Gamma Levels
Night vision hides the GEX profile, trails, Max change and volume profile. They come back when it is off.
The strike with the most positive dealer gamma. Dealers sell into rallies here, so it often acts as a ceiling. The thin dashed line is the second-largest call wall.
Where dealer gamma flips sign. Above it, dealer hedging tends to dampen moves; below it, it tends to amplify them. The short stepped segments show its value in each 15-minute window.
The strike with the most negative dealer gamma. Often a floor; when it breaks, selling can accelerate. The thin dashed line is the second-largest put wall.
From the whole book's net gamma. Positive: dealers are long gamma and fade moves, so expect chop and pinning between the walls. Negative: dealers are short gamma and chase moves, so expect trends and wider ranges.
The regime and price disagree: net gamma points one way, but price is on the other side of zero gamma. DIV uses volume, OI DIV uses open interest. A ring on a market's dot in the top bar means the same.
Yellow dots: where the two call walls sat over time. Flat bands mean the wall is holding.
White dots: where the two put walls sat over time.
Bars on the right edge: gamma at each strike. Green is positive, red is negative, longer is bigger.
Top-left of each chart: the strike whose gamma changed most over the last 1, 5, 10, 15 and 30 minutes, and by how much. Fold it with its arrow.
Volume profile. POC is the most-traded price. About 70% of the volume traded between VAH (high) and VAL (low).
Heavy one-sided volume into a level while price stalls. The level is being defended.
Heavy one-sided volume pushing price through a level. The level is breaking.
Large prints at their price and time. Buys at the ask and sells at the bid in your two colours; the number is the size.
Yesterday's value area and regular-session high and low. ONH / ONL are the overnight high and low. IV bands are the expected range from options pricing.
Night vision only: the ten strikes with the most gamma on the next session's chain, plus the Asia and London session levels.
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