Dealer gamma: levels, strikes, heatmap and options flow
The GEX section of Terminal reads every expiry of the options book behind NQ, ES, SPY, QQQ and gold, with QQQ and NDX read together for the Nasdaq and SPY and SPX for the S&P. It marks where options dealer hedging is most likely to matter for the session: the call wall, the gamma flip, the put wall, max pain, the high and low gamma zones, net GEX and the dealer regime, recomputed every fifteen minutes through the US session.
Beside the levels: a strike ladder of gamma, open interest, volume and delta; a heatmap of gamma by strike through the session; options flow read print by print off the exchange tape; and the vanna and charm hedging that moves price as time passes and volatility changes.
How traders read them
- Call wall: the strike where dealer hedging most often acts as resistance.
- Put wall: the strike where it most often acts as support.
- Gamma flip: the price where total dealer gamma changes sign. Above it hedging tends to damp moves, below it hedging can make them larger.
Each set of levels comes with a Pine Script you can copy to draw the same lines on your own TradingView chart. They are context to read, not signals or predictions. See also the GEX Terminal page.
Questions people ask
- Which plan includes dealer gamma levels?
- Assistant and Agent. Market movers and the news wire are open on every plan.