AlgoStorm Expected Move Levels (EML)AlgoStorm Expected Move Levels (EML)
A precision options-implied range mapping tool that plots daily and weekly ±1σ and ±2σ expected-move bands from the ATM straddle, from implied volatility, or from an automatic average-range fallback — with a live meter showing how much of the average daily and weekly range has already been consumed.
The AlgoStorm Expected Move Levels (EML) indicator is designed for index and futures traders who trade with the options market's own forecast. The at-the-money straddle is the market's priced bet on how far the underlying travels before expiry; the expected move derived from it defines the range the market is paid to defend. Gamma levels show where dealers defend — the expected move shows how far the market is priced to travel . Together they form the complete options-informed map for index futures, and EML is the second half of that pair.
DATA INPUT — READ BEFORE LOADING
This indicator carries no built-in options data feed. Setup is a single paste. Our free browser-based GEX dashboard includes an Expected Move calculator that auto-fills spot and the ATM straddle from delayed CBOE quotes and emits one CSV line — 1,anchor,dailyStraddle,weeklyStraddle,multiplier (example: 1,6350.25,44.30,94.80,0.85). Drop that line into the EM Data field and every value is populated at once; the leading 1 is a format version the script validates, so a malformed or mismatched paste is flagged on the chart instead of silently plotting nonsense.
Prefer to work from your own options chain? The Manual Entry group still accepts an ATM straddle price (call + put at the strike nearest spot) or an annualized implied-volatility figure, and a valid paste simply takes precedence over it. With the paste field empty and both manual inputs at zero, the script runs standalone on its average-range fallback, so it works out of the box. Refresh the paste once per session, before the open.
Symbol Mode: SPX / ES plots pasted values as-is — SPX options are struck at the same levels ES trades. SPY mode divides the pasted anchor and straddles by 10. Scaling is applied to pasted values only; manual entries are always read in chart units.
Technical Architecture: Triple-Source Expected Move Pipeline
Versioned Paste Decoder: One string input carries anchor, daily straddle, weekly straddle and multiplier — validated on version and field count, with every absent slot decoding to zero so it falls through to the manual entries and then to the range fallback. The info table reports whether the live values came from the paste, from manual entry, or from the automatic fallback.
Straddle Conversion Engine: EM(1σ) = ATM straddle × 0.85. A straddle's price is its expected payout; under a normal approximation, roughly 85% of that payout equals the 1σ price range. The multiplier is exposed as an input — set 1.0 to use the raw straddle convention instead. A pasted line carries its own multiplier and takes precedence; when using the paste workflow, adjust the multiplier on the dashboard before copying.
Volatility Mode: EM(daily) = anchor × IV × √(1/252) and EM(weekly) = anchor × IV × √(5/252), the trading-day convention. Useful when you track IV but not option prices.
Automatic Fallback Cascade: Any zeroed input degrades gracefully — daily falls back to the Average Daily Range (default 14 days), weekly to the Average Weekly Range (default 8 weeks), and a missing weekly straddle first derives from the daily straddle × √5. The info table always displays which source is live, so there is never ambiguity about what the bands represent.
Chart-Side Lock Engine: The script contains zero request.security calls. Anchors and bands compute from the chart's own session boundaries and lock at the day/week open — they cannot move intraday, and there is no repaint path by construction.
Range Consumption Meter: Completed daily and weekly ranges feed fixed-length rolling windows; the current period's range is expressed as a percentage of its average ("today has used 78% of its average range") — the continuation/exhaustion filter the EM bands are read with.
Features & Functionality
Daily Expected Move Bands: ±1σ and optional ±2σ steplines around a configurable anchor — prior close (the desk-quoting convention, default), today's open, or the spot price carried in the paste.
Weekly Expected Move Bands: The identical structure anchored at the weekly boundary, off by default for chart cleanliness.
Anchor Lines: Dimmed reference steplines marking the exact price the bands are centred on.
Live Info Table: Effective daily and weekly EM with source labels, ADR/AWR values, day/week range-consumption percentages that highlight when a range is fully spent, and an EM Data row reporting paste / manual / fallback status.
Symbol Mode: SPX / ES one-to-one, or SPY with pasted values auto-scaled ÷10 — a chart label confirms whenever scaling is active.
Alert Suite: Seven conditions — daily ±1σ break, daily ±2σ break (tail move), weekly ±1σ break, and ADR exhausted (day range reaches 100% of average). All fire on confirmed closes; a crossed band cannot move away afterward.
Honest limitations: the expected move is model context, not a boundary — roughly one day in three closes outside the ±1σ band by construction, because that is what 1σ means . Straddle and IV inputs are static: re-enter them when the session rolls or the volatility regime shifts. ADR/AWR use chart-session ranges, which on continuous futures include the overnight session — usually what you want on full-Globex instruments, but know your convention.
Open-source under CC BY-NC-SA 4.0. Educational tool — not financial advice. Indicator
GEX Levels - Dealer Gamma Exposure GEX DAILY LEVELS — Dealer Gamma Exposure Levels
This indicator plots dealer gamma exposure (GEX) levels as horizontal lines, computed from index option chain data and supplied via a compact text string. It is designed for NQ/NDX but works with any instrument given matching data.
█ METHODOLOGY
The levels follow the standard "naive" dealer positioning convention (dealers long calls, short puts). Per-strike net GEX = gamma × open interest × contract multiplier × spot² × 1%, summed with calls positive and puts negative.
- Call Wall / Put Wall — strikes holding the maximum positive / most negative net GEX across expiries. Dealer hedging around these strikes dampens moves toward them in positive gamma (pinning) and defines major resistance/support.
- 0DTE Walls — the same computation restricted to the current session's expiry, isolating the most reactive intraday hedging flows.
- Gamma Flip — the spot level where aggregate dealer gamma changes sign, obtained by recomputing Black-Scholes gamma across a grid of hypothetical spot prices. Above it, hedging is mean-reverting; below it, hedging amplifies moves.
- Expected Move — the at-the-money straddle price for the nearest expiry: the move the options market is pricing for the day. Fractional bands (e.g. ±50%, ±150% of the straddle) are included because the straddle approximates 0.8 standard deviations, giving each band a defined statistical meaning.
- 1D Min/Max — the one-day range implied by annualized ATM volatility (IV/√252), a complementary volatility-based estimate.
- Max Pain — the strike minimizing total option holder payout at the nearest expiry.
- G+/G− — remaining top strikes ranked by absolute net GEX.
█ WHY A TEXT STRING INPUT
Open interest is static intraday, so gamma levels are constant for the session. Injecting them as data rather than recomputing on chart makes the indicator repaint-free, lookahead-free and provider-agnostic: any gamma data source, or your own option-chain computation, can feed it.
Format: price,label,kind;price,label,kind;...
Kind codes: res, sup (walls) · res0, sup0 (0DTE walls) · flip · emh, eml (expected move) · emb (fractional bands) · ivh, ivl (1D range) · mpain · gpos, gneg
Example: 21100.0,Call Wall,res;20950.5,Gamma Flip,flip;20800.0,Put Wall,sup
█ FEATURES
- Per-family styling: visibility, color, width (1–5), line style for each level type
- Alerts on price crossing walls, 0DTE walls or the gamma flip
- Proximity table showing the nearest level above and below current price with distances
- Label size, offset and price display options
█ LIMITATIONS
Levels are a pre-session snapshot; walls do not move intraday since open interest is settled overnight. The gamma flip may legitimately be absent in strongly positive gamma regimes. Educational tool; nothing here is financial advice. Indicator
ZeroGEX Daily Gamma LevelsManually plot key options-positioning levels on your chart: Gamma Flip,
Call Wall, Put Wall, and Max Gamma / Pin.
