near gamma-defined levels.

Question 12

GEX Heatmap (Time × Strike)

Accepted Answer

2D raster of gamma exposure over time (X) and strike price (Y). Shows how GEX evolves across hours and days. The GEX Heatmap chart plots gamma exposure as a color-coded 2D grid with time on the X-axis and strike price on the Y-axis.Net GEX — green = positive gamma (stabilizing), red = negative gamma (amplifying):|GEX| — brighter = higher absolute gamma regardless of direction:Flip Point (F) overlay: A magenta line tracks the gamma Flip Point through time — the strike where dealer gamma crosses zero. Price above F sits in a Sticky regime (positive gamma, mean-reversion); below F is Jumpy (negative gamma, amplification). Both lines are labeled at the right edge: the coin symbol on the price line, F on the flip line, so you can tell them apart at a glance. Toggle the overlay via the FLIP control in the chart toolbar — on by default.Time ranges: 24H, 3D, 7D, 30D, 90D — longer ranges show broader structural shifts, shorter ranges capture intraday dynamics.How to read it:Horizontal color bands that persist across time = sticky gamma levels (strong support/resistance)Color shifting from green to red (or vice versa) = regime change at that strikeBright spots clustering near current price = high hedging activity zonePrice line crossing the F line = regime flip; sustained moves on the opposite side often followNot to be confused with: The ABS GEX Heatmap (visible on the Strike chart below the bar chart) shows a snapshot comparison of current gamma vs. 24h/48h/7d changes — a different view entirely.

Question 13

Expected Move Cone

Accepted Answer

Forward-looking probability cone from ATM implied volatility, showing where price is likely to move. The Expected Move overlay draws a forward-looking probability cone on OHLC charts based on at-the-money (ATM) implied volatility:Inner band (±1σ) — ~68% probability range. Price is expected to stay within this zone most of the time.Outer band (±2σ) — ~95% probability range. Moves beyond this are statistically rare.The cone starts from the current price and expands over time — wider bands mean higher uncertainty further out.How it works:Uses a log-normal model: upper/lower = spot × exp(±n × IV × √t)In TOTAL mode, uses ATM IV from the expiration closest to 30 DTE — a clean, meaningful IV from a real tradeable expiryIn single expiration mode, uses that expiration's ATM IV and DTEThe cone automatically recalculates when you switch expiration or exchange — always reflecting the current selection's option chain dataToggle: Use the checkbox in the top-right corner of the OHLC chart to show/hide the cone. Your preference is saved between sessions.Trading tips:Price consistently near the ±1σ edge suggests strong trending — momentum may continuePrice hugging the center suggests low realized vs implied vol — potential for mean reversion or vol crushA break beyond ±2σ is a rare, high-conviction signal — consider reducing exposure or hedging

Question 14

25Δ RR (Risk Reversal)

Accepted Answer

Implied-volatility skew per expiration, per exchange. Negative = puts richer (fear); positive = calls richer (speculation). 25Δ Risk Reversal (RR) measures the implied-volatility asymmetry between 25-delta calls and 25-delta puts at each expiration:Formula: RR = IV(25Δ Call) − IV(25Δ Put), in volatility points.Negative RR — Puts are richer than calls. The market is paying up for downside protection (fear, protective hedging).Positive RR — Calls are richer than puts. The market is paying up for upside (bullish speculation, call buying).Near-zero RR — Symmetric smile; neither tail is especially bid.Data source: Bid/ask-mid IVs (mark_iv) from Deribit, Bybit, and OKX. Since no strike sits exactly at 25Δ, we linearly interpolate IV between the two nearest strikes that bracket |delta| = 0.25. A venue/expiration appears as a gap when its wings are too thin to bracket 25Δ.How to read it with GEX:Negative RR + Negative GEX — Dealers are short downside gamma and the market is paying up for puts. Classic amplification setup: a sharp sell-off forces dealer hedging that accelerates the move.Positive RR + Positive GEX — Dealers are long upside gamma and the market is buying calls. Rally-into-pin regime: squeezes can happen but mean-reversion often wins.Sign mismatch (RR and GEX opposite) — Positioning and pricing disagree; watch for flow to resolve the imbalance.Why this metric is different from P/C Ratio or GEX C/P: P/C Ratio measures open-interest positioning (who owns what). GEX C/P measures gamma bias (where the hedging pressure sits). 25Δ RR measures the price the market charges for tail risk — it's the vol side of the same question.

