[{"data":1,"prerenderedAt":2363},["ShallowReactive",2],{"user-guide:options/gex-curve":3},{"slug":4,"filePath":5,"frontmatter":6,"rawMarkdown":9,"tree":10},"options/gex-curve","options/gex-curve.md",{"title":7,"description":8},"GEX curve","The GEX curve draws the gamma board in its own pane under the chart, over the strike axis instead of time.","---\ntitle: \"GEX curve\"\ndescription: \"The GEX curve draws the gamma board in its own pane under the chart, over the strike axis instead of time.\"\n---\n\n# GEX curve\n\nThe GEX curve draws the gamma board in its own pane under the chart, over the strike axis instead of time. Its headline mode recomputes dealer gamma at hypothetical spot prices, answering a question no on-chart profile can: **if price goes there, what does dealer gamma become?**\n\n![GEX curve pane in over-spot mode with spot and gamma flip markers](/learn/options/options-gex-curve--hero.png)\n\n## Add it to your chart\n\n1. Open **Indicators** in the top bar.\n2. Search for **Options GEX Curve** and click it once. The curve renders in its own pane under the chart.\n\n## How to read it\n\nTwo markers ride the curve in every mode: the live **spot price** and the derived **gamma flip**. The **Mode** setting picks what the curve itself shows:\n\n- **By strike** (default): net GEX bars at every listed strike, the same math as the [GEX profile](/learn/options/gex-profile), just drawn in a pane instead of on the price axis.\n- **Over spot**: the classic dealer gamma profile, drawn as a line. Total net GEX is recomputed at hypothetical spot prices across roughly plus or minus 15 percent of the current price. Where the line is positive, dealer hedging would dampen moves at that price; where negative, it would amplify them ([conventions](/learn/options/concepts)).\n- **Cumulative**: a running sum of net GEX across strikes, drawn as a line. Its endpoint equals the board's total net GEX, and its zero crossing is the gamma flip itself.\n\nThe Expiries setting scopes which contracts feed the curve, and the pane repolls on its own timer like the rest of the suite.\n\n### Full-pane stats row\n\nUse the pane's maximize button (or double-click the pane; Esc restores it) for a bigger view. Maximized, the curve gains a stats row across the top: **Flip** (the interpolated zero cross of whatever is currently plotted), **Call Wall** and **Put Wall** (the x-position of the largest positive and largest negative value on screen), and **Σ+ / Σ-** (the sum of the positive and negative values currently in view). It reads whatever mode, basis, and strike window are active, so it always describes exactly what you are looking at.\n\n## The math\n\nBy-strike mode sums the standard GEX formula per strike ([conventions](/learn/options/concepts)). Over-spot mode substitutes each hypothetical price $S_h$ into both the gamma and the $S^2$ term, re-deriving every contract's gamma at that level with Black-Scholes from its mark IV:\n\n$$\\mathrm{GEX}(S_h) = \\sum_{\\text{contracts}} \\Gamma(S_h) \\times \\mathrm{OI} \\times S_h^2 \\times 0.01$$\n\nCumulative mode is the running sum of the by-strike values across strikes.\n\n### Basis\n\nLike the [GEX profile](/learn/options/gex-profile), **GEX basis** defaults to **Dealer flow**: every mode signs its contributions by estimated dealer inventory reconstructed from the options trade tape ([estimation math](/learn/options/concepts)) rather than the naive convention, with the same per-instrument fallback to Open interest for contracts short on trade history. The fallback is never blended within one instrument.\n\nBy strike and cumulative reuse the same per-strike contributions as the profile. Over spot carries the basis into the Black-Scholes sweep too: each hypothetical-spot gamma is weighted by the instrument's actual signed inventory instead of its raw open interest.\n\nSwitch **GEX basis** to **Open interest** to pin every mode back to the naive convention.\n\nThe flip marker always follows whichever basis populated the rows. Under Dealer flow the series label discloses the fallback share directly, for example \"Net GEX · Dealer flow · 12% naive fallback\".