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GEX measures the total gamma of options market makers at each strike price. It shows how much dealers need to hedge when price moves $1, which creates support and resistance zones.
Positive Gamma (+Gamma) means stability. The market is range-bound, price movements are dampened, and volatility drops. Negative Gamma (-Gamma) means chaos. The market moves in sharp impulses, price movements accelerate, and volatility spikes.
The strike with the highest call gamma. Acts as resistance โ price tends to slow down or reverse near this level because dealers sell into rallies to hedge.
The strike with the highest put gamma. Acts as support โ price tends to bounce here because dealers buy dips to hedge their put exposure.
The price where net gamma flips from positive to negative. Above inflection = mean-reverting (stable). Below = trending (volatile).
Additional strike levels above Call Wall (C+1, C+2) and below Put Wall (P-1, P-2). These are secondary support/resistance zones.
The strike price where the highest number of options contracts expire worthless, causing the maximum financial loss for option buyers.
The total underlying value of all active options contracts at current market prices, showing the true scale of the market.
Real option trades placed on the chart at their execution price.
๐ข CALL / ๐ด PUT
Double ring = both types at one price
Yellow ring = Block Trade (institutional)
Number above = USD notional (from $100K)
Hover for full details
Advanced flow analysis. Splits option trades into Whales (institutional) and Retail (small players) based on USD volume thresholds.
Combined with ฮ OI (change in Open Interest) to detect entries vs exits.
Marker shapes:
โ Circle โ Whale entry (institutional buying/opening)
โ Square โ Exit (position closing)
โฒ Triangle โ Retail entry (small players)
Colors:
Green = long-side (calls dominant)
Red = short-side (puts dominant)
Orange = retail exit
Violet = whale exit
The chart displays New York time, as options expire at 04:00 AM EST (08:00 UTC).
Bybit โ options on BTC, ETH, SOL, XRP, DOGE.
Deribit โ the largest crypto options exchange. Supports Inverse (coin-settled) and Linear (USDC-settled) contracts.
Inverse โ settled in the base coin (BTC, ETH). Classic Deribit contracts.
Linear โ settled in USDC. Newer contracts, available for more assets.
Every 60 seconds. The chart shows how levels move over time, similar to Bollinger Bands.
Creates a detailed bar chart showing gamma exposure at each strike price. The image is generated on the server and auto-deleted after 3 minutes.
Hover over a marker to see details