Glossary
The terms on the dashboard, in plain words.
- GEX (gamma exposure)
- How much gamma the options at each strike carry, added up. GEX BASIC counts calls as positive and puts as negative gamma, weighted by open interest or by today's volume.
- Zero gamma
- The price where the total gamma changes sign – above it moves tend to be damped, below it they tend to run. Worked out from GEX by volume. Also called the gamma flip.
- Major positive
- The strike with the largest positive gamma exposure – also called the call wall. Often a resistance or slow-down zone.
- Major negative
- The strike with the largest negative gamma exposure – also called the put wall. Often support, or an acceleration trigger if it breaks.
- GEX by volume
- Gamma exposure from today's traded option volume. Moves during the session.
- GEX by open interest (OI)
- Gamma exposure from the open contracts the OCC tallies once a day. The levels are in place by 08:30 ET.
- Net GEX
- The sum of gamma exposure across the whole chain, positive or negative.
- Max change
- The strikes with the largest GEX change over the last 1, 5, 10, 15 and 30 minutes.
- Lookback dots
- Dots on each bar showing that strike's GEX 1, 5, 10, 15 and 30 minutes ago.
- DTE
- Days to expiration. 0DTE = expiring today, 1DTE = the following session, 90d = all expirations within 90 days.
- Market hours (RTH)
- The NYSE cash session, 09:30–16:00 ET. Outside it the levels don't change.
- Node
- A strike with notable gamma exposure. In the Nodes view: peak = the largest node near spot, barrier = a large node (at least half the peak) between spot and the peak, support / resistance = the largest node below / above spot, far node = a large node more than 3% away with nothing sizeable in between.
- Thin zone
- Three or more strikes near spot with little exposure. Nothing there slows price down, so it tends to move through quickly.
- Structure
- A name for the overall shape around spot: range = strong support and resistance with little in between; skew up / down = exposure concentrated on one side, largest well away from spot; support gap = negative exposure just below that clearly outweighs the positive just above, with no positive support underneath, so moves down can accelerate; resistance gap = the mirror image upwards; scattered = no concentration, several separate nodes of similar size; balanced = none of these. Rule-based and meant as a summary, not a signal.
- 1st touch
- The first time today that spot reaches a level. Later touches are numbered; a level often reacts most the first time.