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This terminal turns the options chain into a map of dealer gamma exposure (GEX) — where market-maker hedging is likely to pin price or accelerate it. Everything below explains the mechanic and then points to exactly where you read it in this app.
Retail and institutions buy most options; market makers (dealers) take the other side to provide liquidity. They don't care about direction — they care about staying risk-neutral, so every position they're handed forces them to buy or sell the underlying to hedge. That hedging flow is what moves price, and GEX is the map of where it's strongest.
When options pile up at a strike, dealers carry large exposure there. If the level holds, hedging tends to pin price around it. If it breaks, hedging can accelerate the move as dealers reposition.
Delta = how much an option moves per $1 in the underlying, and equals share-equivalence (a 50-delta call ≈ half a share). Dealers neutralize delta by trading stock/futures.
Gamma = how fast delta itself changes as price moves. High gamma (near-the-money, near expiry) means delta shifts fast, forcing dealers to re-hedge aggressively — that's what creates feedback loops. GEX aggregates gamma across every strike and expiry into a single exposure map.
Dealer signs come from the selected model (top bar): NAIVE is the standard
convention — dealers long calls (+), short puts (−); AGGR infers each contract's sign from
its last trade vs the NBBO (trade at the ask = customer bought = dealer short). All GEX numbers are in a
single standardized unit: $ of dealer hedge flow per 1% move. You see it three ways:
KING tag on the ladder, and it's echoed
in the headline (PIN · KING NODE).The app tells you which regime you're in, in plain English, in two places: the READ strip directly under the metric tiles (a live "how to trade this" line), and the regime badge in the headline plus the Regime & Structure footer. The boundary between the two is the gamma flip — above it tends positive/sticky, below it negative/slippery.
Read them on the ladder (tagged KING/CW/PW) and drawn as lines on the
Price & Levels chart, where near-spot levels sit on the price axis and far ones become edge markers.
The Gradient tab paints the greek field across price (y) and session time (x), with
candles overlaid. For gamma: green = positive (suppressive / pinning),
red = negative (amplifying / accelerant), brighter = stronger. The
green↔red seam is the gamma flip. As price drifts into brighter red expect
acceleration (don't fade); into brighter green expect absorption (pinning). The dropdown switches the field
to Delta, Vanna, or Charm, and the right edge shows how the field sharpens toward expiry. Hit
⤢ (or F) to expand any center view to full screen.
The Strike × Expiry tab is the classic GEX heatmap: strikes down the side, expiries across the top, each cell the net GEX for that strike/expiry (green + / red −, intensity-scaled). The spot row is flagged, the front expiry is underlined, and the King cell (max |GEX| over the whole chain) gets the amber ★ pill. Reading a column tells you which expiry carries the gamma; reading a row tells you how a strike builds across dates.
Net GEX hides why a level is what it is. Flip the ladder header to Call·Put and each row splits into call gamma (teal, right) and put gamma (purple, left). A wall built from heavy call gamma behaves and decays differently from one that's just an absence of puts — the split shows the makeup, and how fragile a level might be.
Hover any tile label in the terminal for a one-line definition.
Expiry: a lot of gamma lives in short-dated options, so big-strike pins are stickiest right before expiry and that "glue" disappears at the close — the next session can move more freely. The READ strip flags this when the front expiry holds an outsized share. Time of day: negative-GEX mornings often see the sharp moves as new positioning opens; afternoons tend to drift back toward the biggest positive-GEX strike — the classic afternoon pin. The Gradient chart's time axis is where you watch this evolve.
The right column pre-commits three conditional plans before the candle prints — Upside break, Hold-range, Downside break. Each gives an IF-trigger, the regime-aware dealer mechanics, a named target and a structural stop with R:R, an options vehicle, and the invalidation. The idea is to decide what each scenario means now, then act on the trigger instead of reacting after the move.