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 — 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 — 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 chart displays New York time, as options expire at 04:00 AM EST (08:00 UTC).
Bybit — options on BTC, ETH, SOL, XRP, DOGE.
Deribit — the largest crypto options exchange. Supports Inverse (coin-settled) and Linear (USDC-settled) contracts.
Inverse — settled in the base coin (BTC, ETH). Classic Deribit contracts.
Linear — 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.