Question 15

Monte Carlo Simulator

Accepted Answer

20,000 simulated price paths to the chosen expiration, warped by the current GEX surface. Reads off probabilities, not predictions. The Monte Carlo Simulator projects 20,000 possible price paths from now to a future expiration date and turns them into a probability distribution at that date.Each path is a random walk seeded with the current ATM implied volatility and then bent by the current GEX surface: above the Flip point, paths get slightly compressed (positive-gamma drag); below it, paths get slightly amplified (negative-gamma drag). The strength of that bend is controlled by the GEX INFLUENCE setting.What you see on screen:Path cloud — sample paths colored by where they end (green up, red down by default — see PALETTE).Right-edge density — the terminal price distribution at the chosen HORIZON.p10 / p50 / p90 labels — 80% of paths end between p10 and p90. p50 is the median (half the paths end above, half below).σ (sigma) — standard deviation of the terminal distribution, in dollars. Width of the cone.Skew — asymmetry of the terminal distribution. Negative skew (e.g. −0.55) means a longer downside tail — more paths drift down than up.Flip line (magenta dashed) — current Gamma Flip point, for reference.How to use it:Will price stay above $X by expiry? — read the share of paths terminating above $X (look at p10 / p50 / p90 as anchors).Where's the centre of mass? — that's the median (p50); compare to current spot.Is the move symmetric or one-sided? — check the Skew readout. A strongly negative skew warns that the cone hides a fatter downside tail.How wide is the cone? — σ in dollars; a rough first-pass on expected-move size.Important limits:Inputs (IV, GEX surface) are a snapshot now — the model doesn't anticipate new positioning, news, or vol regime changes.The cone widens with time. Short horizons are far more reliable than far-dated ones.Tail probabilities (paths far beyond p10/p90) are model-dependent. Treat them as orders of magnitude, not precise odds.For a hands-on walkthrough — including how to use the hover plate to read tail probabilities for any price — see the blog post Monte Carlo Simulator: Forecasting Where BTC Might Land by Expiry.

Question 16

Reach Probability (Reach %)

Accepted Answer

Monte-Carlo odds that spot reaches each GEX marker level by a horizon you pick. Shown as a heat-colored % chip on every marker. Open it from the 🎯 Reach % button. Reach Probability answers one question for every marker on the chart: what are the odds price gets to this level by my horizon? Open it with the 🎯 Reach % button in the nav bar (next to the view toggles), set your options, and press Compute. Each GEX level then shows a heat-colored % chip — green/warm for likely, cool for long-shot.Under the hood it runs the same Monte Carlo engine as the Forecast chart: 20,000 price paths seeded with the current ATM implied volatility and bent by the live GEX surface. One simulation is run per (horizon, GEX impact) pair and the whole distribution is cached, so reading the odds for every marker is instant.The three controls:Horizon — how far ahead. The deadline the odds are measured to (8h, 1d, 3d, 7d, 14d, 30d, this Friday, or end-of-month). The line under the buttons spells out the exact UTC target time and which expiration's IV is used.GEX Impact — how strongly gamma pins or amplifies moves. Light ≈ plain lognormal odds (weak gamma pull). Normal is the balanced default. Strong pulls paths hard toward the walls, tightening the distribution.Direction — which side to measure. auto ↑/↓ reads up to levels above spot and down to levels below spot. ≥ forces "ends at or above"; ≤ forces "ends at or below."Reading the chips:↑ — odds price is at or above the level by your horizon.↓ — odds price is at or below it.<1% / >99% — the level is beyond the simulation's resolution. It means "vanishingly unlikely / near-certain," not a hard 0% or 100%.How to use it: a nearby wall with a high Reach % is a realistic magnet for the session; a far wall at <5% is unlikely to trade before your horizon. Pair it with Flip Point regime context — strong-impact odds tighten fast once price is in positive-gamma territory.Same limits as Monte Carlo: inputs are a snapshot now — the model doesn't anticipate new positioning or vol regime changes, the cone widens with time (short horizons are far more reliable), and tail odds are model-dependent. Treat the numbers as well-calibrated odds, not promises.

