Greeks Exposure Dashboard: GEX Analysis
Last reviewed: by Options Analysis Suite Research.
Dedicated gamma exposure (GEX) and Greeks exposure analysis page that aggregates dealer hedging flows across the entire options chain to identify key support/resistance levels, gamma flip points, and market maker positioning shifts. Supports multi-Greek exposure (Gamma, Delta, Vanna, Charm, Vomma, Vega) with live spot price repricing via WebSocket for real-time updates during market hours. Available with a Professional subscription.
- Aggregate Exposure Profile: Bar chart of per-strike Greek exposure across all selected expirations with call/put split, net view, and dealer hedging perspectives. Includes call wall, put wall, and gamma flip reference lines with shaded zone overlays. Supports drag-to-zoom for detailed strike inspection.
- Gamma Exposure Curve: Net dealer gamma plotted across a plus or minus 10% hypothetical price sweep, showing where gamma flips from positive (mean-reverting) to negative (trend-amplifying). Captures the S squared effect on dollar gamma as price moves.
- Exposure Heatmap: Strike x Expiration Plotly heatmap with magnitude, net, and call/put dominance view modes. Filters to the plus or minus 10% ATM action zone and removes insignificant strikes automatically. Supports all six Greeks.
- Volume Flow Heatmap: Time x Strike heatmap that tracks intraday volume deltas across ~30-second term structure refreshes. Shows where new volume is accumulating in real time with Total, Calls, Puts, and Net (Call minus Put) view modes.
- Stacked Gamma by Expiration: Stacked bar chart breaking down gamma exposure into DTE buckets (0DTE, 1-7d, 8-30d, 30d+) to visualize near-term vs long-term gamma concentration at each strike.
- Put Skew Term Structure: 25-delta put IV vs ATM IV across expirations, showing the volatility skew term structure with average, near-term, and far-term skew summary statistics.
- Key Levels: Automatically computed call wall, put wall, gamma flip point, and gamma flip zone with distance-from-spot metrics. Includes regime indicator (positive/negative gamma environment) and 1-day expected move from ATM straddle IV.
- Live Spot Repricing: WebSocket/DXLink live price feed with 3-second throttle reprices all exposure calculations in real time. LIVE indicator with 15-second freshness timeout shows feed health.
- Prior Session Comparison: Persists daily gamma/delta snapshots anchored to REST spot price and shows change-vs-prior for cross-session trend tracking.
- Expandable Charts: Any chart can expand to full viewport with a sub-navigation bar for switching between expanded charts without collapsing first. Includes keyboard navigation (Escape to close) and focus trap for accessibility.
How to Read a GEX Profile in Practice
A positive net dealer gamma at the current spot tells you market makers are long gamma: their hedging flow is mean-reverting (they buy dips, sell rips), which dampens realized volatility and tends to pin price to high-gamma strikes. A negative net gamma flips the sign: dealer hedging amplifies moves (they buy strength, sell weakness), so realized volatility tends to expand and trends accelerate. The gamma flip point, the spot at which net gamma changes sign, is the single most actionable level on the chart. The put wall and call wall mark the strikes where dealer gamma concentration is highest; price often pauses or reverses near them, especially heading into expiration.
Higher-Order Greeks on the Same Page
Many GEX dashboards stop at gamma. This page extends to vanna (delta sensitivity to vol), charm (delta decay over time), vomma (vega convexity), and vega itself, all aggregated across the chain by strike. Vanna profiles are useful into vol shifts: a high-vanna strike will see its delta change materially if IV moves, which means dealers will need to rehedge, often a contributing factor in vol-driven trend extensions. Charm concentrations near expiry produce known overnight/weekend delta drift in dealer books, which is where pre-expiration pinning behavior comes from.
Reading the Volume-Flow Heatmap
The volume-flow heatmap tracks intraday volume deltas at roughly 30-second resolution across strikes. Color intensity reflects how much new volume printed at each strike during each interval. The interpretation is workflow-driven: persistent green columns at strikes well above spot signal real-time call-buying flow that will accumulate dealer short-call exposure if dealers are the counterparty; red columns on the put side signal put-buying that builds dealer short-put exposure. The Net (Call minus Put) view collapses both sides into a single signed signal, which is convenient for spotting one-sided regime shifts. The Total view answers the simpler question of where session volume is concentrated regardless of side.
Snapshot vs Stream
The page operates in two modes: a snapshot of the most recent end-of-day positioning (default during off-hours) and a live-streaming mode during market hours. The snapshot mode is anchored to a fixed spot price; the streaming mode reprices all exposure calculations on every WebSocket tick from the live spot feed. The Prior Session Comparison overlay persists each session's anchored snapshot so the user can read intraday changes against yesterday's close. The LIVE indicator with a 15-second freshness timeout is the user's signal of feed health; if it goes stale, the displayed exposures revert to the most recent fresh snapshot rather than displaying stale stream data.
How This Compares to Generic GEX Tools
Generic GEX dashboards usually report a single net-gamma scalar plus a list of high-OI strikes. This page differs in three ways. First, exposure is decomposed into all six Greeks (gamma, delta, vega, vanna, charm, vomma) rather than gamma alone. Second, the data is anchored to dealer-side conventions consistent with the implementation in the proxy library, so dealer hedging interpretations apply directly without sign-flipping the raw values. Third, the live spot repricing means the displayed levels track real-time spot, not a stale snapshot, which is what matters for an intraday workflow.
This page is part of the Options Analysis Suite features overview. Browse the full documentation.