These levels are used by SPY, SPX, and QQQ traders to identify potential
support, resistance, pinning zones, and volatility-regime shifts.
HOW TO USE
1. Add the indicator.
2. Open Settings and enter today's Gamma Flip, Call Wall, Put Wall, and
Max Gamma / Pin. Each draws as a horizontal line with a price label,
plus an on-chart info box. Set any level to 0 to hide it. Optional
price-cross alerts are included.
This script is manual-entry only — it does not pull data. Daily gamma
levels are published for free at zerogex.io.
For informational and educational purposes only. Not financial advice. Indicator
GEX Levels [SYNC & TRADE]# GEX Levels
This indicator plots key options gamma levels on your chart and turns raw dashboard numbers into a plain-language read: where the market accelerates, where it brakes, where it's being pulled, and what counts as a trigger versus wishful thinking.
Data is not pulled automatically (Pine has no access to external APIs). You paste one line of numbers — the indicator draws everything and explains it. Source code is open.
---
## What it draws on the chart
Four levels as lines on price:
- **Resistance (Call Wall)** — first serious obstacle above.
- **Support (Put Wall)** — nearest floor below.
- **Boundary (Zero-Gamma / Flip)** — the divide between the "calm" and the "sharp-move" zone.
- **Springboard (Breakout)** — the level above which the acceleration starts.
Levels at the same price merge into one label. Lines can be limited to the current day or extended across the whole chart.
---
## What's in the table (bottom panel)
Nine rows, each a separate layer of meaning:
1. **Net GEX** — the character of the move: market "with brakes" (dips get bought) or "without brakes" (sharp swings both ways).
2. **Bias** — the options skew: bullish / bearish / neutral.
3. **P/C** — put/call ratio: more downside protection bought, or more upside bets.
4. **RV/IV** — realized vs. implied volatility: market already moving stronger or calmer than priced in.
5. **Boundary** — where price sits relative to flip: in the sharp-move zone or the calm one.
6. **Wall** — the meaning of resistance as a decision point.
7. **Springboard** — the short-squeeze mechanics when price holds above.
8. **Magnet (Pin)** — where, and how strongly, price is being pulled.
9. **Verdict** — a dynamic conclusion from the current price position: upside acceleration / downside zone / between the lines.
Row colors shift with meaning (red — downside risk, green — upside, gray — neutral).
---
## Settings
- **Language / Язык** — RU or EN. Switches the whole table and the level names.
- **Day Window** — start of a new GEX day: UTC 00:00, Deribit 08:00 UTC (expiry), or MSK 00:00.
- **Style** — line width, colors, label background, price display, merging of nearby levels.
- **Info Panel** — panel visibility and text size.
## Alerts
- **Flip cross** — price crossed the gamma flip, the regime has changed → reassess your thesis.
- **New day** — a new GEX day has started → refresh the dashboard data.
---
## How to use
1. Open the cryptogamma.io dashboard for the asset you need (BTC / ETH).
2. Copy the text with the numbers.
3. Run it through the converter prompt below (any AI) → you get one line.
4. Paste the line into the **GEX data** field in the indicator settings.
5. Refresh once a day (or on the new-day alert).
### Data line format
```
res=63000; sup=60000; flip=62000; brk=64500; regime=bearish; ng=-113830; rv=54.05; iv=48.89; pinlvl=63000; pinf=low
```
Separator is `;`. A missing key or a value of `0` hides that level/field.
---
## Converter prompt (paste into any AI)
```
You are an options gamma-data parser. I'll give you text from the
cryptogamma.io dashboard for BTC or ETH. Extract the values and return
EXACTLY ONE line in this format:
res=; sup=; flip=; brk=; regime=; ng=; pcr=; rv=; iv=; pinlvl=; pinf=
Key meanings:
- res — Call Wall / nearest resistance above
- sup — Put Wall / nearest support below
- flip — Zero Gamma / Gamma Flip
- brk — Breakout level, if given
- regime — overall bias: bullish / bearish / neutral
- ng — Net GEX as a WHOLE NUMBER, no K/M, no commas (e.g. -113830)
- pcr — Put/Call ratio (number)
- rv — Realized Volatility (number)
- iv — Implied Volatility (number)
- pinlvl — Pin / Max Pain level (price)
- pinf — pin strength: low / med / high
Rules:
- If a value isn't in the text — skip that key entirely, don't write blanks.
- No spaces inside values. Separator is ';' only.
- No explanations or comments — return ONLY the line.
Dashboard text:
```
---
## Important
This indicator is an **analytical tool, not a signal**. The levels and panel show how forces are stacked in the options market at the moment of the data, but they don't predict direction and aren't a trade recommendation. Entry decisions, position sizing, and risk management are the user's responsibility.
Data must be refreshed manually: the numbers go stale with each new day and every large move.
---
*© SYNC & TRADE — @synchrotrading* Indicator
AlgoStorm Gamma Exposure Levels (GEX-L)AlgoStorm Gamma Exposure Levels (GEX-L)
A high-performance options market structure visualization tool designed to map total Gamma Exposure (GEX) profiles, Call Walls, Put Walls, and Gamma Flips directly onto your charts using custom-pasted external options chain inputs.
The AlgoStorm Gamma Exposure Levels (GEX-L) indicator is designed for active index and futures traders who track institutional options positioning to map structural support, resistance, and volatility inflection boundaries. It translates raw options chain metrics into actionable on-chart structural lines. By default, it supports mapping across SPX (cash index), ES/MES futures, and SPY ETF charts through localized scaling engines.
CRITICAL DATA INPUT REQUIREMENT — READ BEFORE LOADING
This indicator DOES NOT come with an automatic or built-in options data feed. It operates as a blank visualization engine. To use it, you must copy a standardized 11-value comma-separated (CSV) data string from your external options data provider and paste it manually into the "GEX Data" field inside the indicator settings. The script parses this input to draw static levels for your trading session. It will remain empty until you provide data.
Technical Architecture: Anti-Overlap Stagger Pipeline
Traditional horizontal level indicators frequently suffer from visual clutter and illegible text labels when key options strikes or walls cluster tightly together. To bypass this platform constraint, this script utilizes an advanced multi-array sorting and layout engine:
True Price Isolation: Horizontal level lines are drawn strictly at their accurate options execution strikes, extending across your historical chart data.
Permutation Sorting Pass: The execution engine takes all active inputs and dynamically sorts them from lowest price to highest price on every new market tick.
Algorithmic Staggering Array: A secondary layout pass evaluates the vertical proximity of text tags in your chart margins. If adjacent tags fall below your user-defined point-separation threshold, the text labels are mathematically shifted away from each other along the Y-axis. This ensures that every price label remains completely readable without altering the true location of the price lines.
Features & Functionality
Multi-Tiered Level Layouts: Maps primary macro anchors (Primary Call Wall CW1, Primary Put Wall PW1, and Gamma Flip) using heavy line styling, alongside up to four distinct secondary levels (CW2–CW5 and PW2–PW5) for deeper context into out-of-the-money open interest.
Intelligent Symbol Scaling Engine: Built-in auto-scaling logic bridges index options structure with retail trading instruments. When toggled to SPY mode, the script automatically scales your pasted SPX options data by dividing values by 10 to perfectly align with your ETF chart grid.
