Γ GEXdealer gamma exposure

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Gamma exposure by strike

Data table

GEX heatmap net GEX per strike × expiry · ★ largest magnitude

Net GEX vs underlying price Black-Scholes gamma re-evaluated at each spot level — the flip is the zero-crossing

Data table

Max pain

Data table

Highest open interest

callsputs
Data table

Key levels over time

Net GEX over time

Data table

📐 Methodology & data staleness how these numbers are produced — and their limits

📖 How to use this dashboard

🆕 Squeeze tools: score, converts, events, zones, replay, alerts
  • 🧨 Squeeze setup score (top of each ticker) — a transparent 0–100 read of how “loaded the spring” is, blending spot-vs-max-pain (25%), GEX regime (30%), short interest (30%) and earnings proximity (15%). Each input is shown raw, every weight is visible, and missing inputs renormalise the score rather than faking it. It organises context — it does not predict.
  • ⚠️ Convertible overhang banner — on names with large convertible notes, listed GEX misses convertible-arb hedging. The banner flags size + conversion price and draws a dashed conv reference on the strike chart; expect an amplified-vol band below it.
  • 📅 Event markers — earnings/ex-div dates tag the expiry selector and the max-pain readout, so you instantly see which expiries straddle a catalyst.
  • Zones, not lines — walls, flip and conversion levels render as bands whose width scales with local gamma density: in negative-GEX regimes price gravitates around a level, it doesn’t respect an exact strike.
  • 🎯 Expiry replay — a forward-built pinning backtest: how often the close landed near the predicted max pain, with a predicted-vs-realized scatter. It fills in as tracked expiries settle.
  • 📐 Methodology & data staleness (section below) — the honest limits: OI is yesterday’s (OCC), price is delayed, the dealer convention is an assumption, and listed GEX excludes OTC/convert/ETF flow.
  • 🔔 Alerts (premium) — gamma-flip crossings, wall touches and squeeze-score thresholds, delivered to Telegram.
What is GEX, in one minute

When you buy or sell an option, a market maker usually takes the other side — and immediately hedges by trading shares. Gamma measures how fast their hedge must change as the price moves. Summing it across all open contracts gives GEX (gamma exposure): an estimate of how many dollars of stock dealers must buy or sell per 1% move. Convention here: calls count positive, puts negative (dealers long calls / short puts).

Why care? Dealer hedging is mechanical — it happens regardless of anyone's opinion:

  • Net GEX positive → dealers sell into rallies and buy dips → moves get dampened; price tends to pin near big strikes.
  • Net GEX negative → hedging chases price (sell weakness, buy strength) → moves get amplified; expect faster, wider swings.
What each section means
  • Key level tilesSpot (with 30-day implied vol), Net GEX (its sign = which regime you're in), Gamma flip (the price where net gamma crosses zero — the border between the two regimes), Call wall (strike with the most positive gamma — often acts as resistance / a pin magnet), Put wall (most negative — often support, but also where downside accelerates if it breaks).
  • GEX by strike — where the hedging pressure sits. Tall aqua bars near spot = pinning force; heavy red bars below = fuel for a fast move down if reached.
  • GEX heatmap (strike × expiry) — which expiry holds the gamma. Near-dated gamma is the strongest; after it expires (especially monthly OPEX, 3rd Friday) walls can dissolve overnight — re-check the day after.
  • Net GEX vs price — a simulation: if spot moved to X, what would net gamma be? The zero-crossing is the flip; a steep curve means the regime changes quickly with price.
  • Max pain — for each possible settlement price, the total dollars option holders would collect (dashed lines split calls vs puts). The minimum of the curve is the settlement price where option writers keep the most premium. Since dealers hedge toward reducing their risk, price often drifts toward max pain into expiration. Respect the expiry filter: max pain is a per-expiry concept — select the front expiry for the classic reading.
  • Highest open interest — the individual contracts (strike + expiry) holding the most OI, calls vs puts. These are the strikes market makers care most about — big call OI above spot often caps rallies into expiry; big put OI below marks defended levels. Follows the expiry filter.
  • Key levels over time — how spot, flip and walls migrate. Walls stair-stepping up with price is constructive; spot slipping under the flip is a volatility-expansion warning.
Reading the GEX heatmap

The heatmap breaks the single “GEX by strike” bar chart apart by expiry, so you can see which expiration actually holds the gamma — the thing that decides how durable a level is.

  • Rows = strikes (highest at the top, within ±40% of spot); columns = expiries, nearest on the left. The header row and the strike column stay pinned as you scroll.
  • Each cell = net GEX for that strike and that expiry (calls positive, puts negative). · means ~zero.
  • Colour = sign, intensity = size. Aqua = net positive (call-dominated, a pin/resistance magnet); red = net negative (put-dominated, where hedging can accelerate a move). Shading uses a square-root scale so moderate cells stay visible next to a few giants.
  • ★ marks the single largest-magnitude cell — the one strike×expiry carrying the most gamma on the board.
  • The spot row is highlighted (strike nearest the current price) and the grid auto-centres on it when a ticker loads.
  • Hover any cell for its net / call / put GEX and the call/put open interest behind it.

How to use it:

  • Front-loaded gamma — if the biggest cells sit in the nearest one or two columns, today’s walls and flip are strong but fragile: they’re real now, but a chunk expires soon.
  • OPEX dissolution — near monthly expiration (3rd Friday), watch how much colour lives in that column. If it’s heavy, expect walls to weaken overnight after it expires — re-check the map the next morning.
  • Back-loaded gamma — colour concentrated in later columns means the level is anchored by longer-dated positioning and tends to persist across the next few expirations.
  • A vertical stack of aqua at one strike across several expiries is a heavily defended call wall; a vertical stack of red below spot marks a level where a break gets slippery.
A worked example

Say spot is $42, flip $40.50, call wall $45, put wall $38, net GEX positive:

  • Between $40.50 and $45 dealers dampen moves → chop is likely; breakouts need real flow to stick.
  • Rallies often stall into the $45 call wall — a natural spot to take profits or write covered calls.
  • If spot loses the $40.50 flip, hedging turns pro-cyclical → moves get faster; tighten risk or buy protection before that break while implied vol is still cheap.
  • A test of the $38 put wall tends to attract support first touch — but a decisive break gets slippery.
  • Into OPEX, check the heatmap: if most gamma sits in the front expiry, expect these levels to weaken right after expiration.

Levels work best as context — position sizing, strike selection and timing — not as standalone signals.

Trading max pain — an example

It's Wednesday; the front expiry is this Friday. Select it in the Expiry filter. Say spot is $43.20 and max pain for Friday is $42, with net GEX positive (pinning regime):

  • The read — into Friday there's a mechanical drift bias from $43.20 toward $42, strongest in the final day or two when gamma is largest. It's a tendency (works best on liquid names with heavy front-expiry OI), not a certainty.
  • Premium seller — sell a Friday iron condor or butterfly centered near $42, or a $44/$45 call credit spread above the call wall: you're betting price stays magnetized to max pain while theta decays fastest.
  • Holder of longs — if you own $43 calls expiring Friday, the pin risk argues for taking profit or rolling out before the drift and decay eat the premium.
  • Confirmation — check the heatmap: if Friday holds most of the gamma, the magnet is credible; if OI is spread across later expiries, max pain for this week matters much less.
  • Invalidation — a strong catalyst (earnings, macro prints) overwhelms hedging flows; and in a negative-GEX regime the pin logic inverts into acceleration, so skip the trade there.

After expiration, re-select the next expiry — max pain resets as the OI rolls.

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