GEX Profile [Lite] Real Auto-Updated Gamma Exposure Levels

1 Nov

Real GEX Levels with Seamless Auto-updates for 5 U.S. market symbols (AAPL, TSLA, ORCL, DIA, AMZN)

🔃 Dynamic Updates: Receive precise GEX levels with auto-updating metrics up to 5 times a day throughout the trading session—no manual refresh needed!

🍒 Strategically Developed: Built by experienced options traders to meet the needs of serious options market participants.

🕒 0DTE? No Problem!: Designed with 0DTE traders in mind, our indicator keeps you updated with GEX levels and seamless auto-refresh to capture every crucial market shift.

📈 Optimized for Option Traders: See accurate NETGEX profile for multiple expirations to maximize strategic potential.

🔶 Comprehensive GEX Levels


This indicator provides unparalleled insight into market dynamics with levels like Call/Put Support, Resistance, HVL (High Volatility Level), and Call/Put Walls. These levels are auto-updated based on live market movements and reflect gamma shifts and volatility signals essential for options traders.

🔶 Ticker Information:
This 'Lite' indicator is currently only available for 5 liquid U.S. market smbols:
TSLA AAPL AMZN DIA and ORCL

🔶 Ideal for 0DTE and Multi-Leg Strategies

Track essential GEX levels across expirations with our unique Cumulative (⅀) and Selected Alone (⊙) calculation models. Customize your view to reveal high-impact levels across multiple expirations or focus on a specific expiration for a targeted strategy.

🔶How does the indicator work and why is it unique?

This is not just another GEX indicator. It incorporates 15min delayed option chain data from ORATS as data provider, processes and refines the delayed data package using pineseed, and sends it to TradingView, visualizing the key GEX levels using specific formulas (see detailed below). This method of incorporating options data into a visualization framework is unique and entirely innovative on TradingView.

Unlike other providers that only set GEX levels at market open, this indicator adjusts dynamically throughout the day, providing updated insights across the trading day and capturing gamma shifts as the market moves.



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🌑 𝗗 𝗢 𝗖 𝗨 𝗠 𝗘 𝗡 𝗧 𝗔 𝗧 𝗜 𝗢 𝗡 🌑
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🔶Understanding GEX (Gamma Exposure) and Gamma Profiling

Gamma Exposure (GEX) is a crucial concept in options trading because it reveals how options market positions can influence the dynamics of asset prices. In essence, GEX measures the collective gamma exposure of options market participants, impacting overall market stability and price movements.

🔹 What is GEX?
At its core, GEX captures the aggregate impact of gamma, a key options Greek, which tells us how an option's delta changes in response to price movements in the underlying asset. Positive or negative GEX levels can reflect the collective bullish or bearish stance of the market:

• Positive GEX (far above HVL): Indicates a net bullish positioning by options holders. When GEX is strongly positive, it suggests that as the asset price increases, market participants might need to buy more of the asset to maintain their hedges. This behavior can fuel further upward momentum.
  
• Negative GEX (far below HVL): Implies a net bearish positioning. In a strongly negative GEX environment, declines in the asset's price might prompt participants to sell, potentially exacerbating the downward movement.
  

🔹The Influence of GEX on Strike Prices and Expiration
A unique feature of GEX is its impact near expiration dates. As options approach expiration, GEX levels can “pin” the price to specific strike levels, where options positions are concentrated. This pinning effect arises as market makers adjust their hedging strategies, often causing the asset price to gravitate towards certain strike prices, where a large volume of options contracts sits.


🟨 Overview of our GEX Calculation Models for Options Traders 🟨

Our GEX indicator models were developed with serious options traders in mind, providing flexibility beyond typical GEX providers. We know that using GEX levels for multi-leg strategies, where the underlying doesn't need a strong trend to be profitable, calls for a nuanced approach that aligns with different trading horizons. Here’s a detailed breakdown of our GEX calculation models and how they support strategic trading across varying timeframes.

Thus, the HVL an orher CALL/PUT WALLS depends on the indicator's selected calculation mode and expiration. The NETGEX profile of the chosen expiration appears on the HVL line, which automatically updates five times during trading hours, except for 0DTE, which reflects the value set at market open.