Question 17

Max Pain

Accepted Answer

Strike where total option payouts are minimized at expiration. Shown for specific expirations only — hidden in TOTAL view. Max Pain is the strike where the total value of all outstanding options is minimized at expiration — the price where option writers (market makers) pay out the least. Calculated from open interest and intrinsic value only, no Greeks involved.Where it works:Expiration pinning — price drifts toward Max Pain in the final 24–48h before settlementOI sentiment gauge — a large gap between spot and Max Pain reveals directional positioning biasBest applied to a single near-term expirationWhy Max Pain is hidden in TOTAL view: When all expirations are combined, far-dated contracts (3–12 months out) carry massive OI at round-number strikes ($100K, $120K, $150K) and fully count in the Max Pain calculation — even though they have near-zero gamma and no impact on today's hedging. This drags TOTAL Max Pain far from spot with no structural relevance. To avoid misleading signals, we only show Max Pain when you select a specific expiration. For real-time equilibrium in TOTAL view, use the Flip Point — it's gamma-weighted, so far-dated contracts naturally contribute almost nothing.How to trade: Use as a directional bias filter in the final session before expiry. Strongest signal when aligned with A1/A2. For real-time regime analysis use the Flip Point instead — it's gamma-weighted and responds as spot moves.

Question 18

Flip Point (F)

Accepted Answer

Where net gamma crosses zero. Above = low vol regime, Below = high vol regime. The Flip Point marks where net GEX crosses zero — the boundary between volatility regimes.Above flip: Positive gamma regime → low volatility, mean reversionBelow flip: Negative gamma regime → high volatility, momentumCrossing the flip point = major regime change signalHow to trade:If price is above F: Favor range-bound strategies, sell premiumIf price is below F: Favor momentum strategies, buy volatilityIf price is at F: Be cautious — the regime is uncertain

Question 19

Positive Peaks (P1/P2)

Accepted Answer

Top positive gamma peaks. Market makers stabilize price here (buy dips, sell rallies). P1 and P2 are the top positive net gamma peaks. Market makers are long gamma at these levels.Market makers stabilize price here: buy dips, sell ralliesIf price BELOW: Acts as stability ceiling (dealers sell rallies into this level)If price ABOVE: Acts as stability floor (dealers buy dips at this level)Strong mean reversion pressure near these levelsCommon mistake: Don’t confuse with traditional support/resistance. P1/P2 create stabilizing pressure, not hard walls.

Question 20

Negative Peaks (N1/N2)

Accepted Answer

Negative gamma peaks. Volatility amplification zones — use as stop-loss, NOT support/resistance. N1 and N2 are negative net gamma peaks. Market makers are short gamma at these levels.Dealers amplify moves in both directions at these levelsBreaking through triggers explosive volatility cascadeNOT support/resistance — use as stop-loss levels onlyCommon mistake: Treating N1/N2 as support/resistance. These are volatility amplification zones. Price doesn’t bounce here — it accelerates through.

Question 21

Absolute Peaks (A1/A2)

Accepted Answer

Absolute GEX peaks (price magnets). Highest total gamma creates pinning effect near expiration. A1 and A2 are the absolute GEX peaks — the highest total gamma (calls + puts combined), regardless of sign.Creates strong pinning effect, especially on expiration dayPrice tends to gravitate toward A1/A2When A1/A2 aligns with Max Pain = very strong convergenceHow to trade: Near expiration, expect price to be attracted to A1/A2. Use this as a target for mean-reversion trades.

Question 22

Stability Point (S)

Accepted Answer

Maximum forecasted positive gamma zone. Strongest mean-reversion and stabilization pressure. The Stability Point (S) is the forecasted maximum positive gamma zone on the Gamma Profile.Strongest stabilization point in the gamma landscapeDealers actively buy dips and sell rallies around SLowest volatility expected near this levelHow to trade: Near S, expect price to mean-revert. Favor range-bound strategies, iron condors, or selling premium.

Question 23

Volatility Point (V)

Accepted Answer

Maximum forecasted negative gamma. Explosive move risk. Dealers amplify moves here. The Volatility Point (V) is the forecasted maximum negative gamma zone on the Gamma Profile.Volatility amplification point — dealers are deeply short gammaDealers buy rallies and sell dips (amplifying moves)Explosive move risk at and near this levelHow to trade: Near V, expect amplified moves. Favor momentum strategies, long straddles/strangles, or protective hedges. Avoid selling premium.

