Gamma Exposure (GEX)
Gamma Exposure (GEX) — dealer levels for futures trading, automated every day
Gamma Exposure (GEX) brings what big players read in options data onto your chart: where dealers hold their largest exposure, and therefore where their hedging dampens moves (stability) or accelerates them (squeezes and flushes). The study is built primarily for US index futures — drop it on an NQ, MNQ, ES or MES chart and it maps the right options by itself (Nasdaq-100 → NDX, S&P 500 → SPX), aligns the futures basis and places the levels on your chart's candles (any basis uncertainty is shown honestly in the HUD). The profile is computed from FULL option chains (every strike and expiration, including weeklies and 0DTE), with the Gamma Flip derived by properly repricing gamma through Black-Scholes. From the same data the study now computes the full professional exposure stack: alongside gamma, Delta Exposure (DEX) with its directional anchor (Peak DEX), Vanna (VEX) and Charm (CHEX) flows — the mechanics behind FOMC/CPI moves and the 0DTE afternoon drift — plus a by-expiration breakdown with a separate same-day 0DTE view (its own histogram, flip and walls), Max Pain, secondary walls, the strongest gamma pin (Absolute Gamma), the put/call ratio and a monthly OPEX countdown. The summary HUD can be dragged anywhere on the chart, shrunk (Compact) or hidden. Levels for the new trading day are ready when Globex opens and refresh every 30 minutes from the London morning through the New York close, including the morning open-interest update. The server also stores daily and intraday level history. And one honest rule: when no session is running or no data exists, the study draws nothing — never stale or guessed values.
This study is designed primarily for US index futures: NQ and ES including micros (MNQ, MES), plus the QQQ/SPY ETFs. Other markets (FX, commodities, crypto, single stocks) have no option data here and the study draws nothing on them. Values come from NDX/SPX options in index points — the futures basis is aligned automatically.
Standalone subscription for a single study. Cancel anytime.
Cheaper in a bundle →What it does
- Gamma Flip, Call Wall and Put Wall drawn directly on price — aligned to your futures chart's candles
- Profile histogram switchable GEX ↔ DEX (delta exposure) and Cumulative ↔ 0DTE (today-only expiry)
- Secondary Call/Put walls, Absolute Gamma (the strongest magnet) and Max Pain (expiry-day gravity)
- Peak DEX — the directional anchor price gravitates toward
- A separate 0DTE block: today's expiry has its own histogram, Gamma Flip, walls and Max Pain
- HUD with Net GEX (call/put split), Net DEX, Vanna (VEX) and Charm (CHEX) drift, the put/call ratio and a monthly OPEX countdown
- The HUD can be grabbed and dragged anywhere, shrunk (Compact) or hidden — so it never covers your candles
- Gamma Flip cross alerts (regime change) — wire them to sound or notifications in MotiveWave
- Fully automatic futures-ticker mapping: NQ / ENQ / MNQ and ES / EP / MES, any contract code (+ QQQ and SPY)
- Computed from FULL NDX / SPX index option chains incl. 0DTE (the histogram shows the tradeable ±12 % band around price)
- Second-order greeks (Vanna, Charm) repriced through Black-Scholes and finite-difference validated
- Auto-refresh every 15–30 minutes (London → NY close) including the morning open-interest update
- Daily level history (available via API) plus continuous intraday recording server-side
- Honest data policy: outside a session or without data, nothing is drawn — never stale values
- Zero setup: no API keys — included in the Pro and Elite bundles (or as a standalone study)
How to read it
Price > Gamma Flip = positive gamma regime; volatility is dampened, price tends to mean-revert.
Price < Gamma Flip = negative gamma regime; volatility is elevated — expect fast trend moves: flushes down and short squeezes up.
Call Wall = strong magnet and resistance (largest positive gamma above price); Put Wall = key support (breaking below in negative gamma can trigger a rapid selloff).
Absolute Gamma = the strike with the largest gamma concentration = the day's strongest pin/magnet; secondary walls are the next targets after the primaries break.
Max Pain = the price options "pull" toward, mostly on expiry days (OPEX Fridays) — a gravity point into the close.
Peak DEX = the directional anchor: the further price strays, the stronger the pull back to it.
0DTE vs Cumulative: today's expiry shows the immediate intraday pressure; its disagreement with the full-chain view is often the trade itself.
Net CHEX (Charm) → the afternoon mechanical drift into the close (negative = pull up); Net VEX (Vanna) → sensitivity to an IV drop/rise, e.g. the post-FOMC "vanna rally".
Supported markets & ticker mapping
Which charts the study works on and which options feed it.
| MotiveWave chart | Option underlying | Value scale |
|---|---|---|
| NQ, ENQ, MNQ (Nasdaq-100 futures) | NDX index options | index points ≈ NQ |
| ES, EP, MES (S&P 500 futures) | SPX index options | index points ≈ ES |
| QQQ / SPY (ETFs) | QQQ / SPY options | ETF dollars |
| Other markets (FX, commodities, crypto…) | — | no data — nothing is drawn |