🔶 Cumulative Expiration (⅀) Calculation Method

This method aggregates GEX data for all expirations up to the selected date, giving you a more comprehensive view of market dynamics. We recommend using this method, as it allows you to see how combined expirations impact GEX levels, which can be critical when setting up trades with a longer time horizon.

🔶 Selected Alone (⊙) Calculation Method

This option displays the GEX profile specific to only the chosen expiration, providing a unique, time-bound view. This approach is ideal for those seeking precise insight into how an individual expiration is performing without the broader context of other expirations.

🔶 Example of using calculation methods:

With options trading, especially for multi-leg strategies, choosing the right expiration and calculation model is crucial. Let’s break down an example:

Suppose you’re considering a Friday (4DTE) front-leg diagonal on the SPX at the start of the week. In this case, the focus isn’t strictly on any single expiration (like 0DTE or 4DTE individually), but rather on what might happen cumulatively by Friday across all expirations. Here, the Cumulative Expiration (⅀) model comes into play, as it shows you an aggregated view of the GEX profile, factoring in all strikes and legs for all expirations leading up to the selected date.

For most use cases, we recommend setting your indicator to the Cumulative (⅀) model, which provides a broad and insightful look at GEX levels across multiple expirations. However, you can always switch to Selected Alone (⊙) for targeted analysis of an individual expiration. Remember, 0DTE defaults to “Selected Alone”, and Every Expiry always shows a cumulative value by default.

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🟦 HVL (High Volatility Level) 🟦


Also known as the Gamma FLIP level or Zero Gamma, it represents the price level at which the gamma environment transitions from positive to negative or vice versa. The High Volatility Level (HVL) is a critical point for understanding gamma shifts and anticipating volatility. This shift influences how market makers hedge their positions, potentially increasing or dampening market volatility.

🔷 Understanding the Gamma Flip and HVL

At its core, the gamma flip represents the point where market makers may transition from a net positive to a net negative gamma position, or the reverse. When prices move above HVL, gamma is positive, often leading to lower volatility due to the stabilizing effects of market makers’ hedging. Conversely, when prices drop below HVL, gamma flips negative, and hedging by market makers can amplify volatility as they trade with the direction of price movements.
The HVL (High Volatility Level) is particularly important as it signals a shift in the impact of price movements on the GEX profile. Using the cumulative calculation mode, GEX values are aggregated across all strikes and expirations up to the selected expiration, helping to pinpoint the point where the GEX curve's slope changes from negative to positive.

🔷Implications for Traders and Market Makers

For market makers, crossing below HVL into a negative gamma zone means that they hedge in the same direction as price movements, potentially amplifying volatility. For traders, understanding HVL's role is essential to choosing strategies that align with the prevailing volatility regime:

• Positive GEX 🟢:
• Above HVL, where GEX is positive, market makers hedge by buying stocks as prices fall and selling as prices rise. This has a stabilizing effect, creating a lower-volatility environment.
  
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• Negative GEX 🔴:
• Below HVL, where GEX is negative, market makers' hedging aligns with price movements, increasing volatility. Here, they buy as prices rise and sell as they fall, reinforcing price direction.
  
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🔷 HVL as a Momentum and Volatility Indicator

The HVL offers traders insight into potential shifts in market momentum. For example, above HVL, if the price increases, Net GEX also rises, which stabilizes prices as market makers hedge in opposition to price direction. Below HVL, however, a price rise decreases Net GEX, creating conditions where market makers’ hedging amplifies price movements, resulting in a more volatile environment.

HVL also acts as a significant support level, often preceding put supports. If the price falls below this level, traders may expect heightened volatility and increased bearish sentiment.


Knowing the location of HVL is vital for positioning yourself on the right side of volatility. By monitoring the HVL, traders can better anticipate shifts in sentiment and align strategies with prevailing market dynamics.

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🟩 Call Resistance and Call Wall Levels 🟩

In options trading, understanding GEX levels like Call Resistance and Call Wall levels is crucial for navigating potential price inflection points. Our indicator provides these levels directly on your chart, allowing you to customize and optimize your trading approach. Here’s a detailed guide to help you understand and use Call Resistance and additional Call Wall levels effectively.