Question 24

Gamma Cliff (GC)

Accepted Answer

Steepest forecasted gamma slope. Small moves trigger massive hedging flows. Gap risk. The Gamma Cliff (GC) marks the steepest slope zone on the Gamma Profile — exclusive to Gamma Profile view.Zones where gamma changes most rapidlySmall price moves → massive hedging flowsGap/flash crash potential when price enters a cliff zoneHow to trade: Exercise extreme caution near GC zones. These are where sudden, violent moves are most likely. Use tight stops or avoid directional exposure entirely.

Question 25

Confluence Star (★)

Accepted Answer

A gold ★ on a badge means that level is confirmed by markers from a different category — a confluence signal. When a gold star ★ appears on a marker badge (e.g. P1★, A1★, V★), it means that strike is a confluence level — two or more markers from different categories land on the same strike (within 0.5% tolerance).What counts as confluence:Categories are: Positive/Negative (P1, P2, N1, N2) vs Absolute/Stability/Volatility (A1, A2, S, V)Two markers from the same category (e.g. P1 + P2) do not trigger a starCross-category overlap (e.g. P1 + A1, or N1 + V) does trigger a star on both badgesVisual indicators:Gold ★ superscript on each confluent badgeGold dotted vertical line at each confluence strike, spanning both subplotsWhy it matters: Confluence levels carry stronger structural significance — multiple independent metrics agree on the same price, reinforcing the level as a key zone for hedging flows.

Question 26

GEX Call/Put Panel

Accepted Answer

GEX Call/Put panel: Ratio, Call, Put, and Absolute GEX values with colored ratio indicator. The GEX Call/Put Panel shows aggregated gamma exposure for the selected expiration:Ratio: Net GEX ÷ Absolute GEX (−1 to +1) — green = call-dominated (stabilizing), red = put-dominated (amplifying)Call: Total call gamma exposurePut: Total put gamma exposureAbs: Absolute total (|Call| + |Put|) — overall gamma magnitudeThe panel rotates with the GEX Upside/Downside panel every 20 seconds. Click to toggle manually.

Question 27

GEX Upside/Downside Panel

Accepted Answer

Hedging pressure balance: (Up − Down) / (Up + Down). Shows where dealer hedging concentrates. GEX Upside/Downside shows the hedging pressure balance relative to current price.Positive: More hedging pressure above priceNegative: More hedging pressure below price±0.1 (Balanced): Evenly distributed hedging activityBar direction matches spatial meaning — up = above, down = below. Color intensity reflects magnitude. Use with GEX C/P for directional context. Shown in the rotating panel alongside GEX Call/Put values. Click the panel to toggle between views.

Question 28

Growing Support Zone

Accepted Answer

Price stabilization strengthening — floor forming below. A growing support zone indicates that positive gamma is increasing below the current price. The support floor is getting stronger, making it harder for price to drop through this zone.Look for this zone to hold as a buy-the-dip area near positive gamma concentrations.

Question 29

Fading Support Zone

Accepted Answer

Support stability weakening — potential breakdown if this floor is lost. A fading support zone indicates that positive gamma below the current price is decreasing. The support floor is weakening, increasing the risk of a breakdown below this level.Exercise caution — if this floor is lost, the move could accelerate to the downside.

Question 30

Strengthening Resistance

Accepted Answer

Price ceiling building above — breakout less likely. A strengthening resistance zone means positive gamma is increasing above the current price. A ceiling is forming that makes an upside breakout less likely.Price tends to stall and reverse at these levels. Favor range-bound trades below this zone.

Question 31

Fading Resistance

Accepted Answer

Ceiling weakening — breakout potential increasing. A fading resistance zone means positive gamma above the current price is declining. The overhead ceiling is weakening, increasing the probability of a breakout higher.Watch for breakout triggers when resistance fades — the gamma structure is no longer blocking the move.

Question 32

Volatility Expanding

Accepted Answer

Dealer hedging amplifies moves in this price range. A volatility expanding zone indicates negative gamma is increasing. Dealer hedging will amplify price moves in this range, creating larger swings.Be cautious with position sizing and consider using wider stops in this zone.

