What GEX measures
An estimate of options exposure, not a record of dealer positions or future orders.
A call gives its holder the right to buy at a strike; a put gives the right to sell. Gamma describes how an option's sensitivity changes as price moves.
With fixed proportional forward basis, sticky-strike volatility and zero discount, this map estimates dollar gamma hedge sensitivity for a 1% spot move from eligible open BTC or ETH options. The model counts calls as positive and puts as negative. Actual dealer inventory is not visible in these data.
A positive or negative bar is a modeled exposure at a strike. It is not a committed amount of spot or futures that someone must trade.
Treat GEX as market context. Check price action before acting.
Why hedging can matter
Options dealers may adjust hedges when price or their inventory changes.
A dealer can offset options risk with spot or futures. Under some positioning, rebalancing may lean against a price move; under other positioning, it may move with it.
The map uses a convention to estimate that sensitivity. It cannot show who holds each option, whether they are hedged already, or what they will trade next. Spot flow, liquidations and news can dominate any modeled effect.
A modeled hedging tendency is a hypothesis to check, never an observed order flow.
Read the chart
Start with current price and the bars at nearby strikes.
Each green bar is positive net GEX at its strike; each red bar is negative net GEX. Height shows the modeled dollar magnitude per 1% price move, not a price target.
The dashed line marks current price. The gold F line marks the nearest zero crossing found by the model. Its position is useful context, but bars elsewhere can have either sign.
The lower Absolute GEX panel adds call exposure and the magnitude of put exposure without cancellation. A peak is a concentration of modeled gross gamma, not a count of contracts or proof that price will be drawn there.
Key Levels repeats named prices and their distance from spot. Select a level row for an explanation of its tag.
Compare the actual bar signs near spot, the regime summary, and the distance to nearby levels.
What the Flip means
F is one model reference, not a switch that controls the whole market.
The service scans a modeled gamma profile approximately −25% to +25% around spot (endpoints rounded to the coin price grid) and reports the nearest found zero crossing as F. A profile can cross zero more than once, and the dashboard does not show every crossing.
Price above F does not guarantee positive net GEX at spot or at every higher strike. Check the regime summary and the bar signs before describing a regime.
F can move as the options book changes. Its crossing is not an entry trigger or proof that volatility will change immediately.
Use F as a reference; confirm the current modeled sign and the real price response.
Level reference
Tags identify different features of the model. They do not predict a bounce, break or destination.
P and N are ranked by signed net GEX at strikes. A is ranked by gross GEX. S, V and F come from a scan of the modeled profile. One price can carry more than one tag.
Use a tag to decide what to inspect near a price, then look at distance, freshness and the observed reaction.
The tag names a calculation. It does not make the price a trading instruction.
S — profile maximum
A high point of the modeled profile.
S marks the price where the scanned aggregate gamma profile reaches its maximum. Even this maximum can be negative; it does not guarantee price stabilization or a ceiling.
Watch how price behaves near S; do not assume it will hold.
V — profile minimum
A low point of the modeled profile.
V marks the price where the scanned aggregate gamma profile reaches its minimum. Even this minimum can be positive; it does not forecast realized volatility or price direction.
Review risk near V without treating it as a forecast.
P1 / P2 — positive net GEX
The largest positive net-GEX strikes selected by the model.
A positive bar is consistent with hedging that could damp moves under the model convention. P1 and P2 are reference prices, not guaranteed resistance or automatic take-profit orders.
Compare P levels with price action and your existing plan.
N1 / N2 — negative net GEX
The most negative net-GEX strikes selected by the model.
A negative bar is consistent with hedging that could amplify a move under the model convention. N1 and N2 are not automatic breakout signals, nor reliable support levels.
Wait for a real break or rejection before drawing a conclusion.
A1 / A2 — gross GEX concentration
The largest modeled gross-gamma strikes.
Gross GEX adds call exposure and the absolute size of put exposure, so opposite signs do not cancel. It is gamma-weighted exposure, not the raw number of open contracts. A large A level does not pull price toward it by itself.
Use A levels to find concentration, not a destination.
MP — Max Pain
An options-payout calculation, separate from gamma.
MP is the strike that minimizes total open-interest-weighted intrinsic payout across all included expiries. It appears under Options market context, separate from the gamma levels. It does not predict settlement price or a drift toward it.
Read MP as a reference value, not a magnet.
Regime and additional context
The regime summary and optional context describe the modeled book; neither forecasts the next candle.