🟢 Call Resistance Level
The Call Resistance Level is a key point where our model indicates heightened Call GEX concentration. This level serves as a potential resistance area where price movement may face a barrier, slowing or even reversing before a breakout. Here’s how the Call Resistance Level can influence market behavior:

• Resistance and Price Reversal ⬇️ : Similar to the Put Support level, the Call Resistance acts as a "sticky" price level, where upward movement encounters resistance. When the price approaches this level, it’s common for market makers to begin shorting to maintain delta neutrality. This shorting activity, combined with the potential monetization of calls, introduces a technical bearish force in the short term, often causing the price to bounce downward.
  
• Upside Acceleration Point ⬆️: If investors reposition calls to higher strikes as the price reaches Call Resistance, this level can roll up, allowing the price to push upward and potentially accelerating the rally. This effect can drive the market to higher levels as market makers adjust their positions accordingly.
  

🟢 Additional Call Wall Levels
Our model identifies the second and third-highest Call GEX levels, known as additional Call Walls. These levels are often secondary resistance points but hold significance as they add layers of possible resistance or breakout points. They offer similar potential as the primary Call Resistance level, acting as either:

• Resistance Zones: Slowing the price momentum as it approaches these levels.
  
• Inflection Points for Upside Momentum: Allowing for a possible continuation of upward movement if prices break through.
  

🟢 How to Trade the Call Resistance Level
To use the Call Resistance level effectively, look for possible price rejections or consolidations as the price approaches this zone. Here are the main scenarios:

• Bounce to Downside: As the price nears the Call Resistance level, market makers’ delta-hedging activity (through shorting) can turn this level into a short-term bearish force, leading to price pullbacks.
  
• Rolling the Position: For bulls, a key objective at the Call Resistance level is to see investors roll their call positions higher, effectively moving the resistance up. This repositioning may lead to incremental price gains as the Call Resistance level rises with each roll.
  

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🟥Put Support and Put Wall Levels🟥

In options trading, understanding GEX levels like Put Support and secondary Put Wall levels is essential for managing potential price support points and gauging downside risk. Our indicator places these levels directly on your chart, allowing for customization to enhance your trading strategy. Here’s a detailed guide to help you leverage the Put Support and additional Put Wall levels effectively.



🔴 Put Support Level
The Put Support Level is a key zone where our model shows the highest concentration of negative GEX, representing an area with substantial put option interest. This level functions as a potential support zone, where price may stabilize or bounce upward, or as an inflection point, signaling increased downside momentum. Here’s how the Put Support Level can affect market behavior:

• Support and Price Reversal🔺: Similar to how Call Resistance operates on the upside, the Put Support Level often acts as a "sticky" level on the downside, where price finds support. As the asset price moves closer to this level, market makers begin adjusting their positions, frequently buying to maintain delta neutrality. This activity can create a temporary short squeeze, pushing prices back up.
  
• Downside Acceleration Point 🔻: If the asset continues moving lower, triggering more hedging activity, this level can become a tipping point for accelerated downside momentum.
  

🔴 Additional Put Wall Levels
Our model also identifies the second and third-highest negative GEX levels, known as secondary Put Walls. These levels are often seen as secondary support points and hold significance by adding layers of support or potential downside inflection points. Like the primary Put Support Level, they can act in two ways:

• Support Zones: Helping slow price declines as they approach these levels.
  
• Downside Inflection Points: Allowing further price decline if the support fails.
  

🔴 How Investors Hedge with Put Options

Investors commonly use put options to hedge long positions and protect portfolios, especially during times of market stress when implied volatility rises. This demand for puts increases the Put Skew, as market makers short to remain delta hedged.

As prices approach the Put Support Level, the hedging activity often intensifies because more puts become At the Money (ATM) or In the Money (ITM). To realize the value of their hedges, investors typically monetize these puts at this level, triggering the closing of short positions by market makers and resulting in a price bounce.

🔴 The Role of Implied Volatility

Implied Volatility (IV) is also a critical factor since it directly influences market flows. If IV driving put flows decreases, market makers may buy back shorts, which contributes to the bounce at the Put Support Level. Additionally, another Greek, Vanna—representing changes in delta due to IV shifts—plays a vital role here. As IV changes, Vanna affects delta-hedging adjustments, adding a layer of complexity to understanding market makers' actions around these support levels.

