Learn GEX Analysis

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 rallies
• Red bars: Negative net GEX (volatility zones) — market makers amplify moves
• Opacity: 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.

Gamma Profile models how Total Net GEX changes if spot moves to different price levels:

• Above zero line (Positive): Low volatility regime — favor mean reversion, sell premium
• Below zero line (Negative): High volatility regime — favor momentum, buy volatility
• Near zero: Uncertain regime — reduce size or stay out

The chart uses colored zones to classify gamma behavior: support (growing/declining), resistance (increasing/decreasing), and volatility zones.

Key Insight: Gamma Profile shows where max hedging pressure builds (S/V points) and where regime changes at flip points — not how price will behave, but how dealer hedging flows will respond to each modeled price level. Use with GEX by Strike (which tells WHERE) for complete analysis.

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 side
• Shows how gamma structure shifts as you move through the term structure
• Helps identify level confluence — where multiple expirations agree on key levels

Best for: Multi-expiration analysis and identifying where key levels cluster across time.

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.

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 hedging

P/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.

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.

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.

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.

GEX Upside/Downside = (Upside GEX − Downside GEX) ÷ (Upside GEX + Downside GEX), producing a value between −1 and +1.

• +1 — All hedging pressure above price
• 0 — Balanced distribution around price
• −1 — All hedging pressure below price

Upside 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.

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 levels
• Markers appear as horizontal lines across the chart with labels
• Helps validate whether price respects GEX-derived levels over time
• Enable Expected Move overlay to see IV-based probability bands

Best for: Swing traders analyzing how daily price reacts to gamma structure.

OHLC 1H View provides hourly candles with GEX level overlay:

• Higher granularity for intraday trading and scalping near gamma levels
• Same marker overlays as Day View but on 1-hour timeframe
• Shows intraday reactions to key gamma levels in real-time
• Enable Expected Move overlay to see IV-based probability bands

Best for: Intraday traders and scalpers working near gamma-defined levels.

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:

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 strike
• Bright spots clustering near current price = high hedging activity zone

Not 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.

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 expiry
• In single expiration mode, uses that expiration's ATM IV and DTE
• The cone automatically recalculates when you switch expiration or exchange — always reflecting the current selection's option chain data

Toggle: 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 continue
• Price hugging the center suggests low realized vs implied vol — potential for mean reversion or vol crush
• A break beyond ±2σ is a rare, high-conviction signal — consider reducing exposure or hedging

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 settlement
• OI sentiment gauge — a large gap between spot and Max Pain reveals directional positioning bias
• Best applied to a single near-term expiration

Why 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.

The Flip Point marks where net GEX crosses zero — the boundary between volatility regimes.

• Above flip: Positive gamma regime → low volatility, mean reversion
• Below flip: Negative gamma regime → high volatility, momentum
• Crossing the flip point = major regime change signal

How to trade:

• If price is above F: Favor range-bound strategies, sell premium
• If price is below F: Favor momentum strategies, buy volatility
• If price is at F: Be cautious — the regime is uncertain

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 rallies
• If 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 levels

Common mistake: Don’t confuse with traditional support/resistance. P1/P2 create stabilizing pressure, not hard walls.

N1 and N2 are negative net gamma peaks. Market makers are short gamma at these levels.

• Dealers amplify moves in both directions at these levels
• Breaking through triggers explosive volatility cascade
• NOT support/resistance — use as stop-loss levels only

Common mistake: Treating N1/N2 as support/resistance. These are volatility amplification zones. Price doesn’t bounce here — it accelerates through.

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 day
• Price tends to gravitate toward A1/A2
• When A1/A2 aligns with Max Pain = very strong convergence

How to trade: Near expiration, expect price to be attracted to A1/A2. Use this as a target for mean-reversion trades.

The Stability Point (S) is the forecasted maximum positive gamma zone on the Gamma Profile.

• Strongest stabilization point in the gamma landscape
• Dealers actively buy dips and sell rallies around S
• Lowest volatility expected near this level

How to trade: Near S, expect price to mean-revert. Favor range-bound strategies, iron condors, or selling premium.

The Volatility Point (V) is the forecasted maximum negative gamma zone on the Gamma Profile.

• Volatility amplification point — dealers are deeply short gamma
• Dealers buy rallies and sell dips (amplifying moves)
• Explosive move risk at and near this level

How to trade: Near V, expect amplified moves. Favor momentum strategies, long straddles/strangles, or protective hedges. Avoid selling premium.

The Gamma Cliff (GC) marks the steepest slope zone on the Gamma Profile — exclusive to Gamma Profile view.

• Zones where gamma changes most rapidly
• Small price moves → massive hedging flows
• Gap/flash crash potential when price enters a cliff zone

How 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.

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 star
• Cross-category overlap (e.g. P1 + A1, or N1 + V) does trigger a star on both badges

Visual indicators:

• Gold ★ superscript on each confluent badge
• Gold dotted vertical line at each confluence strike, spanning both subplots

Why 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.

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 exposure
• Put: Total put gamma exposure
• Abs: Absolute total (|Call| + |Put|) — overall gamma magnitude

The panel rotates with the GEX Upside/Downside panel every 20 seconds. Click to toggle manually.

GEX Upside/Downside shows the hedging pressure balance relative to current price.

• Positive: More hedging pressure above price
• Negative: More hedging pressure below price
• ±0.1 (Balanced): Evenly distributed hedging activity

Bar 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.

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.

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.

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.

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.

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.

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.

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 toolbar
• Use the timeline slider to scrub through historical snapshots
• Playback runs forward automatically; click Play/Pause to control
• Step forward/backward with the ◀ / ▶ buttons

This is a premium feature that unlocks backtesting and learning from historical gamma patterns.

Control the replay speed using the speed selector dropdown:

• 1x: Real-time playback (one snapshot per tick)
• 2x: Double speed
• 4x: Quadruple speed
• 8x: Maximum speed — great for scanning through long periods

Higher speeds skip intermediate snapshots to move through time faster.

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.

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).

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.

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.

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 magnet
• P1 + Flip Point: Powerful regime boundary with stabilization
• S + P1 (across chart types): Strongest positive gamma zone
• Multiple expirations agree (Term view): Level is structurally significant

Use the Term Structure view to identify where markers cluster across expirations.

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 × 0.01

GEX is the industry-standard abbreviation with 90%+ adoption across retail platforms, institutional systems, and academic research.

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).

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 → stabilizing
• Short gamma dealers: Sell as price falls, buy as price rises → amplifying

These hedging flows are mechanical and predictable, which is why GEX analysis can forecast price behavior at specific levels.

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.

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.

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.

This heatmap appears below the bar chart on the Strike view — it is not the same as the standalone GEX Heatmap chart (which shows a time × strike 2D raster).

Absolute GEX = |Call GEX| + |Put GEX| at each strike price. It measures total gamma magnitude regardless of whether it comes from calls or puts.

The heatmap has four rows:

• Now: Current absolute GEX per strike (blue intensity = higher gamma)
• 24h / 48h / 1w: 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.