Question 33

Volatility Contracting

Accepted Answer

Hedging pressure decreasing — moves dampening. A volatility contracting zone indicates negative gamma is decreasing. Dealer hedging pressure is subsiding, leading to smaller, more controlled price movements.Conditions are becoming more favorable for mean-reversion and premium-selling strategies.

Question 34

Using Replay Mode

Accepted Answer

Replay historical GEX snapshots to see how gamma structure evolved over time. Time Machine lets you replay historical GEX data, showing how the gamma structure changed over time.Toggle Live/Replay mode using the mode switch in the toolbarUse the timeline slider to scrub through historical snapshotsPlayback runs forward automatically; click Play/Pause to controlStep forward/backward with the ◀ / ▶ buttonsThis is a premium feature that unlocks backtesting and learning from historical gamma patterns.

Question 35

Speed Controls

Accepted Answer

Adjust playback speed for time machine replay. Higher speeds skip intermediate ticks. Control the replay speed using the speed selector dropdown:1x: Real-time playback (one snapshot per tick)2x: Double speed4x: Quadruple speed8x: Maximum speed — great for scanning through long periodsHigher speeds skip intermediate snapshots to move through time faster.

Question 36

Sharing Replay Links

Accepted Answer

Copy a shareable link to an exact replay timestamp for collaboration. Click the share button in the Time Machine controls to copy a shareable URL to your clipboard. The link encodes the exact replay timestamp, exchange, basecoin, and expiration so anyone with the link can see the same GEX snapshot.Useful for sharing analysis with trading partners or saving key moments for later review.

Question 37

Date Picker

Accepted Answer

Select a specific date to jump to in the replay timeline. Use the date picker to jump directly to a specific date in the replay timeline instead of scrubbing through the slider.This is especially useful for reviewing gamma structure on known event dates (FOMC, ETF decisions, major expirations).

Question 38

Regime-Based Trading

Accepted Answer

Trade differently based on whether price is in a positive or negative gamma regime. The gamma regime determines which strategies are optimal:Positive Gamma Regime (price above Flip Point):Low volatility, mean-reverting. Sell premium, fade extremes, use tight ranges.Negative Gamma Regime (price below Flip Point):High volatility, trending. Buy momentum, use wider stops, avoid selling premium.Regime Transition (price near Flip Point):Reduce position sizes. Wait for confirmation of the new regime before committing.

Question 39

Expiration Analysis

Accepted Answer

How gamma structure changes around option expirations and how to trade it. Gamma exposure is strongest near expiration and decays rapidly after:Pre-expiration (0-2 days): Max Pain pull is strongest. Expect pinning near A1/A2 and Max Pain.Expiration day: Gamma collapses rapidly. Levels become less reliable as options expire.Post-expiration: Structural shift — a new gamma landscape forms around the next nearest expiration.Use the TOTAL expiration view to see the aggregate picture, then switch to specific expirations to analyze individual impacts.

Question 40

Level Confluence

Accepted Answer

When multiple GEX markers cluster near the same price, the level becomes much stronger. Marked with a gold ★ on each badge. Level confluence occurs when multiple GEX markers align near the same price. Confluent badges display a gold ★ and a gold dotted vertical line marks the strike.Max Pain + A1: Very strong expiration-day magnetP1 + Flip Point: Powerful regime boundary with stabilizationS + P1 (across chart types): Strongest positive gamma zoneMultiple expirations agree (Term view): Level is structurally significantUse the Term Structure view to identify where markers cluster across expirations.

Question 41

GEX (Gamma Exposure)

Accepted Answer

GEX = Gamma × Open Interest × Spot² × 0.01. Aggregate gamma position of market makers. Gamma Exposure (GEX) represents the aggregate gamma position of options market makers at each strike price. It reveals where dealers are positioned and how they must hedge.Formula: GEX = Gamma × Open Interest × Spot Price² × 0.01GEX is the industry-standard abbreviation with 90%+ adoption across retail platforms, institutional systems, and academic research.

Question 42

Gamma

Accepted Answer

Rate of change of delta with respect to underlying price. The second derivative of option value. Gamma is an options Greek measuring how fast an option’s delta changes as the underlying price moves. High gamma means delta changes rapidly — the option becomes more (or less) sensitive to price quickly.For market makers, gamma determines how much they need to hedge for each price move. Positive gamma requires selling into rallies and buying dips (stabilizing). Negative gamma requires the opposite (amplifying).