🔴 Possible Price Scenarios at the Put Support Level

When the price reaches the Put Support Level, there are generally two scenarios:

• Bounce to Upside🔺: The Put Support Level is where substantial put hedging activity happens. As prices approach, market makers adjust their delta by buying, which can push prices back up.
  
• Roll Positions🔻: After monetizing puts, investors have two options: roll hedges to higher strikes if they expect a bullish move, or open new out-of-the-money puts at lower strikes. If new hedges are set at lower levels, the Put Support level may also shift lower, creating a new bearish force as market makers begin hedging these new positions.
  

🟨 Customizing Put Support/Call Resistance and Put/Call Wall Levels on Your Chart

Our indicator settings provide extensive customization options for displaying Put Support, Call Resistance, and Put/Call Wall levels.



You can:

• adjust the depth to highlight the highest positive or negative NETGEX levels
  
• choose to display relative data, show only the colored strike line
  
• adjust the offset for enhanced visibility.
  

This flexibility helps you focus on the critical details that best align with your trading strategy, ensuring a clearer and more tailored view of the GEX levels on your chart.


Currently, we examine the top three levels with the highest positive and negative NETGEX values, allowing you to view seven key GEX levels on your chart (3 Call + 1 HVL + 3 Put). However, in the near future, we plan to expand this to seven levels per side, resulting in a total of up to 15 significant GEX levels on the chart instead of the current 7. This enhancement will cater to all needs, especially benefiting 0DTE traders.

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🔶 ADDITIONAL IMPORTANT COMMENTS

🔹- Why is there a slight difference between the displayed data and other GEX provider's data like MenthorQ, GammaEdge, SpotGamma, GEXBot, etc?

There are two reasons for this, and one is beyond our control:

🔹 (1) Option-data update frequency:

According to TradingView's regulations and guidelines, we can update external data a maximum of 5 times per day. We strive to use these updates in the most optimal way:
(1st update) 15 minutes after U.S. market open
(2nd, 3rd, 4th updates) 1.5–3 hours during U.S. market open hours
(5th update) 10 minutes before U.S. market close.
You don’t need to refresh your window; our latest refreshed data pack is always automatically applied to your indicator. You can see the time elapsed since the last update by hovering over the HVL.

🔹 (2) GEX Levels with Intraday Updates Based on Price Movements

The TanukiTrade Options GEX Indicator for TradingView provides open interest data with a 15-minute delay after the market opens. Using this data, we calculate and update the relevant levels throughout the trading day, reflecting almost real-time price changes and gamma values. Unlike other GEX providers, who set their GEX levels solely at market open without further updates, we dynamically adjust our levels intraday to capture significant price shifts.

🔹 Automatic & Seamless Intraday Updates and Special Cases

For our indicator, the HVL (High Volatility Level) reflects the selected calculation mode and expiration. We update these NETGEX profiles five times throughout the trading day, with one exception: 0DTE data, which is set at market open and does not update intraday due to the rapid narrowing of gamma levels. Note that similar to other GEX providers, our 0DTE remains fixed at open, while cumulative values update during the day based on almost real-time market movements.


Disclaimer:
Our option indicator uses approximately 15min-3 hour delayed option market snapshot data to calculate the main option metrics. Exact realtime option contract prices are never displayed; only derived GEX metrics are shown to ensure accurate and consistent visualization. Due to the above, this indicator can only be used for decision support; exclusive decisions cannot be made based on this indicator. We reserve the right to make errors.This indicator is designed for options traders who understand what they are doing. It assumes that they are familiar with options and can make well-informed, independent decisions. We work with paid delayed data and we are not a data provider; therefore, we do not bear any financial or other liability.

1 Nov

Catatan Rilis

bugfix

16 menit yang lalu

Catatan Rilis

BUGFIXES 2024/11/13:

• If the manually selected expiry month contained a 0 (e.g., January), the system did not accept the YYYYMMDD format.
  
• When the manually selected expiry was combined with the preset 0DTE or every expiry, it did not allow changes to the calculation method.