Enter your access key to continue.
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 use the AGGR model: each contract's sign is inferred from
trades vs the NBBO (trade at the ask = customer bought = dealer short; at the bid = dealer long).
On the front expiries the terminal accumulates every classified trade of the session
into net customer flow, so a contract's sign reflects the whole day's balance rather than one print;
contracts outside that window fall back to their last trade, and anything still unclassified takes the
classic convention (dealers long calls, short puts). The AGGR badge in the top strip shows what share of
exposure was trade-classified. 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 pin score isn't just size. A King only pins when dealers are long gamma there — then hedging leans against price and the level holds. When the King is short gamma, hedging goes with the move, so price tends to accelerate through instead of sticking: the tag reads REPEL and the score is heavily discounted. Same magnitude, opposite mechanism. (This is an explicit precondition of the Avellaneda–Lipkin pinning model, which derives pinning from market-makers hedging a long gamma book.)
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 — and ⤢ on the ladder header
(or L) to blow up the strike ladder the same way, which is the quickest way to read the whole
book at once. Esc closes either.
GEX tells you where price is sticky. It says nothing about whether the option you'd use to express that is cheap or expensive. Two tiles close that gap:
IV(25Δ put) − IV(25Δ call) in vol
points. Positive = puts bid, the market is paying up for downside insurance
(sell put spreads rather than buy them). Negative = calls bid, upside is being
chased (prefer call spreads to naked longs). Near zero = direction is cheap to express either way.Combine them with the structure: "pinned 737–738" plus a +3 vol put skew says sell the put side into the pin, not buy a straddle. Same level, completely different trade.
Everything else on this page infers what dealers must do. This panel shows what actually traded: every print classified against the prevailing bid/ask, aggregated into net premium per contract.
This is the leg GEX can't give you: structure says where the walls are, flow says who is building them and whether they're still at it.
A level is a line, but gamma doesn't sit on a line — it pools across neighbouring strikes, and that pool is what price actually reacts to. The shaded bands on Price & Levels are those pools: each one is a run of adjacent strikes carrying at least 15% of the chain's biggest node, grouped so a band never straddles a sign change (a long pool and a short pool do opposite things and must never be drawn as one).
Read them together with the regime: an ABSORBS band just above spot in long gamma is a ceiling you should expect to hold; the same band in short gamma is far less reliable. A thin AMPLIFIES band between spot and your target is the gap that lets price travel fast.
The zones are also recorded into the Session series, so the replay redraws the pools as they stood at each point in the day. Scrub back through a session and you can watch them migrate — and see whether price actually bounced off an ABSORBS band or sliced through an AMPLIFIES one. That's the honest way to judge whether the zones are describing the tape or just decorating it. Points recorded before this feature simply show no bands.
Net GEX tells you how dealers react if price moves. Charm tells you what they must trade even if it doesn't. As the day burns down, every option's delta drifts — toward 1 if it's going to finish in the money, toward 0 if it isn't — so a delta-neutral dealer has to keep re-hedging on the clock alone. On 0DTE that flow is enormous and it accelerates into the afternoon: it's the engine behind the classic end-of-day pin.
CHARM_CLOSE_BUFFER_MIN). In the last minutes a
0DTE delta collapses to 0 or ±1, and that final snap is settlement, not a hedge anyone trades —
including it would swamp the whole path with a number that never hits the tape.Read it against the regime: forced selling into a short-gamma tape is how afternoon slides get going; forced buying into long gamma is what glues price to the King.
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. The display is a ranking, not a gradient — cells at ≥25% of the chain's max |GEX| get a filled pill (green + / red −), 10–25% a soft tint, and everything smaller fades to quiet text so the real levels are the only things that glow. The spot row is ruled and its strike badged on the axis, the front expiry is underlined, and the King cell (max |GEX| over the whole chain) gets the amber ★ pill. A Δ chip on a significant cell means its |GEX| has built (+) or decayed (−) by ≥30% since you opened the page — where positioning is moving right now. Reading a column tells you which expiry carries the gamma; reading a row tells you how a strike builds across dates.
Open interest is posted from the prior close and tells you how much is on the books — never when it got there. A wall inherited from three weeks ago and one built last night look identical in a plain GEX map, but they behave very differently. The terminal now differences the last two sessions' OI per contract:
Read it as intent: fresh long-gamma stacking into a level makes that level stickier today; fresh short gamma below spot is a new air pocket that wasn't there yesterday.
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.