Luminance-Sensing Contrast Badges: Features customizable label styles, including a modern solid badge layout. The script calculates the relative luminance of your chosen level colors to automatically determine whether to render black or white text on top of the background badge, preventing visual washout.
Opaque Visibility Overrides: Built with an explicit alpha channel stripping mechanism. Secondary levels can be configured with dimmed, low-opacity line styles to keep your main chart clean, while their text tags remain 100% opaque and sharp inside the margin.
Dynamic Trapped Zone Fills: Renders a background color cloud across the macro zone separating the primary Call Wall and Put Wall. The background dynamically transforms its color state depending on whether the current market price is safely insulated inside the wall boundaries or breaking out into high-volatility territory.
Indicator
SPX Levels Mapper (Auto-Calibrating v3)SPX Levels Mapper (Auto-Calibrating v3)
Plot S&P 500 levels directly on any chart — converted automatically using a live rolling linear regression between SPX and your instrument.
How it works:
The indicator pulls real-time SPX data and runs a rolling linear regression against whatever ticker you're charting over a configurable lookback window. Any SPX level you input gets converted to its equivalent price on your chart — no manual slope or intercept needed.
Features:
Auto-calibrating regression that updates every bar
Works on any correlated instrument (NQ, MNQ, ES, MES, individual stocks, etc.)
8 configurable level slots, each with its own color, label, and settings
Per-level gamma toggle (Positive / Negative) with ⚠ warning labels for negative gamma
Per-level Hard Stop toggle — marks levels where price should stop with a 🛑 label
Optional padded zones (±10 points default) to visualize the area of influence around each level
Per-level zone transparency control so you can dial up intensity on key levels and fade out the rest
Info box showing live regression stats (slope, intercept, R²)
Use cases:
Map SPX gamma/GEX levels from Unusual Whales, SpotGamma, etc. onto any chart
Distinguish between positive and negative gamma environments per level
Mark hard stops where market maker positioning suggests price rejection
Visualize zones of influence with adjustable padding and intensity
How to use:
Add to any chart that correlates with SPX
Enter SPX levels in the settings — each level has its own group
Toggle gamma type, hard stop, zone visibility, and transparency per level
Lines and zones appear at the equivalent price on your chart, updating in real time
Built for traders who read SPX flows but execute on other instruments. Indicator
GEX Dealer HeatmapHere's the full publication description:
This indicator, "Dealer Heatmap", attempts to model gamma exposure (GEX) at each options strike level and visualize where market maker hedging activity is most likely to create gravitational pulls, support floors, and volatility amplification zones.
The idea is: if market makers are net long gamma at a given price level, they mechanically buy dips and sell rallies to stay delta-neutral — creating a pinning force. If they are net short gamma, they do the opposite, amplifying directional moves away from that level.
True GEX data requires live options chain open interest and per-strike gamma values, which PulseWire does not expose to Pine Script. This indicator models the GEX structure using gamma's well-documented bell-curve decay from the at-the-money strike, VWAP-anchored flip zone estimation, and put-skew adjustments for downside levels. It is a structural proxy, not a precise measurement. I'll cover the assumptions and their justifications throughout.
🔹 The Premise — How Market Makers Create Price Structure
To understand why this indicator is useful, you need to understand what market makers actually do when they sell you an options contract.
When you buy a call option on a stock, someone has to take the other side of that trade. In most cases, that counterparty is a market maker — a firm whose job is to provide liquidity, not to take directional bets. They sell you the call, and they are now short that call.
A short call position has negative delta. If the stock moves up, the market maker loses money on that short call. To remain delta-neutral — their fundamental goal — they must buy shares of the underlying. They hedge.
This hedging behavior is not random. It is mechanical, predictable, and happens continuously as price moves. The size of the hedge they must put on per unit of price movement is governed by a greek called gamma.
🔸 What Gamma Actually Means in Practice
Assume a market maker has sold a call option with a strike of $500 on a stock currently trading at $498. The option's delta is 0.45 — meaning for every $1 the stock moves up, the option gains $0.45 in value. The market maker, short that option, loses $0.45 per share for every $1 move up.
To hedge this, they buy 45 shares per 100-contract position. This keeps them delta-neutral at $498.
Now price moves to $499. The option's delta has shifted — say it's now 0.52. The market maker needs to be long 52 shares, not 45. So they buy 7 more shares. Price moves to $500 — now the delta is 0.60. They buy 8 more shares.
Every time price moves up toward a strike where market makers are short calls, they buy more of the underlying. This buying pressure acts as a gravitational pull toward the strike — and it accelerates as price gets closer.
This is positive gamma exposure. The market maker's hedging activity is stabilizing — they buy when price falls, sell when price rises. The strike becomes a magnet.
🔸 Negative Gamma — When Market Makers Amplify Moves
The opposite condition arises when market makers are net long the options they've sold. This happens primarily in high-put-volume environments or when dealers have taken on unusual positioning.
In negative gamma, the dealer's hedging goes the other way. Price falls — they sell more underlying to stay delta-neutral. Price rises — they buy more. Their hedging amplifies the move rather than dampening it.
This is why markets in negative GEX environments tend to exhibit large, fast, trending moves. The dealer community is no longer acting as a shock absorber. They are adding fuel.
Jarrow and Protter (2012) formally documented the feedback loops that arise when large options hedgers must dynamically hedge in the underlying market, finding that such hedging creates self-reinforcing price dynamics that persist until the gamma exposure unwinds.
Ni, Pearson, and Poteshman (2005) found statistically significant evidence that options market maker hedging causes stock prices to cluster around option strike prices on expiration dates — direct empirical confirmation of the gamma pinning effect.
The core insight is this: strikes where dealers are long gamma become support and resistance levels — not because of order flow memory or technical analysis, but because of mandatory, mechanical hedging activity that occurs with every tick of price.
🔸 The GEX Flip Point — The Most Important Level on the Chart
At any given time, the market transitions somewhere between positive and negative net dealer gamma. The price level where this transition occurs is called the GEX flip point.
Above the flip point, dealers may be in negative gamma — amplifying moves higher.
Below the flip point, dealers may be in positive gamma — dampening moves lower.
This single level often explains why a market behaves in a trending, high-volatility way above a certain price but becomes sticky and range-bound below it. The flip point is not always the ATM strike. In a market with heavy put buying, it can be significantly below spot price — meaning even with price elevated, the dealer community is still net long gamma and suppressing volatility.
Kavajecz and Odders-White (2004) documented how options market activity significantly shapes the distribution of liquidity in the underlying equity market, with the most pronounced clustering occurring at the strikes with the highest open interest — consistent with the GEX framework's emphasis on high-OI strikes as structural levels.
🔹 How It Works — The Dealer Heatmap Model
🔸 Strike Level Construction
The indicator begins by identifying the at-the-money (ATM) strike — the options strike nearest to the current close price, rounded to the user-defined strike spacing. This is the single most important input in the model. Real options chains use standardized strike intervals: $1 for low-priced stocks, $5 for mid-cap equities, $25 for ETFs like SPY and QQQ, and $50–$100 for indices like SPX or ES futures.
Setting the strike spacing correctly for your instrument is the most important configuration step. If you set $5 spacing on a $50 stock where real strikes are $1 apart, the model will misplace every level significantly.
From the ATM strike, the indicator projects equally-spaced levels upward (negative GEX / resistance zones) and downward (positive GEX / support zones) based on your selected number of levels.
