Gamma profile

Also called GEX profile, gamma curve, spot sweep

Total dealer gamma exposure recomputed as if the underlying were at each price in a range around spot, with everything else held fixed.

The gamma profile answers "what would total dealer gamma be if price were here right now?" for every price in a range. Theta Vantage recomputes total gamma exposure at 201 prices around spot (10% either side by default), keeping each contract's implied volatility, the time, and the open interest as they are. At the current price the profile equals total GEX exactly.

How to read it

• Where the curve crosses zero is zero gamma.
• Above the line, the market would be in positive gamma; below it, negative. See positive and negative gamma.
• A steep curve near spot means a small move changes dealer hedging a lot. A flat one means the regime holds across a wider range.

The profile is a "now" picture. It doesn't say where gamma will be later in the day, when time has passed and implied volatility has moved.

Profile and bars

Exposure by strike shows the gamma sitting at each strike now. The profile is the whole chain's total at each hypothetical price. On the ladder the profile lies over the GEX bars on its own scale, with its edge value in the legend.