Key Levels — Max Pain, Gamma Walls & Expected Move
Key Levels collapses every meaningful price reference for an underlying into a single timeline view: max pain by expiration, σ-band expected move from ATM implied volatility, call and put gamma walls, dealer flip levels, and confluence zones where multiple indicators stack at the same strike.
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- Max pain, gamma walls, and σ bands on one timeline
- Dealer flip levels across every expiration
- Confluence zones where signals stack on one strike
Confluence zones are where the edge lives — strikes where max pain, a put GEX wall, and the lower 1σ band overlap tend to act as harder support than any single signal would suggest. Use the timeline to plan trade structure across expirations rather than a single chart snapshot.
Frequently asked questions
What is max pain?
Max pain is the strike price at which the largest dollar amount of options expires worthless — the level that maximizes losses for option buyers. Underlying prices often gravitate toward max pain into expiration as dealers hedge accumulated open interest.
How is expected move calculated?
Expected move (the σ band) is derived from at-the-money implied volatility for the selected expiration, scaled by time to expiration. The 1σ band represents roughly a 68% probability range under a lognormal model.
What makes a confluence zone reliable?
Strikes where multiple unrelated indicators agree — for example a positive GEX wall, max pain, and a prior swing high — tend to act as more durable support or resistance than levels supported by one signal alone.
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- Full platform includes:
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- Heatmap Compare Mode
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- AI Trading Brief & Chat Assistant
- Streaming Quotes
- IV Smile & Skew Analysis
- Wheel Strategy Optimizer
- Strike Selector Tool
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Start 7-Day Free TrialDisclaimer: All content is for educational and informational purposes only. This is not financial advice. Options trading involves significant risk. Please consult with a financial advisor before making trading decisions.