🔸 Gamma Strength Decay — The Bell Curve Model
True gamma is not uniformly distributed across all strikes. It concentrates heavily at the ATM strike and decays rapidly as you move further away. This is a mathematical property of the options pricing model — the Black-Scholes gamma function peaks at the money and falls off in a bell-curve shape.
The Dealer Heatmap models this with an exponential decay function:
Strength = e^(−decay × normalizedDistance²)
Where normalizedDistance is the distance from ATM expressed as a percentage of the current price. This produces a score of 1.0 at the ATM strike decaying toward 0.0 at far-out-of-the-money levels — matching the real-world distribution of gamma across strikes.
The Gamma Decay setting controls how steep this curve is. A decay factor of 1.5 (the default) produces a moderately wide distribution — reasonable for normal-volatility environments where OI is spread across several strikes. Increasing it to 3.0 or higher concentrates nearly all the modeled GEX into the 1–2 strikes nearest to the ATM, which better represents low-volatility, expiration-day, or high-IV-crush environments where gamma is extremely concentrated.
There are limitations here. The real distribution of gamma across strikes depends on where traders have actually bought and sold options — which varies by symbol, expiration cycle, and market conditions. This model assumes the distribution follows the theoretical Black-Scholes shape. In reality, skew and the volatility surface cause gamma to be distributed unevenly. The model cannot account for this without live OI data.
🔸 The Heatmap Visualization
Each zone between consecutive strike levels is drawn as a filled box. The fill intensity — how bright and opaque the zone appears — is a direct visual encoding of the modeled GEX strength at that level.
Zones glowing brightest are nearest the ATM strike. They represent the strongest modeled gamma pull. Price, when it approaches these zones, is most likely to encounter mechanical hedging pressure from the dealer community.
Zones that are faded and dim represent weak, far-OTM gamma exposure. These are areas where hedging flows are minimal and directional momentum is more likely to carry through without resistance.
Red zones above the ATM strike represent negative GEX levels — dealer hedging in these zones is pro-cyclical and amplifying. A breakout into a bright red zone suggests the move may accelerate as dealers must hedge in the direction of the move.
Teal zones below the ATM strike represent positive GEX levels — dealer hedging is counter-cyclical and dampening. Price approaching a bright teal zone is entering an area of natural mechanical support.
The yellow ATM band is the pinning zone — the strike where gamma is strongest and the dealer hedging creates the tightest gravitational pull. On options expiration days, price frequently closes near this level.
🔸 The GEX Flip Zone
The flip zone is modeled as a band around the VWAP-anchored strike — the strike nearest to the session's volume-weighted average price. This is the indicator's best estimate of where dealer gamma transitions from net positive to net negative.
When price is trading inside the flip zone, the yellow background highlight activates on the chart bars. This signals a transitional environment — dealer hedging behavior is ambiguous, and price may exhibit choppy, unpredictable behavior before committing to a direction.
Exiting the flip zone with conviction — either breaking above into negative GEX territory or dropping below into positive GEX — often precedes a regime change in volatility behavior.
🔸 Put Skew Adjustment
In most equity markets, there is chronic excess demand for put options relative to calls. Retail investors and institutions buy puts for portfolio protection. This structural imbalance means that in practice, downside strikes tend to carry more open interest and gamma than a symmetric bell-curve model would suggest.
The Put Skew setting adjusts for this by boosting the strength scores on below-ATM (positive GEX / support) levels proportionally. A skew factor of 0.25 (the default) adds a modest boost to downside strikes, with the boost scaling with distance from ATM — the further below, the more of a skew adjustment is applied.
For indices like SPX, SPY, and QQQ where put-buying is especially pronounced, increasing this to 0.4–0.6 produces a more realistic representation of the actual gamma distribution. For individual equities with balanced call/put OI, setting it closer to 0.0 is more appropriate.
🔸 VWAP Overlay
The VWAP is plotted as a reference line in orange. It serves as the anchor for the flip zone calculation and provides session context. In GEX frameworks, VWAP carries additional significance — it represents the average price at which the most volume has transacted, and market makers frequently reference it as a benchmark for their own positioning throughout the session.
🔸 Right-Side Labels and Score Bars
Each level is labeled on the right edge of the heatmap with the strike price, a normalized strength score from 0–100%, and a visual dot-bar indicator (▰▰▰▱▱▱▱▱) for at-a-glance magnitude reading. The label colors match the zone fill intensity — brighter label, stronger level.
🔹 Settings Reference
Strike Spacing — Match to the real options chain for your instrument. This is the highest-impact setting.
Levels Above/Below — How many strike levels to display on each side. More levels gives a fuller picture of the gamma landscape but increases visual density.
Heatmap Width (bars) — Controls how far back the filled boxes extend on the chart. Shorter values focus the visualization on recent price action. Longer values help when zoomed out.
Gamma Decay — Controls how steeply strength falls off away from ATM. Higher values = tighter concentration at the money.
Put Skew — Boosts downside level strengths to reflect structural put-buying demand. Higher for indices, lower for individual stocks.
Flip Zone Width — Widens or narrows the transitional zone around the flip strike. Wider values are useful in high-volatility sessions where the exact flip level is uncertain.
Max Fill Opacity — The transparency of the strongest zones. Lower values (more opaque) make the heatmap more visually dominant. Higher values keep it subtle in the background.
🔹 Closing Remarks
Gamma exposure is one of the most structurally robust sources of mechanical price pressure in modern equity markets. Unlike support and resistance drawn from price memory or subjective chart patterns, GEX-derived levels exist because they are actively maintained by the dealer community's mandatory hedging obligations. They do not require a trader to "respect" them — they are reinforced by institutional-scale buying and selling that occurs automatically.
That said, this indicator is a model. It approximates the GEX landscape using theoretical gamma distribution and structural assumptions — it does not read actual options chain data. Strike levels with genuine unusually high open interest concentrations, which would appear as anomalously strong GEX in real data, will not be captured here unless they happen to align with the modeled bell curve.
The heatmap is best used as a structural context tool — understanding which zones represent natural gravitational levels, where amplification is likely on a breakout, and where the market maker community's hedging is most active. Strong zones do not guarantee reversals. What they provide is a probabilistic edge: the awareness that entering a bright teal zone puts mechanical buying pressure on your side, and that breaking into bright red territory may be accompanied by dealer-driven acceleration.
Use it in combination with your existing analysis. The heatmap tells you where the structure is. You still need to determine when and how to act on it.
🔹 References
Gamma Exposure and Market Maker Hedging
Jarrow, R., & Protter, P. (2012). A dysfunctional role of high frequency trading in electronic markets. International Journal of Theoretical and Applied Finance, 15(3).
Ni, S. X., Pearson, N. D., & Poteshman, A. M. (2005). Stock price clustering on option expiration dates. Journal of Financial Economics, 78(1), 49–87.
Liquidity and Options Market Impact on Underlying
Kavajecz, K. A., & Odders-White, E. R. (2004). Technical analysis and liquidity provision. Review of Financial Studies, 17(4), 1043–1071.
Volatility and Dealer Positioning
Gârleanu, N., Pedersen, L. H., & Poteshman, A. M. (2009). Demand-based option pricing. Review of Financial Studies, 22(10), 4259–4299.
Bollen, N. P. B., & Whaley, R. E. (2004). Does net buying pressure affect the shape of implied volatility functions? Journal of Finance, 59(2), 711–753 Indicator
GEX Levels for NQ/NDX/QQQ Gamma ExposureDESCRIPTION
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A professional framework for Gamma Exposure analysis on NASDAQ-100 instruments.