Question 43

Dealer Hedging

Accepted Answer

How market makers adjust positions to stay delta-neutral, creating predictable price effects. Dealer hedging is the process by which options market makers adjust their stock/futures positions to maintain delta neutrality.Long gamma dealers: Buy as price falls, sell as price rises → stabilizingShort gamma dealers: Sell as price falls, buy as price rises → amplifyingThese hedging flows are mechanical and predictable, which is why GEX analysis can forecast price behavior at specific levels.

Question 44

Positive Gamma (Long Gamma)

Accepted Answer

Dealers are net long gamma — they stabilize price by buying dips and selling rallies. In a positive gamma environment, market makers are net long gamma. Their hedging activity dampens price movements:Price drops → dealers buy (supporting price)Price rises → dealers sell (capping upside)Result: Low volatility, range-bound action, mean reversion. Ideal for selling premium and fading extremes.

Question 45

Negative Gamma (Short Gamma)

Accepted Answer

Dealers are net short gamma — they amplify moves by selling into dips and buying rallies. In a negative gamma environment, market makers are net short gamma. Their hedging activity amplifies price movements:Price drops → dealers sell (pushing price lower)Price rises → dealers buy (pushing price higher)Result: High volatility, trending moves, momentum. Ideal for buying breakouts and volatility.

Question 46

Volatility Regime

Accepted Answer

The current gamma environment determines whether markets are calm (positive) or volatile (negative). The volatility regime is determined by whether the current price sits in a positive or negative gamma zone:Positive gamma regime: Price above Flip Point. Low volatility, mean-reverting.Negative gamma regime: Price below Flip Point. High volatility, trending.Regime change: When price crosses the Flip Point, the entire market dynamic shifts.Understanding the current regime is the first step in any GEX-based trading decision.

Question 47

GEX Change Table

Accepted Answer

Table showing current absolute gamma per strike and how it changed over 24h, 2d, 3d, and 7d. The GEX Change Table shows absolute gamma at each strike and how it has shifted over time.Absolute GEX = |Call GEX| + |Put GEX| — total gamma magnitude regardless of direction.The table has five rows:Now: Current absolute GEX per strike (blue intensity = higher gamma)24h / 2d / 3d / 7d: Percentage change in absolute GEX over that period. Green = gamma building (hedging pressure increasing), Red = gamma fading (hedging pressure decreasing).Strikes where gamma is rapidly building become stronger magnets for price action, especially near expiration. Fading gamma means weakening support/resistance at those levels.Use the Top strikes filter (50%–100%) to control how many strikes are shown. Lower values focus on the strikes with the highest gamma concentration.

Question 48

Monte Carlo Simulation

Accepted Answer

A method that runs many random price paths to estimate the probability distribution of where price might end up. Monte Carlo simulation is a way to forecast uncertain outcomes by generating thousands of random scenarios and looking at the distribution of results.In GammaFlip, each path is a discretized random walk:Seeded with current spot and ATM implied volatility.Local volatility is warped by the current GEX surface — positive-gamma zones compress moves, negative-gamma zones amplify them.20,000 paths are run to the chosen horizon, then summarized as percentiles and a terminal density.Monte Carlo gives you probabilities, not predictions. It's most useful as an answer to questions like “what's the chance price ends above $X by Friday?” rather than “where will price be on Friday?”

Question 49

Percentile (p10 / p50 / p90)

Accepted Answer

p10 / p50 / p90 are the price levels that 10%, 50%, and 90% of simulated paths end below. A percentile splits a distribution by the share of outcomes that fall below it.p50 — the median. Half of paths end above this price, half below. The centre of the simulated cone.p10 — only 10% of paths end below this level. A reasonable proxy for a “bad-case” downside.p90 — 90% of paths end below; only 10% end above. A reasonable proxy for an “upside stretch.”The interval from p10 to p90 contains 80% of simulated outcomes. It is not a guarantee — 1 path in 5 still ends outside this range — but it's the most common way analysts summarize a probabilistic forecast.

