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Gamma exposure and the levels it makes
Theta Vantage adds up dealer gamma across every strike and expiration and names the prices where it gathers: the call wall, the put wall, and zero gamma, with max pain and the expected move beside them.
Levels on price
Gamma profile
How to read it
Above zero gamma, dealers hedging their books tend to buy dips and sell rallies, which damps moves. Below it they tend to sell into drops and buy into rises, which can stretch them. The call and put walls are the strikes holding the most call and put gamma.
The gamma profile sweeps spot across a range of prices and plots total dealer gamma at each one, so you can see where the sign flips and how steep it is on either side.
What's on the page
The overview puts the price chart, exposure by strike with the gamma profile, and the heatmap on one price range, so a level sits at the same price in every panel. Exposure by strike splits gamma, vanna, charm, and dealer delta into calls and puts.
Every view counts the expirations you choose: all of them, 0DTE, this week, the next 30 days, or dates you pick.
On each plan
- Key levels and the gamma profile
- VisitorAt the last close · SPX, SPY, QQQ, and IWM · All expirations together
- FreeSPX, SPY, QQQ, and IWM · All expirations together
- ProAny ticker
- Exposure by strike
- VisitorNot included
- FreeSPX, SPY, QQQ, and IWM · All expirations together · Gamma only
- ProAny ticker
- Expiration filters
- VisitorNot included
- FreeNot included
- ProIncluded
Learn more
In the docs: Dealer positioning and the levels, Exposure by strike and the gamma profile and The price chart.