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WHAT THIS INDICATOR DOES
This indicator visualizes key strategic levels derived from Gamma Exposure (GEX) analysis — the zones where dealer hedging flows create measurable support and resistance.
What you see:
- Call Walls — resistance zones where dealers hedge against upside
- Put Walls — support zones where dealers hedge against downside
- Zero Gamma — the structural pivot between mean-reversion and trend
- Expected Move bands — statistical range boundaries
- GEX Histogram — gamma distribution profile directly on chart
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WORKS OUT OF THE BOX
The indicator ships with pre-loaded 5DTE weekly GEX levels — add it to your chart and you'll see levels immediately. No setup, no copy/paste needed. We refresh the built-in data every week.
If you have access to more frequent data (0DTE, intraday), paste it into the GEX Data field in settings — your data always takes priority. Clear the field to fall back to the built-in weekly levels.
Pre-loaded PDH/PDL reflect the session at time of update. Fresh daily structure levels require pasting updated data.
Daily 0DTE data updates available soon via invite-only version — DM for early access.
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KEY FEATURES
▸ Ticker Switcher
Select NQ, NDX, or QQQ directly in settings.
Data converts automatically (NQ-NDX spread: 40 pts, QQQ ≈ NDX/40).
One script, three instruments.
▸ GEX Profile Histogram
See gamma distribution as horizontal bars on your chart.
Instantly spot where positioning clusters.
▸ Color Themes
Choose between Boreal, Classic, or Lady Trader palettes.
▸ Level Toggles
Show/hide level groups independently:
GEX Levels | System Levels | Structure Levels
▸ Rich Tooltips
Hover for details: GEX values, Call/Put ratio, Hold/Break probabilities.
▸ Flip Detection
When price crosses a level, it automatically updates role and style (solid → dashed).
▸ GEX Threshold Filter
Hide weak levels below a minimum magnitude to focus on significant zones.
▸ Smart Level Distribution
Levels are equally split above/below spot, with closest levels always protected from max limit.
▸ Alert System
Get notified when price crosses key GEX levels. Alerts are pre-configured for the built-in 5DTE levels.
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HOW TO READ THE LEVELS
Each line represents a zone where price reaction is statistically probable:
- Thick solid lines = level not yet crossed
- Dashed lines = level flipped (price crossed through)
- Cyan/Teal or Green = potential support (Put Walls)
- Pink/Red = potential resistance (Call Walls)
- Gray = structural levels (Zero Gamma, Vol Bands, PDH/PDL)
The indicator shows structure, not predictions.
Use it to identify where the market is likely to react — not which direction it will go.
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PRO TIP: CONFLUENCE
This tool is most powerful when combined with your own analysis.
Highest-probability setups occur when GEX levels align with:
Price action zones (support/resistance, order blocks)
Volume Profile (HVN/LVN, VWAP)
Technical structure (prior highs/lows, trend lines)
One level alone is information. Confluence is edge.
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DISCLAIMER
This tool is for informational and educational purposes only.
It does not constitute financial advice. Trading involves significant risk.
Past structure does not guarantee future behavior.
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DATA FORMAT REFERENCE (for DIY users)
The GEX Data input field accepts a formatted string: L:levels|P:profile
— L: section = level lines on the chart
— P: section = GEX profile bars (horizontal histogram)
— Separated by |P:
LEVELS (L: section):
strike,type,label,tooltip,magnitude — separated by semicolons
— strike: price in NQ terms (integer)
— type: CW (Call Wall), PW (Put Wall), ZG (Zero Gamma), MP (Max Pain), EH/EL (Expected Move), VH/VL (Vol Bands), PDH/PDL/PWH/PWL (Structure)
— label: display name
— tooltip: hover text (use ~ for line breaks)
— magnitude: GEX in millions (0 for non-GEX levels)
PROFILE (P: section):
strike,score,sign — separated by semicolons
— score: -10 to 10
— sign: 1 = call-dominant, -1 = put-dominant
DIY workflow:
— Get a delayed options chain (any broker or public data provider)
— Filter to target expiry
— For each strike: Gamma via Black-Scholes, then GEX = Gamma × OI × 100 × Spot²
— Rank by magnitude, normalize scores 0-10
— Paste into Settings → GEX Data
Latest Levels Update 2026-03-08 - 5DTE Exp Indicator
Gamma Exposure Levels [BackQuant]Gamma Exposure Levels
This indicator allows you to paste Gamma Exposure (GEX) level data directly into a text input on PulseWire, automatically parsing the values and plotting them as labeled horizontal lines on your chart. It is designed for traders who use options-derived gamma exposure data as part of their technical analysis and want a fast, visual way to overlay those key price levels onto any chart and timeframe.
Rather than manually drawing lines for each level, this script reads a structured block of GEX output text, extracts every relevant dollar value, and draws color-coded, labeled levels across your chart. If two or more levels share the same price, their labels are automatically merged (for example, "Max Pain / Call Res $75,000") so the chart stays clean and readable.
What is Gamma Exposure (GEX)?
Gamma Exposure refers to the aggregate gamma held by options market makers (dealers) at each strike price. Gamma measures how much a dealer's delta (directional hedge) changes as the underlying price moves. When dealers hold large gamma positions, they must continuously hedge by buying or selling the underlying asset, which can either dampen or amplify price movement depending on the sign of that gamma.
When dealers are long gamma (positive GEX), they hedge against the prevailing trend: buying dips and selling rallies. This creates a stabilizing, mean-reverting effect around high-gamma strikes, making those levels act like magnets or support/resistance zones.
When dealers are short gamma (negative GEX), they hedge in the same direction as the move: selling into drops and buying into rallies. This amplifies volatility and can cause sharp, directional moves once a key gamma level breaks.
Understanding where these gamma levels sit gives traders a structural map of where options market makers are likely to add liquidity or accelerate a move.
How to Use This Indicator
Add the indicator to your chart.
Open the indicator settings and find the "Data Input" group at the top.
Paste your full GEX levels output into the text area. The indicator expects a structured text format (see the example format below).
The indicator will automatically parse all dollar values from the text and plot them as horizontal lines with labels.
Use the toggle checkboxes next to each level type to show or hide individual levels.
Customize colors, line style, line width, label size, label offset, and label position from the settings panel.
