Exposure by strike and the gamma profile
Dealer gamma, vanna, charm, and delta at each strike, split into calls and puts, with the gamma profile laid over them.
Exposure by strike draws each strike's dealer exposure as a horizontal bar on the price chart's scale, so you can read where it gathers against the price itself. It sits beside the chart on the overview and at full size on /SPX/strikes, where max pain and the expected move stay as tabs. Max pain also has its own page, /SPX/max-pain.
The four greeks
The switch in the header picks the exposure. Each bar is the strike's net value, with calls solid and puts lighter, in the expiration set from the top bar. The legend's swatches show the colours the bars take.
When one to three strikes stand at least twice as tall as every other, the bars scale to the rest and those strikes run to the panel's edge with a break mark and their value printed there ("$57.2B"), so one strike doesn't flatten the others. The tooltip gives every strike's full values. The walls and zero gamma are ruled across the bars with their labels.
| Switch | What a bar measures | Reading the sign |
|---|---|---|
| GEX | Gamma exposure: $ of dealer delta per 1% move | Positive: dealers sell rallies and buy dips there. Negative: they buy rallies and sell drops |
| Vanna | Vanna exposure: $ of dealer delta per 1 point rise in implied volatility | Positive: a rise in IV makes dealers sell, a fall makes them buy |
| Charm | Charm exposure: $ of dealer delta per day passing | Positive: time passing makes dealers sell. Negative: it makes them buy |
| DEX | Dealer delta: $ of dealer delta | Positive: dealers long delta. Always positive here, so it shows size, not direction |
Green is positive and red is negative on GEX, vanna, and charm. Dealer delta is drawn from a zero at the left edge, because under the long calls, short puts assumption a dealer long a call and a dealer short a put both hold positive delta. It tells you how much delta dealers hold and at which strikes. It doesn't lean bullish or bearish. See where the estimate breaks.
The gamma profile
On GEX a line lies over the bars: the gamma profile, total dealer gamma recomputed as if spot were at each price on the axis, with implied volatility, time, and open interest held where they are. Where it crosses zero is zero gamma. The line has its own scale, with the edge value in the legend ("Profile ±$197B") and the profile at the pointer's price in the tooltip.
The bars and the profile answer different questions. A bar is the gamma sitting at one strike now. The profile is the total for the whole chain if price moved to that level now. A big bar far from spot can matter less than the profile's slope near spot.
Turn the line off with Gamma profile in the settings cog. Shown alone (in Athena, an AI app, or when the bars are locked), the profile is its own chart: green where total gamma is positive, red where it's negative.
Strike range
The cog's strike range sets which strikes show: ±2%, ±5%, Default (the ticker's usual window around spot), All, or Fit (as the axis zooms). It only chooses rows. No total, wall, or level changes with it. Zooming the price axis by hand shows "Custom: zoomed by hand".
Max pain and the expected move
On /SPX/max-pain, on /SPX/strikes, and in the bottom-right panel of the overview, the Max pain tab draws each expiration's max pain and the Expected move tab each expiration's expected move range on the same price axis, so you can see how they step out by date. The definitions are in Dealer positioning and the levels.
On each plan
Without an account the gamma profile shows alone. Free adds the bars for gamma, on All expirations. Pro opens vanna, charm, and dealer delta, and every expiration set.