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IndicatorsGEX profile (options)

GEX profile (options)

The gamma exposure of options dealers per strike directly on the price, with call wall, put wall, max pain, and gamma flip.

The GEX profile shows where options dealers have to adjust their hedges when the price moves. At such prices, the market can be slowed down or accelerated. You'll find it under Top bar → Indicators → Options. It is included in the Pro plan and available for BTC and ETH. For other symbols, the menu shows “no data”.

What you see

  • Bars per strike from the left edge of the chart: calls upward in turquoise, puts downward in red. The longer the bar, the more gamma sits at that strike.
  • Four labeled lines:
LineMeaning
Call wallthe strike with the largest call gamma. Often acts like a ceiling, because dealers sell there when the price rises.
Put wallthe strike with the strongest negative put gamma. Often acts like a floor.
Max painthe strike at which open options would be worth the least at expiry. It sometimes pulls the price toward it as expiry approaches.
Gamma flipthe price at which the dealers' total gamma changes sign

How to read it

  • Above the gamma flip, dealers are usually long gamma: they sell into rises and buy into declines. The market then tends to move calmly.
  • Below the gamma flip, they are usually short gamma and trade in the direction of the move. Moves then often turn out more violent.
  • Large bars close to the price are prices where the market often gets stuck.
Note. The GEX profile rests on an assumption about how dealers are positioned (calls positive, puts negative). Nobody publishes how dealers are actually positioned. Read the profile as a map, not a forecast.

Settings

SettingDefaultOptions
Expiries for GEXAllAll, Through monthly expiry, Next expiry only

“Through monthly expiry” counts all options up to the next monthly expiry (the last Friday of the month), “Next expiry only” just the next date. Short-dated expiries have the strongest gamma and say the most about the coming days.

You can reach this setting with the gear in the Layers panel or in the settings dialog. The gear in the legend, on the other hand, opens the Options widget, which shows the same data with expiries, the IV smile, and the expected move. More on this under Data widgets.

How it is calculated

mantacharts calculates each option's gamma with Black-Scholes from its implied volatility. The GEX per strike is the dollar amount dealers would have to re-hedge for a 1% move. Max pain comes from open interest, and mantacharts searches for the gamma flip within ±15% of the price.