The regime summary follows the sign of modeled total net GEX. Its underlying score runs from −1 to +1; a value near zero is less decisive, but the displayed regime still follows its raw sign.
Under Options market context, GEX Up/Down compares the absolute value of modeled net GEX at strikes above and below spot. Exposure exactly at spot stays in the denominator but adds no upward or downward direction.
Read this context with nearby bars and price, not as a stand-alone signal.
Five examples to test
Illustrative situations with more than one possible outcome.
Each example begins with a map feature. Price can confirm it, ignore it or move through it. These are questions for your trade plan, not measured probabilities or instructions to enter.
Let observed price action decide whether a model idea remains useful.
Price near an A level
Gross exposure is concentrated near current price.
Price might pause there, or cross it without a reaction. Check net bar signs and actual trading around the strike; gross exposure alone cannot tell you which outcome follows.
A concentration is a place to observe, not a price target.
Rally toward P1
A positive net-GEX strike is ahead.
A rally may slow near P1 if the modeled hedging tendency matters. It may also continue when other flows dominate. Look for a visible rejection or sustained break before applying your setup.
P1 is context for a test, not an automatic short.
Move through N1
A negative net-GEX strike is crossed.
The model suggests possible amplification, but the move can fail and reclaim the strike. Confirm momentum and liquidity with your own rules; N1 alone does not establish a breakout.
The price response matters more than the tag.
Price crosses F
The nearest modeled zero crossing changes sides relative to spot.
A crossing is a reason to re-check the regime summary and nearby bar signs. The profile may have other crossings, so do not assume all exposure on one side has the same sign.
Reassess the whole nearby map after crossing F.
A large expiry approaches
The included options book may change quickly.
The service excludes an option when the time to expiry is at or below the configured cutoff (default 60 minutes). A level can move or disappear before settlement. Recheck the map and do not infer a pull toward MP or an A level.
Near expiry, freshness and changing coverage matter most.
Use the map in a trade plan
A short check before using your own setup.
Identify the coin, current snapshot, modeled regime and nearby levels. Decide separately whether your normal entry, stop and position size still make sense after watching price react.
GEX can inform a plan; it cannot supply an entry or control risk for you.
A quick pre-trade check
Three questions are enough to start.
Is the BTC or ETH snapshot fresh and complete enough for this decision? What do the regime summary and nearby net bars show? Which named levels are closest, and what did price actually do there?
If the data or price response is unclear, keep your normal risk limits.
Common reading mistakes
Most errors turn a model reference into a trade signal.
Do not treat a positive bar as a guaranteed ceiling, a negative bar as an automatic break, or F as the only zero crossing. Do not call an A level raw open interest or describe MP as a predicted settlement price.
A 60-second refresh interval does not mean every source is current. Notice partial or stale-data warnings, especially near expiry.
Check what each metric measures before attaching a trading expectation.
Tag cheat sheet
One calculation per group.
F: nearest found profile zero crossing. S/V: highest/lowest scanned profile values. P1/P2 and N1/N2: largest positive and most negative net-GEX strikes.
A1/A2: largest gross-GEX strikes, not the most contracts. MP: minimum modeled intrinsic payout across included expiries; it is not a gamma level.
Keep the calculation and the possible market reaction separate.
Limits and freshness
Know which data the map can and cannot see.
The map updates about every 60 seconds, but a source may be incomplete or a snapshot may become stale. Read the page's timestamp and status before relying on a level.
The model covers eligible listed BTC and ETH options from Deribit, Bybit, OKX, Binance, Derive and Paradex. It does not include CME or OTC positions, and actual dealer inventory is unknown.
Options leave this calculation the configured cutoff before expiry (default 60 minutes), so the map can change before settlement. Spot flow, liquidations and news can overwhelm the modeled options effect at any time.
Levels are changing model references, not exact prices or promises.
Data and method
A compact account of what the numbers mean.
The engine estimates gamma using eligible exchange option data and computes modeled USD exposure for a 1% spot move. It uses the call-positive, put-negative convention; that convention does not reveal real dealer positions.
Net GEX sums signed contributions at a strike. Gross or Absolute GEX adds call exposure and the magnitude of put exposure. The profile scan produces S, V and the nearest found Flip; MP minimizes open-interest-weighted intrinsic payout across all included expiries.
Deribit is required for a new snapshot. If another source is unavailable, a partial snapshot may be published with a visible notice. If required data cannot be collected, the last snapshot ages rather than becoming a new one.
The method describes modeled exposure and its data coverage, not future order flow.