Expected Input Format
The indicator parses structured GEX output text. Below is an example of the expected format. Copy and paste a block like this directly into the text area input in the indicator settings:
GEX Levels - 04/03/2026, 12:17:19
All-Expiry Levels:
HVL: $72,000 +$1,841 (+2.62%)
Call Resistance: $75,000 +$4,841 (+6.90%)
Put Support: $60,000 $-10,159 (-14.48%)
0DTE Levels:
0DTE HVL: $68,000 $-2,159 (-3.08%)
0DTE Call: $71,000 +$841 (+1.20%)
0DTE Put: $66,000 $-4,159 (-5.93%)
Advanced:
Zero Gamma: $71,819 +$1,660 (+2.37%)
Max Pain: $74,000 +$3,841 (+5.47%)
Expected Move: $64,238 to $76,081
Flip Zones (All): $67,500
All-Expiry GEX Top 10 (by |gamma|):
1. $60,000 $-10,159 (-14.48%) | GEX: -20,711,741.86
2. $75,000 +$4,841 (+6.90%) | GEX: 18,876,578.2
3. $72,000 +$1,841 (+2.62%) | GEX: 17,530,960.01
4. $70,000 $-159 (-0.23%) | GEX: 17,494,795.02
5. $74,000 +$3,841 (+5.47%) | GEX: 13,573,146.08
6. $73,000 +$2,841 (+4.05%) | GEX: 10,380,107.7
7. $69,000 $-1,159 (-1.65%) | GEX: 10,341,883.98
8. $80,000 +$9,841 (+14.03%) | GEX: 8,636,674.83
9. $71,000 +$841 (+1.20%) | GEX: 7,962,084.65
10. $65,000 $-5,159 (-7.35%) | GEX: -7,257,124.01
0DTE GEX Top 10 (by |gamma|):
1. $69,500 $-659 (-0.94%) | GEX: 3,659,702.74
2. $70,500 +$341 (+0.49%) | GEX: 1,152,595.15
3. $69,000 $-1,159 (-1.65%) | GEX: 703,339.82
4. $72,000 +$1,841 (+2.62%) | GEX: 697,625.91
5. $73,000 +$2,841 (+4.05%) | GEX: 419,096.08
6. $68,000 $-2,159 (-3.08%) | GEX: 294,575.89
7. $74,000 +$3,841 (+5.47%) | GEX: 281,083.42
8. $75,000 +$4,841 (+6.90%) | GEX: 183,191.05
9. $66,000 $-4,159 (-5.93%) | GEX: -172,470.38
10. $68,500 $-1,659 (-2.37%) | GEX: 167,135.87
The indicator only extracts the dollar values from this text. The percentage changes, GEX magnitude values, and other metadata are informational context in the source data but are not plotted by this script.
Level Definitions
Below is a detailed explanation of every level this indicator can parse and plot. These are grouped the same way they appear in the indicator settings.
All-Expiry Levels
These levels are derived from gamma exposure aggregated across all option expiration dates.
HVL (High Volume Level) - The price with the highest total gamma exposure across all expirations. This is the strike where dealers hold the most aggregate gamma and therefore where hedging activity is most concentrated. Price tends to gravitate toward the HVL in positive gamma environments because dealer hedging creates a mean-reverting effect around this level. Think of it as the "center of gravity" for options-driven price action.
Call Resistance - The price level where call-side gamma creates overhead resistance. At this strike, the concentration of call gamma means that as price rises toward it, dealers who are long those calls must sell the underlying to stay delta-neutral. This selling pressure acts as a ceiling, making it harder for price to push through. Breaks above call resistance can signal a shift in positioning or the start of a gamma squeeze.
Put Support - The price level where put-side gamma creates downside support. At this strike, the concentration of put gamma means that as price falls toward it, dealers must buy the underlying to hedge. This buying pressure acts as a floor, cushioning the decline. A break below put support can accelerate selling as dealers flip from buying to selling, potentially triggering a sharp move lower.
0DTE Levels
These levels are derived exclusively from same-day (zero days to expiration) options. Because 0DTE options have extremely high gamma due to their proximity to expiration, they can dominate intraday price action even when their notional size is smaller than longer-dated positions.
0DTE HVL - The same-day high volume level. This is the intraday gamma center of gravity derived solely from options expiring today. It represents the strike where 0DTE dealer hedging is most concentrated and where intraday gamma polarity can flip. Particularly relevant for intraday traders, as 0DTE gamma effects intensify throughout the trading session and peak in the final hours before expiration.
0DTE Call - Same-day call resistance. The intraday ceiling created by 0DTE call gamma. Dealer hedging against these expiring calls creates selling pressure as price approaches this level. Because 0DTE gamma decays rapidly, this level can shift during the session and its strength increases as expiration approaches.
0DTE Put - Same-day put support. The intraday floor created by 0DTE put gamma. Dealer hedging against expiring puts creates buying pressure at this level. Like the 0DTE call level, its influence grows as the trading day progresses and gamma effects intensify near the close.
Advanced Levels
These levels provide additional structural context beyond the core support, resistance, and HVL framework.
Zero Gamma - The precise price where cumulative gamma across all strikes and expirations equals zero. This is one of the most important structural levels in gamma analysis. Above the Zero Gamma level, dealers are net long gamma and their hedging stabilizes price (buying dips, selling rallies). Below it, dealers are net short gamma and their hedging amplifies moves (selling into drops, buying into rallies). Crossing the Zero Gamma level often marks a regime change in how the market behaves, shifting from mean-reversion to trend-following dynamics.
Max Pain - The strike price at which the total value of all outstanding options (both calls and puts) would be minimized if the underlying expired at that price. In other words, it is the price where option holders collectively lose the most money. Max Pain theory suggests that there is a gravitational pull toward this level as expiration approaches, driven by dealers and market makers who benefit from options expiring worthless. It is most relevant in the final days before a major expiration.
Expected Move - The 1-sigma (one standard deviation) expected price range, plotted as two levels: Expected Move Upper and Expected Move Lower. This range represents the statistically expected boundaries of price movement based on current implied volatility. Roughly 68% of the time, price is expected to remain within this range. These levels help traders gauge whether the current price action is within normal bounds or represents an unusual move. A break beyond the expected move range can signal a volatility event or a shift in market regime.
Flip Zones - All price levels where gamma polarity changes sign. At these strikes, dealer hedging behavior transitions from stabilizing (long gamma) to destabilizing (short gamma) or vice versa. Flip zones act as transition boundaries. When price crosses a flip zone, the nature of dealer activity changes, which can lead to shifts in volatility, momentum, and the tendency for price to mean-revert or trend. Multiple flip zones in a narrow range can create a "no man's land" where positioning is mixed and price action becomes choppy.
GEX Top 10
The GEX Top 10 are the ten strike prices with the highest absolute gamma exposure, ranked by the magnitude of their gamma (|gamma|). These represent the strikes where dealer hedging activity is most significant, regardless of whether the gamma is positive (call-dominated, stabilizing) or negative (put-dominated, destabilizing).
The indicator provides a dropdown selector with five options for the GEX Top 10:
None - Do not plot any GEX Top 10 levels.
0DTE - Plot the Top 10 from same-day (0DTE) options only. Best for intraday analysis.
All Expiries - Plot the Top 10 from all expiration dates combined. Best for swing or multi-day analysis.
0DTE 1-5 - Plot only the top 5 from 0DTE options. Useful for reducing chart clutter while keeping the most significant intraday levels.
All Expiries 1-5 - Plot only the top 5 from all expiration dates. Useful for a cleaner multi-day view.
Each of the 10 GEX levels (GEX #1 through GEX #10) has its own individual toggle and color picker, so you can show or hide any specific rank and assign distinct colors to differentiate them.
Overlap Handling
It is common for multiple GEX levels to land on the same price. For example, Max Pain and Call Resistance might both be at $75,000, or a GEX Top 10 strike might coincide with the HVL. Rather than drawing overlapping lines and labels that clutter the chart, this indicator automatically detects when two or more levels share the same price (within a $0.50 tolerance). When a match is found, only one line is drawn at that price and the labels are merged with a "/" separator.
For example, if Max Pain is $75,000 and Call Resistance is also $75,000, the chart will show a single line labeled:
Max Pain / Call Res 75000
This keeps the chart clean and makes it immediately obvious when multiple structural levels converge at the same price, which often signals a particularly significant level.
Customization Options
The indicator provides extensive customization through its settings panel:
Per-Level Controls
Each level type has its own color picker and show/hide toggle on the same line.
GEX Top 10 levels (#1 through #10) each have individual color pickers and toggles.
A dropdown selector lets you choose which GEX Top 10 dataset to plot (0DTE, All Expiries, top 5 only, or none).
