Gamma Exposure (GEX) Visualizer
Max Pain by Timeframe
Heatmap: Exposure by Strike × ExpirationEvery listed strike within the chosen range of spot, highest at the top like a price axis, against the nearest expirations and a Net column summed across all of them. Each cell is net exposure for that strike and expiration; deeper color means a larger value, teal positive and red negative. The accent line marks spot and the dashed line marks Zero Gamma. The Level column labels the structure: the anchor, the largest strike on each side of spot, hurdles between spot and the anchor, and thin zones where little exposure sits. The Levels switch picks what those are measured on: every expiration (the default), today's 0DTE contracts, or the dated columns shown. Hover any label or control for its definition and any cell for its exact figure. The Show switches add overlays: the expected move priced for each date (on by default), a line through each date's largest strike, each date's exposure center, and each cell's % change against an earlier snapshot. These levels and overlays describe the current book; they are not price targets.
| Freeze a snapshot to fill the heatmap. |
Notes
S²×0.01) and per-$1 (S×1); VEX is dollar-delta per +1 IV point. Max Pain uses the full positive-OI book, independent of the analytical filters. Calls are modeled positive and puts negative; open interest does not reveal dealer/customer ownership. Spot sources stay frozen per snapshot — switch via the control without re-fetching.
How to Use This Tool
- Reading the header: The strip under the controls states what you are actually looking at: when the full chain was pulled, the separate 0DTE time when auto-refresh is running, when open interest was published, the scaling mode, and whether you are on Smart Defaults or your own Pro Settings. Jargon throughout the tool carries a definition. If the cursor turns into a question mark over a word, hover it.
- KPI row: Treat Net Spot GEX as a calls-positive/puts-negative positioning estimate, not observed dealer inventory. The row tags positive modeled GEX as Dampening and negative modeled GEX as Amplifying, shows how far spot sits from Zero Gamma, and names the largest positive and negative strikes as the Call Wall and Put Wall. Those are the same levels drawn on the price chart below.
- Price + GEX Levels: Candles with the dealer levels laid over them, so positioning sits against the chart you are already watching. For SPY, SPX and QQQ each past day shows that day's own walls and Zero Gamma rather than today's painted backwards; other tickers show today's levels only. The shaded bands are current GEX zones and stay clipped to today's session. Pick a timeframe from the dropdown and it persists and travels in Copy Setup Link.
- GEX by Strike: Switch between the Net, 0DTE, 1DTE, 2DTE, 3DTE and OPEX strike books. The chart focuses the meaningful range on its own, captions the largest bars as the Call Wall and Put Wall, marks spot with a dotted line, and overlays full-book Max Pain for whichever horizon is active. Read tall green bars as modeled dampening zones and deep red bars as possible acceleration zones. Turn on Auto-refresh in the 0DTE view to pull today's expiry once a minute during market hours.
- Calls vs Puts by Strike: The stacked view compares call-side and put-side open interest exposure at each strike under the displayed sign convention. It does not identify who owns or wrote those contracts. Hovering a strike here highlights the same strike in GEX by Strike, and the reverse also works.
- Gamma Profile vs Underlying: The solid line is total gamma as spot moves, and the shaded band shows how much that shifts with volatility. Use it to see where gamma flips sign and how settled that flip looks. If the whole band stays below zero across a price range, expect trend-following dealer flow through that window.
- Gamma Regime Map: The same profile normalized across price. Green is dampening and mean-reversion, red is amplification and trend. The curve fades where the volatility band straddles zero, which is the chart telling you conviction is low there.
- GEX by Expiration: Shows which expiry is driving the book. If one monthly towers over the rest, watch that contract for dealer hedging and roll risk. Chronological orders the same twelve expirations by date so clustering and roll-off are visible; Top Exposure ranks them by size instead.
- Gamma Pressure Split: Directional bias by timeframe (0DTE, 1DTE, Weekly, Monthly) from gamma above versus below spot, where Weekly is 2 to 5 trading days and Monthly is the front monthly expiry. Positive values imply upward pressure and negative values imply downward pressure. Bar opacity shows each book's size against the largest, so a faint extreme bar is a small book and a solid moderate bar is a large one. Hover for the exact figures. Read it as conditional bias rather than a forecast.
- Max Pain by Timeframe: The settlement strike that would minimize total option-holder intrinsic payout, computed from the complete positive-OI book rather than the GEX filters. Compare horizons to see how the payout minima differ against OPEX. The orange dashed overlay follows the active horizon. Useful as context rather than as a price target.
- Weekly Lookback: Available for SPY, SPX and QQQ, built from snapshots stored every 15 minutes across the recent trading week. The chips summarize where the week started and ended for spot, Zero Gamma, both walls and net GEX/VEX. Dots on the spot line mark each point where spot decisively crossed Zero Gamma, since brushing the line without clearing it is treated as noise. The top zone tracks spot, Zero Gamma and the walls with regime shading, the middle zone shows GEX and VEX magnitude, and the strip along the bottom shows pressure bias per horizon. Hovering any of the three moves one guideline through all of them and shows the values at that moment in each.
- Heatmap: Every listed strike around spot on the rows, highest at the top, against the nearest expirations and a Net column summed across all of them. Each cell prints its value; teal is positive, red is negative, and deeper color means larger. The accent line is spot and the dashed line is Zero Gamma. The Level column labels the anchor (the largest strike, marked with the TTT logo), the largest strike above and below spot, hurdles between spot and the anchor, and thin zones where little exposure sits. The Levels switch measures those on every expiration (the default), on today's 0DTE contracts alone (useful for an expiration-day pin), or on the dated columns shown. Switch between GEX and VEX, widen or narrow the strike range (or press Fit to size it to the widest expected move on screen, useful on volatile names), and open it full screen for more expirations. The Show switches add overlays, remembered for your next visit: Expected move (on by default) shades the range the options market is pricing for each date and dims the cells outside it; Day-anchor path joins each date's largest strike; Exposure center marks where each date's exposure is concentrated; % change tags each cell with how much it grew or shrank against 15 minutes earlier, today's open, or the prior session (the last two on SPX, SPY and QQQ). Hover any label, control or cell for its definition.
- Tooltips: Pro Settings sets how much the page shows on hover. Full (the default) shows everything, including the definitions of terms and controls. Compact keeps the numbers (chart values, heatmap cells and captions) and drops the definitions and explanations. Off shows no hover tooltips at all. In every mode the (i) buttons still open their explanation when clicked.
