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
Strikes where max pain, a put GEX wall, and the lower 1σ band overlap tend to hold harder than any one of those levels alone. The timeline shows them across expirations, so you can plan trade structure for next week and the week after, not just today.
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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- Everything in Free
- Larger Athena allowance + top-up packs
- AI Trading Brief (daily plan)
- Streaming Quotes
- Real-Time Order Flow
- Intraday Greek Heatmaps (GEX / VEX / DEX)
- Theta Vantage MCP for Cursor, Claude, Codex, Grok, and other remote MCP clients
- Net Premium Drift
- IV Smile & Skew Analysis
- Wheel Strategy Screener, Strike Selector, Income Calculator
- All expirations, full heatmap history
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Max pain, key levels, the options chain, the profit calculator, and monthly Athena tokens. Upgrade when you want flow, heatmaps, and the Brief.
Start freeDisclaimer: 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.