GEX Levels#

Dealer gamma-exposure walls per option strike, plus the Call Wall, Put Wall, Zero Gamma, and Max Pain lines, so you can see where options positioning is likely to pin or accelerate price.

TODO: screenshot of GEX Levels, showing the per-strike gamma bars and the Call Wall, Put Wall, and Zero Gamma lines.

What it shows#

GEX Levels draws a bar per option strike along the right edge, sized by that strike's net gamma and colored green for positive or red for negative, plus up to four key level lines. The Call Wall is the strike with the largest positive gamma, the Put Wall is the most negative, Zero Gamma is where net gamma flips sign, and Max Pain is the strike that minimizes the total payout to option holders at expiry, where the most options expire worthless. Net gamma is call gamma minus put gamma, under the standard assumption that dealers are short the options they make markets in.

How to read it#

Positive gamma (green) means dealers hedge against the move, which dampens volatility and tends to pin price toward those strikes. Negative gamma (red) means dealers hedge with the move, which amplifies volatility and can accelerate breakouts. Read the Call Wall as likely resistance and an upside magnet, the Put Wall as likely support, and Zero Gamma as the line between a calmer regime above and a jumpier one below. Max Pain is the classic expiry pin.

Settings#

• Max DTE. Only options expiring within this many days feed the chain. Set it to 0 or 1 for a 0DTE-only view. Above that, today's 0DTE expiry is left out (its volume distorts the walls), so the chain runs from the next day out to your limit.
• Labels. Toggle the on-chart text for the Call Wall, Put Wall, Zero Gamma, and Max Pain lines.

Back to Indicators.