Question 50

Sigma (σ)

Accepted Answer

Standard deviation. Measures how wide the simulated terminal distribution is. σ (sigma) is the standard deviation of a distribution. In the Monte Carlo panel it's the standard deviation of the terminal price across all 20,000 paths, reported in dollars.Under a normal-distribution assumption (loose approximation):Roughly 68% of paths end within ±1σ of the mean.Roughly 95% end within ±2σ.Practically: σ is the radius of the cone. Larger σ means more uncertainty about the terminal price — usually driven by higher IV, longer horizon, or weaker GEX containment.This is the same σ used in the Expected Move cone on OHLC charts — but the MC version is computed from the simulated distribution rather than from a closed-form log-normal formula, so it already includes the GEX warping.

Question 51

Skew (distribution)

Accepted Answer

Asymmetry of the terminal distribution. Negative skew = longer downside tail; positive skew = longer upside tail. Skew measures how lopsided a distribution is.Skew ≈ 0 — roughly symmetric. Upside and downside tails are comparable.Negative skew (e.g. −0.55) — more paths drift down than up; the downside tail is longer and fatter. Downside surprises are more likely than upside ones.Positive skew — longer upside tail; upside surprises are over-represented.In Monte Carlo, skew comes from the GEX warping and the IV surface (call/put richness). Negative skew on a chart that looks centred is a warning: the median may be benign, but the cone hides a thicker tail on one side.Not to be confused with 25Δ Risk Reversal, which measures skew in implied volatility rather than in the simulated terminal distribution.

Question 52

25Δ Risk Reversal

Accepted Answer

RR = IV(25Δ Call) − IV(25Δ Put). Crypto-desk standard for implied-volatility skew. 25Δ Risk Reversal (RR) is the difference in implied volatility between a 25-delta call and a 25-delta put at the same expiration:RR = IV(25Δ Call) − IV(25Δ Put)Expressed in volatility points. Negative values mean puts are richer (market paying for downside); positive values mean calls are richer (market paying for upside).The 25Δ RR is the crypto-desk standard for quoting vol skew — it's the number Deribit, Paradigm, and institutional vol books use. It's the implied-vol-price cousin of the put/call ratio.

Question 53

Absolute GEX

Accepted Answer

Total gamma magnitude regardless of direction. Measures dealer hedging activity and liquidity depth. Absolute GEX = |Call GEX| + |Put GEX| — the total magnitude of dealer gamma exposure across all strikes, regardless of whether it stabilizes or amplifies moves.Unlike Net GEX (which reveals direction — Sticky vs Jumpy regime), Absolute GEX measures how much dealer hedging is happening. Think of it as liquidity depth for the gamma layer:High Absolute GEX — dealers are heavily positioned. Even small spot moves trigger large hedging flows. Price action is dense with reactive volume.Low Absolute GEX — sparse positioning. Less mechanical hedging cushion; price can drift more freely without dealer interference.The Dealer Pulse rail shows the 24-hour line of Absolute GEX so you can see whether positioning is building (more activity around current strikes) or thinning out (e.g. after expiration when contracts roll off).How to use it: pair Absolute GEX with Net GEX. High abs + positive net = strong Sticky regime; high abs + negative net = strong Jumpy regime; low abs = either regime is weak and spot can break through more easily.

Question 54

Net GEX (Hedging Pressure)

Accepted Answer

Net GEX = Call GEX − Put GEX. Direction of dealer hedging — positive = stabilizing (Sticky), negative = amplifying (Jumpy). Net GEX = Call GEX − Put GEX — the directional balance of dealer gamma exposure. It tells you which way hedging flows are tilted, and therefore whether dealers are stabilizing or amplifying price moves.Positive Net GEX — dealers are net long gamma. They sell into rallies and buy dips, dampening moves. The market enters a Sticky regime: ranges, mean-reversion, volatility crush.Negative Net GEX — dealers are net short gamma. They buy rallies and sell dips, amplifying moves. The market enters a Jumpy regime: trends, breakouts, vol expansion.The Dealer Pulse rail shows the 24-hour line of Net GEX. Watch for sign flips — they mark regime changes that are usually more important than the absolute level. The Flip Point is the strike where, at current positioning, Net GEX would cross zero if spot moved there.How to use it: use Net GEX direction to set your default trading bias (fade extremes in Sticky, trail breakouts in Jumpy), and use the magnitude — read it next to Absolute GEX — to judge how strong that bias actually is.

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