How to Read the GEX Chart
- The GEX chart shows gamma exposure at every strike. Each bar = net dealer gamma at that price level.
- Green bars = call GEX (dealers long). Red bars = put GEX (dealers short).
- Longest green bar = Call Wall (structural ceiling). Most negative red bar = Put Wall (structural floor).
- The vertical dashed line (spot line) shows where price is relative to the gamma structure.
- Use the OI toggle for structural positioning, Volume toggle for intraday flow. Use DTE filters to isolate by expiration.
What You're Looking At
The GEX Profile chart is a horizontal bar chart. It gives you a complete picture of dealer gamma positioning across the entire options chain at a glance.
- X-axis — GEX value in billions of dollars (positive to the right, negative to the left).
- Y-axis — Strike prices, sorted from highest at the top to lowest at the bottom.
- Each bar — Net dealer gamma at that strike, aggregated across all expirations (or filtered by your DTE selection).
The chart refreshes automatically during market hours as open interest and options pricing change. You're always seeing the current structural reality, not a snapshot from yesterday's close.
Color Coding
The color of each bar tells you the nature of dealer positioning at that strike:
| Color | GEX Type | Dealer Position | Market Effect |
|---|---|---|---|
| Green | Positive GEX | Long gamma (short calls, long underlying to hedge) | Dealers sell rallies and buy dips near this strike — creates resistance above and support below |
| Red | Negative GEX | Short gamma (short puts, short underlying to hedge) | Dealers amplify moves through this zone — price tends to accelerate when passing through red bars |
The Spot Line
The vertical dashed line overlaid on the chart shows the current underlying price (spot). It's your "you are here" marker on the gamma structure.
Ask yourself these questions when looking at the spot line:
- Is spot near a major green bar? → Price is approaching structural resistance (if above spot) or support (if below spot). Expect a slow-down or rejection.
- Is spot near a major red bar? → Price may be accelerating through a negative GEX zone. Moves can be fast and hard to fade.
- Is spot sandwiched between the Call Wall and Put Wall? → You're in the range zone. Both ceiling and floor are active. Iron condor conditions.
- Is spot above or below the Zero Gamma level? → Determines the dealer regime. Above = Long Gamma. Below = Short Gamma.
The Key Levels Panel
Displayed above or alongside the chart, four numbers give you the structural summary at a glance:
- Call Wall — The strike with the highest positive GEX. The dominant structural ceiling. Dealers have their biggest long-gamma position here and will actively hedge against breaches.
- Put Wall — The strike with the most negative GEX. The dominant structural floor. Dealers carry their largest short-gamma exposure here — heavy institutional put buying has created a wall below market.
- Zero Gamma / Gamma Flip — Where cumulative GEX crosses zero. The regime boundary. Above it: Long Gamma, dampened volatility. Below it: Short Gamma, amplified volatility. This is the most important level on the chart for intraday traders.
- Current Spot — The live underlying price shown relative to the three structural levels above.
OI vs Volume Toggle
The dashboard gives you a toggle to switch the chart between two views:
| Mode | What It Shows | Best For |
|---|---|---|
| OI (Open Interest) | GEX calculated using total open interest at each strike — all outstanding contracts | Structural analysis: Call Walls, Put Walls, swing context. Default view. |
| Volume | GEX calculated using today's volume — only contracts traded today | Intraday flow: where is today's options activity concentrated? What's being actively positioned today? |
OI is the default and usually the most useful for identifying structural levels. Volume tells you where the market is actively positioning today — useful for catching intraday shifts or watching for unusual concentration at specific strikes.
Strikes Filter
The strikes filter lets you control how many strikes around the current spot price are shown:
- 2 strikes around spot: Extremely zoomed in — only the strikes immediately adjacent to current price. Best for very short-term intraday analysis.
- 4 / 6 / 8 strikes: Progressive zoom levels. Good balance of detail and context.
- 10 strikes: Wide view — shows substantial range above and below spot. Best for swing context.
- All: The full options chain visible in the data. Useful for seeing the complete structural landscape and all active strikes, including far OTM walls.
DTE Filter
The DTE (Days To Expiration) filter isolates gamma from options expiring within a chosen window:
- ALL: All expirations combined. The full structural picture. Best for most analysis.
- 0DTE: Same-day expiring options only. Can dominate the chart near the money on expiration days. Use for intraday pinning levels.
- 1DTE: Options expiring tomorrow. Useful pre-market for next-day positioning context.
- WEEK: This week's expirations. Multi-day swing context.
- MONTH: Monthly expiration cycle. Often has the deepest open interest and creates the most powerful structural walls.
See the full DTE Filters guide for a complete breakdown of when to use each mode.
Reading the Chart in Practice
Here's a real-world example to illustrate how to read the chart:
Call Wall: $570 (massive green bar). Put Wall: $555 (deep red bar). Zero Gamma: $560. Net GEX: strongly positive. Dealer Mode: LONG GAMMA.
Interpretation: SPY is sandwiched between $555 and $570 in a long-gamma environment. Expect range-bound action. Fade rallies approaching $570 — dealers will be actively selling. Buy dips near $555 — dealers will be buying. Watch $560 (Zero Gamma) as the intraday pivot. A close below $560 changes the regime to Short Gamma and raises the probability of a breakdown through $555.
Explore the live GEX chart
See SPY, QQQ, IWM and 24 other tickers. Call Wall, Put Wall, Zero Gamma — all live, all in one dashboard.
Frequently Asked Questions
What does it mean when the biggest bar is below spot?
If the largest green bar (Call Wall) is below the current spot price, it means price has already blown through that structural ceiling. This is a significant event — it means dealers who had large positions at that strike had to cover and re-hedge as price moved above it. Look for the next significant green bar above spot to identify the new structural resistance, and watch whether the old Call Wall now acts as support (it often does on a pullback).
Why do the bars change throughout the day?
GEX is a function of gamma × open interest × spot price squared. All three components change during the session. Spot price changes directly affect the gamma of all near-the-money options (gamma is highest at the money and decreases away from it). Open interest changes as new contracts are opened or closed. The result is that bar heights shift continuously, especially on high-volume days or near expiration when gamma is very sensitive to price.
What is the GEX by Expiry tab?
The GEX by Expiry tab shows the distribution of total net GEX across different expiration dates rather than across strike prices. This lets you see which expiration cycle is contributing the most gamma to the overall structure. A dominant monthly expiration with much larger GEX than weekly expirations suggests the monthly levels will be more "sticky" and harder to breach than the weeklies.