Line Style
Line Width: 1 to 4 pixels.
Line Style: Solid, Dashed, or Dotted.
Extend Lines: Both directions, Right only, Left only, or None.
Label Settings
Label Size: Tiny, Small, Normal, Large, or Huge.
Label Offset: Position the labels any number of bars to the right or left of the current bar (-200 to 500).
Label Side: Place labels on the Right or Left side of the chart.
Every toggle and input has a descriptive tooltip that appears on hover, explaining what the level represents and how it is used.
How the Parsing Works
The script uses Pine Script v6 string functions to scan the pasted text for known keywords (such as "HVL:", "Call Resistance:", "0DTE Call:", "Zero Gamma:", "Expected Move:", "Flip Zones:", etc.). For each keyword found, it locates the next "$" character and extracts the numeric value that follows, correctly handling both comma-separated thousands (e.g., $72,000) and decimal values (e.g., $71,819.50).
For the Expected Move, it parses both the lower and upper bounds from the "to" separator (e.g., "$64,238 to $76,081").
For Flip Zones, it scans for every "$" on the line and extracts each value, correctly distinguishing thousands-separator commas from delimiter commas between multiple zone values.
For the GEX Top 10 sections, it identifies the section header ("All-Expiry GEX Top 10" or "0DTE GEX Top 10") and parses the first dollar value from each numbered line, stopping when it hits a new section header or separator.
The indicator only draws on the last bar and uses a delete-and-redraw system to ensure that only one clean set of lines and labels exists at any time. Old drawings are removed before new ones are created on each update.
Important Notes
This indicator does not generate or calculate GEX data. It is a visualization tool that plots externally sourced gamma exposure levels onto your PulseWire chart.
The indicator requires you to paste GEX data in the expected structured text format. If the text area is empty, nothing will be plotted.
GEX data is a snapshot in time. Options positioning changes throughout the trading day as new trades are opened and closed. Levels should be updated periodically for the most accurate representation of current dealer positioning.
GEX levels are not guaranteed support or resistance. They represent areas where dealer hedging activity is concentrated, which can influence price behavior but does not determine it. Always use GEX data as one component of a broader analysis framework.
Indicator
Indicator
GEX Levels Dashboard - ES/SPX/SPY Gamma ExposureDESCRIPTION (main)
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A professional framework for Gamma Exposure analysis on S&P 500 instruments.
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WHAT THIS INDICATOR DOES
This indicator visualizes key strategic levels derived from Gamma Exposure (GEX) analysis — the zones where dealer hedging flows create measurable support and resistance.
What you see:
- Call Walls — resistance zones where dealers hedge against upside
- Put Walls — support zones where dealers hedge against downside
- Zero Gamma — the structural pivot between mean-reversion and trend
- Expected Move bands — statistical range boundaries
- GEX Histogram — gamma distribution profile directly on chart
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KEY FEATURES
▸ Ticker Switcher
Select ES, SPX, or SPY directly in settings.
Data converts automatically. One script, three instruments.
▸ GEX Profile Histogram
See gamma distribution as horizontal bars on your chart.
Instantly spot where positioning clusters.
▸ Color Themes
Choose between Boreal, Classic, or Lady Trader palettes.
▸ Level Toggles
Show/hide level groups independently:
GEX Levels | System Levels | Structure Levels
▸ Rich Tooltips
Hover for details: GEX values, Call/Put ratio, Hold/Break probabilities.
▸ Flip Detection
When price crosses a level, it automatically updates role and style (solid → dashed).
▸ GEX Threshold Filter
Hide weak levels below a minimum magnitude to focus on significant zones.
▸ Smart Level Distribution
Levels are equally split above/below spot, with closest levels always protected from max limit.
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HOW TO READ THE LEVELS
Each line represents a zone where price reaction is statistically probable:
- Thick solid lines = level not yet crossed
- Dashed lines = level flipped (price crossed through)
- Cyan/Teal or Green = potential support (Put Walls)
- Pink/Red = potential resistance (Call Walls)
- Gray = structural levels (Zero Gamma, Vol Bands, PDH/PDL)
The indicator shows structure, not predictions.
Use it to identify where the market is likely to react — not which direction it will go.
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PRO TIP: CONFLUENCE
This tool is most powerful when combined with your own analysis.
Highest-probability setups occur when GEX levels align with:
Price action zones (support/resistance, order blocks)
Volume Profile (HVN/LVN, VWAP)
Technical structure (prior highs/lows, trend lines)
One level alone is information. Confluence is edge.
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ABOUT THE DATA
The script ships with a static GEX snapshot for demonstration purposes.
To update with fresh data, paste new values into the "GEX Data" input field in indicator settings.
The data format is documented in the input tooltip.
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CREDITS
Alert system contributed by @_prodigy_dev
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DISCLAIMER
This tool is for informational and educational purposes only.
It does not constitute financial advice. Trading involves significant risk.
Past structure does not guarantee future behavior.
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RELEASE NOTES (publish these one at a time after publishing)
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v6.8 (Feb 2026)
- Fixed: Levels no longer disappear when price crosses them
- Closest levels to spot are now protected from max limit
- Profile bars always visible regardless of level filters
- Thanks to bwRT for reporting the turnover bug!
v6.5 (Jan 2026)
- NEW: GEX Threshold Filter — hide weak levels below a minimum magnitude
- NEW: Custom bar color picker for GEX Profile
- Default theme renamed to "Wall Street Classic"
- Bar colors inverted: Call=Bear, Put=Bull (more intuitive)
- Structure levels (PDH/PDL/PWH/PWL) now load correctly
- Credits: Alert system by @_prodigy_dev
v6.4 (Jan 2026)
- Levels now update via copy/paste — no need to re-download
- New unified data format: L:levels|P:profile
- Max visible levels selector (5/10/15/20/25/30/All)
- Rich tooltips with GEX values, C/P ratio, Hold/Break probabilities
- Flipped level colors now reflect current role Indicator
Options Gamma Flip Zones [BackQuant]Options Gamma Flip Zones
A market-structure style “gamma flip” mapper that builds adaptive strike-like zones, scores how price interacts with them, then promotes the strongest candidates into confirmed flip zones. Designed to highlight pinning, failed breaks, and rotational behavior without needing live options chain data.
What this indicator does
This script identifies price levels that behave like “strike magnets” during conditions that resemble options pinning, then draws dynamic zones around those levels.
Instead of assuming every round number matters, it:
Creates a strike ladder (auto or manual step).
Applies a regime filter that looks for “pin-friendly” market conditions.
Tracks and scores repeated interactions with the level.
Upgrades a zone from candidate to confirmed when enough evidence accumulates.
Invalidates zones when price achieves sustained acceptance away from them.
The output is a set of shaded boxes (zones) centered on strike-like levels, with text readouts that show the current state of each zone.
Key concept: “Gamma proxy”
A true gamma flip requires options positioning data. This indicator does not use options chain gamma.
Instead, it uses a proxy approach:
When markets have elevated volatility relative to their recent baseline AND trend strength is weak, price often behaves “sticky” around key levels.
In those conditions, repeated touches and failed escapes around a level behave similarly to pinning around strikes.
So this tool is best read as:
“Where would a strike-like magnet likely exist right now, based on price behavior and regime conditions?”
How zones are created
Zones only start forming when the script detects a pin-friendly regime.
1) Strike Ladder (level selection)
Auto Strike Step selects a step size based on current price magnitude (bigger price, bigger step).
Manual Strike Step lets you force a fixed increment.
The current “active level” is the nearest rounded level to price.
Major Level Every optionally marks major ladder levels (multiples of step).
2) Band construction (zone thickness)
Each zone is a symmetric band around the level, using one of two modes:
ATR mode scales thickness with volatility.
Percent mode scales thickness as a fraction of price.
This matters because “pin behavior” is not a single tick. It’s a region where price repeatedly probes and rejects.
Regime filter (when the script is allowed to believe in pinning)
A zone is only eligible to form and strengthen when Pin Regime is active. Pin Regime is a conjunction of:
1) IV proxy (ATR z-score)
Uses ATR as a volatility proxy.
Converts ATR% into a z-score relative to a long lookback.
IV Proxy Threshold controls how elevated volatility must be before the script considers pinning likely.
2) Weak trend requirement
The script also requires price action to be non-trending:
EMA spread must be small (fast vs slow EMA not diverging strongly).
ADX must be below a ceiling, confirming weak directional trend strength.
Interpretation:
High “IV proxy” + weak trend is where pin-like behavior is most common.
If trend is strong, zones are less meaningful because price is more likely to accept away from levels.
Flip confirmation logic (what upgrades a zone)
A zone is not “confirmed” just because price is near it once. The script builds conviction via evidence accumulation.
Evidence types:
Touches : price comes close to the level within tolerance.
Failed escapes : price pushes outside the band but closes back inside (rejection).
Acceptance run : consecutive closes outside the band, suggesting price is accepting away from the zone.
Protections:
Touch Cooldown prevents counting the same micro-chop as multiple touches.
Acceptance Bars defines what “real acceptance” means, so the zone does not get invalidated by one noisy bar.
A zone becomes confirmed when:
Touches meet the “evidence” requirement.
Failed escapes meet the “rejection” requirement.
The regime filter still says the market is pin-friendly.
That is important, it avoids promoting levels that only worked briefly in a trending tape.
Zone scoring and lifecycle
Each zone maintains a score that evolves over time. Think of score as “how much this level has recently behaved like a magnet.”
Score dynamics:
Decay per bar : score fades over time if price stops respecting the zone.
+ per touch : repeated proximity increases score.
+ per failed escape : rejections add stronger reinforcement.
- per acceptance bar : sustained trading outside reduces score.
Min score to draw : prevents clutter from weak, low-confidence zones.
Invalidation:
If the score becomes very weak AND price achieves sustained acceptance away from the zone, the zone is deleted.
This keeps the chart clean and ensures zones represent current market behavior, not ancient levels.
How to read the plot on chart
1) Zone fill and border
Each zone is drawn as a box extended to the right.
Fill opacity adapts to zone strength, strong zones are visually more prominent.
Border color encodes the current directional context and special events.
2) Bullish vs bearish coloring
A zone is colored bullish when price is currently trading above the zone’s mid-level.
A zone is colored bearish when price is currently trading below it.
This is not a trade signal by itself, it is a state cue for “which side is in control around the level.”
3) Failed escape highlighting
If price attempts to break above the band and fails, the border temporarily highlights as a failed up escape.
If price attempts to break below the band and fails, the border temporarily highlights as a failed down escape.
These are the moments where pin behavior is most visible:
Break attempt.
Immediate rejection.
Return to the band.
4) Midline (optional)
The zone midline is the strike-like level itself.
It is dotted to distinguish it from price structure lines.
5) Optional strike ladder overlay
When enabled, the script draws major and minor ladder lines near current price.
Major levels are thicker and less transparent.
This is a visualization aid for “where the algorithm is rounding,” not a prediction tool.
On-chart text readout (what the box text means)
Each box prints a compact state summary, designed for fast scanning:
Γ CANDIDATE means the zone is being tracked but not yet validated.
Γ FLIP (PROXY) means the zone has met confirmation requirements.
BULL/BEAR indicates which side price is on relative to the mid-level.
L prints the level value.
T is touch count, repeated proximity events.
F is fail count, rejected escape attempts.
IVz is the volatility proxy z-score at the moment.
ADX is the trend strength context.
Practical use cases
1) Pinning and range trading context
Confirmed zones often act like gravity wells in sideways or rotational regimes.
When price repeatedly fails to escape, fading outer edges can be reasonable context for mean reversion workflows.
2) Breakout validation
If price achieves acceptance outside the band for multiple bars, that is stronger breakout context than a single wick.
Zones that invalidate cleanly can mark transitions from pinning to directional move.
3) Time your “do nothing” periods
When Pin Regime is active and a zone is confirmed, the tape often becomes sticky and inefficient for trend chasing.
This helps avoid taking trend entries into a pin environment.
Alerts
Standalone alertconditions are included:
Zone Confirmed : a candidate becomes confirmed.
Zone Touch : price touches an active zone within tolerance.
Zone Invalidated : the zone loses relevance and is removed.
Tuning guidelines
Sensitivity vs quality
Lower Touches Needed and Failed Escapes Needed creates more zones faster, but with lower quality.
Higher values create fewer zones, but the ones that remain are more behaviorally “proven.”
Band width
ATR mode adapts to volatility and is typically safer across assets.
Percent mode is consistent visually but can feel too tight in high vol or too wide in low vol if not tuned.
Regime thresholds
If you want fewer zones, raise IV proxy threshold and tighten weak-trend filters.
If you want more zones, lower IV proxy threshold and loosen weak-trend filters.
Limitations
This is a proxy model, not live options gamma.
In strong trends, pinning assumptions can break, the regime filter is there to reduce that risk, but not eliminate it.
Auto strike step is designed for typical market ranges, manual step is recommended for niche tick sizes or custom markets.
Disclaimer
Educational and informational only, not financial advice.
Not a complete trading system.
Always validate settings per asset and timeframe.
Indicator
GEX / Gamma - SPX Indicator Description – GEX / Gamma (SPX)
This indicator allows you to manually plot your daily +GEX, TRANS-GEX, and –GEX levels on SPX and visualize how price reacts around key gamma zones.
You enter the three levels each morning, and the script automatically draws:
+GEX / TRANS / –GEX zones with an adjustable buffer
Clean labels (e.g., “+GEX: 6850”) pinned to the right side of the chart
Today-only candle coloring (green above TRANS-GEX, red below)
Zones extend from yesterday’s session through the current session, helping highlight areas where dealer hedging flows may influence volatility, compression, or acceleration.
How to Use
Add the indicator to any intraday SPX chart.
Open settings and enter your +GEX, TRANS-GEX, and –GEX levels for the day.
Adjust the buffer, colors, and label style as needed.
Watch how price behaves as it moves above or below TRANS-GEX and interacts with +/- GEX zones.
Best For
Intraday SPX / ES / SPY
Options traders
Volatility and gamma-aware strategies
Strategy Behind It (Tight Version)
GEX levels help identify where dealer hedging flows can influence SPX price behavior.
+GEX (Positive Gamma)
Market tends to stabilize here. Dealers hedge against price moves, creating mean-reversion and lower volatility.
TRANS-GEX (Transition Level)
Key pivot where gamma flips. Price crossing this level often signals a shift in volatility or intraday direction.
–GEX (Negative Gamma)
Market becomes more reactive. Dealers hedge with price, increasing volatility, momentum, and trend potential.
How traders use it:
Expect resistance or slowdown into +GEX
Watch for potential bottoming or increased volatility –GEX
Use TRANS-GEX as a bias line or trigger for intraday shifts
A move outside of either the +GEX or -GEX will likely result in some type of high volume move. Indicator
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