\n\n## Settings\n\n| Setting       | What it does                                                                                                            | Default     |\n| ------------- | ----------------------------------------------------------------------------------------------------------------------- | ----------- |\n| Mode          | By strike bars, dealer gamma over hypothetical spot, or cumulative sum                                                  | By strike   |\n| GEX basis     | Sign convention: Open interest (dealer-naive) or Dealer flow (estimated inventory)                                      | Dealer flow |\n| Expiries      | all, nearest only, this week, this month                                                                                | All         |\n| Strike window | How far from spot the strike-axis modes plot, percent of price (the full listed ladder would crush the near-money view) | 35%         |\n| Refresh       | Poll cadence in seconds (30 to 600)                                                                                     | 60          |\n\n## Assumptions\n\n- Dealer flow applies identically to all three modes: by strike and cumulative reuse the same per-instrument contributions as the profile, and over spot re-weights the Black-Scholes sweep by each instrument's signed inventory instead of raw open interest.\n- Basis fallback is decided per instrument (at least 60% of its listed life reconstructed), never blended within one instrument, matching the profile.\n- The maximized stats row's Flip / Call Wall / Put Wall / Σ figures are read straight off whatever is currently plotted, so they follow the active mode, basis, and strike window; the Σ figures total only the points in view, not the full board.\n\n## Trade around it, honestly\n\n- **Scout the target before the trade.** Over-spot mode shows whether a breakout target lands in stabilizing or destabilizing gamma territory before price ever goes there: a target on a negative stretch has fuel, one on a positive shelf runs into dealer dampening.\n- **Read the board's lean.** Cumulative mode shows at a glance how lopsided the whole board is, and how far spot sits from the flip.\n- **Skeptical caveat**: hypothetical-spot gamma assumes every contract's IV stays put while price moves, which never exactly happens. Treat the over-spot curve as a map, not a promise.\n\n{% hint style=\"info\" %}\n**Related**\n\nThe [GEX profile](/learn/options/gex-profile) draws today's board on the price axis, the [GEX heatmap](/learn/options/gex-heatmap) shows its history, and the [Dashboard](/learn/options/dashboard) condenses the same board into KPIs.\n{% endhint %}\n",{"type":11,"children":12,"data":2356,"position":2358},"root",[13,16,52,53,72,73,92,93,183,184,201,202,289,290,440,441,456,457,474,475,584,585,601,602,887,888,1477,1478,1493,1494,1509,1510,1614,1615,1630,1631,1690,1691,1705,1706,1722,1724,2051,2052,2067,2068,2125,2126,2143,2144,2244,2245],{"type":14,"value":15},"text","\n",{"type":17,"tagName":18,"properties":19,"children":20,"position":49},"element","p",{},[21,31],{"type":14,"value":22,"position":23},"The GEX curve draws the gamma board in its own pane under the chart, over the strike axis instead of time. Its headline mode recomputes dealer gamma at hypothetical spot prices, answering a question no on-chart profile can: ",{"start":24,"end":28},{"line":25,"column":26,"offset":27},3,1,13,{"line":25,"column":29,"offset":30},225,237,{"type":17,"tagName":32,"properties":33,"children":34,"position":44},"strong",{},[35],{"type":14,"value":36,"position":37},"if price goes there, what does dealer gamma become?",{"start":38,"end":41},{"line":25,"column":39,"offset":40},227,239,{"line":25,"column":42,"offset":43},278,290,{"start":45,"end":46},{"line":25,"column":29,"offset":30},{"line":25,"column":47,"offset":48},280,292,{"start":50,"end":51},{"line":25,"column":26,"offset":27},{"line":25,"column":47,"offset":48},{"type":14,"value":15},{"type":17,"tagName":18,"properties":54,"children":55,"position":69},{},[56],{"type":17,"tagName":57,"properties":58,"children":61,"position":62},"img",{"src":59,"alt":60},"/learn/options/options-gex-curve--hero.png","GEX curve pane in over-spot mode with spot and gamma flip markers",[],{"start":63,"end":66},{"line":64,"column":26,"offset":65},5,294,{"line":64,"column":67,"offset":68},113,406,{"start":70,"end":71},{"line":64,"column":26,"offset":65},{"line":64,"column":67,"offset":68},{"type":14,"value":15},{"type":17,"tagName":74,"properties":75,"children":77,"position":88},"h2",{"id":76},"add-it-to-your-chart",[78],{"type":14,"value":79,"position":80},"Add it to your chart",{"start":81,"end":85},{"line":82,"column":83,"offset":84},7,4,411,{"line":82,"column":86,"offset":87},24,431,{"start":89,"end":91},{"line":82,"column":26,"offset":90},408,{"line":82,"column":86,"offset":87},{"type":14,"value":15},{"type":17,"tagName":94,"properties":95,"children":96,"position":180},"ol",{},[97,98,138,139,179],{"type":14,"value":15},{"type":17,"tagName":99,"properties":100,"children":101,"position":134},"li",{},[102,110,127],{"type":14,"value":103,"position":104},"Open ",{"start":105,"end":108},{"line":106,"column":83,"offset":107},9,436,{"line":106,"column":106,"offset":109},441,{"type":17,"tagName":32,"properties":111,"children":112,"position":122},{},[113],{"type":14,"value":114,"position":115},"Indicators",{"start":116,"end":119},{"line":106,"column":117,"offset":118},11,443,{"line":106,"column":120,"offset":121},21,453,{"start":123,"end":124},{"line":106,"column":106,"offset":109},{"line":106,"column":125,"offset":126},23,455,{"type":14,"value":128,"position":129}," in the top bar.",{"start":130,"end":131},{"line":106,"column":125,"offset":126},{"line":106,"column":132,"offset":133},39,471,{"start":135,"end":137},{"line":106,"column":26,"offset":136},433,{"line":106,"column":132,"offset":133},{"type":14,"value":15},{"type":17,"tagName":99,"properties":140,"children":141,"position":175},{},[142,151,168],{"type":14,"value":143,"position":144},"Search for ",{"start":145,"end":148},{"line":146,"column":83,"offset":147},10,475,{"line":146,"column":149,"offset":150},15,486,{"type":17,"tagName":32,"properties":152,"children":153,"position":163},{},[154],{"type":14,"value":155,"position":156},"Options GEX Curve",{"start":157,"end":160},{"line":146,"column":158,"offset":159},17,488,{"line":146,"column":161,"offset":162},34,505,{"start":164,"end":165},{"line":146,"column":149,"offset":150},{"line":146,"column":166,"offset":167},36,507,{"type":14,"value":169,"position":170}," and click it once. 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The ",{"start":258,"end":259},{"line":209,"column":253,"offset":254},{"line":209,"column":260,"offset":261},103,700,{"type":17,"tagName":32,"properties":263,"children":264,"position":274},{},[265],{"type":14,"value":266,"position":267},"Mode",{"start":268,"end":271},{"line":209,"column":269,"offset":270},105,702,{"line":209,"column":272,"offset":273},109,706,{"start":275,"end":276},{"line":209,"column":260,"offset":261},{"line":209,"column":277,"offset":278},111,708,{"type":14,"value":280,"position":281}," setting picks what the curve itself shows:",{"start":282,"end":283},{"line":209,"column":277,"offset":278},{"line":209,"column":284,"offset":285},154,751,{"start":287,"end":288},{"line":209,"column":26,"offset":210},{"line":209,"column":284,"offset":285},{"type":14,"value":15},{"type":17,"tagName":291,"properties":292,"children":293,"position":437},"ul",{},[294,295,351,352,406,407,436],{"type":14,"value":15},{"type":17,"tagName":99,"properties":296,"children":297,"position":347},{},[298,314,321,340],{"type":17,"tagName":32,"properties":299,"children":300,"position":309},{},[301],{"type":14,"value":302,"position":303},"By strike",{"start":304,"end":307},{"line":305,"column":64,"offset":306},16,757,{"line":305,"column":209,"offset":308},766,{"start":310,"end":312},{"line":305,"column":25,"offset":311},755,{"line":305,"column":305,"offset":313},768,{"type":14,"value":315,"position":316}," (default): net GEX bars at every listed strike, the same math as the ",{"start":317,"end":318},{"line":305,"column":305,"offset":313},{"line":305,"column":319,"offset":320},86,838,{"type":17,"tagName":322,"properties":323,"children":325,"position":335},"a",{"href":324},"/learn/options/gex-profile",[326],{"type":14,"value":327,"position":328},"GEX profile",{"start":329,"end":332},{"line":305,"column":330,"offset":331},87,839,{"line":305,"column":333,"offset":334},98,850,{"start":336,"end":337},{"line":305,"column":319,"offset":320},{"line":305,"column":338,"offset":339},127,879,{"type":14,"value":341,"position":342},", just drawn in a pane instead of on the price axis.",{"start":343,"end":344},{"line":305,"column":338,"offset":339},{"line":305,"column":345,"offset":346},179,931,{"start":348,"end":350},{"line":305,"column":26,"offset":349},753,{"line":305,"column":345,"offset":346},{"type":14,"value":15},{"type":17,"tagName":99,"properties":353,"children":354,"position":402},{},[355,370,377,395],{"type":17,"tagName":32,"properties":356,"children":357,"position":365},{},[358],{"type":14,"value":359,"position":360},"Over spot",{"start":361,"end":363},{"line":158,"column":64,"offset":362},936,{"line":158,"column":209,"offset":364},945,{"start":366,"end":368},{"line":158,"column":25,"offset":367},934,{"line":158,"column":305,"offset":369},947,{"type":14,"value":371,"position":372},": the classic dealer gamma profile, drawn as a line. Total net GEX is recomputed at hypothetical spot prices across roughly plus or minus 15 percent of the current price. Where the line is positive, dealer hedging would dampen moves at that price; where negative, it would amplify them (",{"start":373,"end":374},{"line":158,"column":305,"offset":369},{"line":158,"column":375,"offset":376},303,1234,{"type":17,"tagName":322,"properties":378,"children":380,"position":390},{"href":379},"/learn/options/concepts",[381],{"type":14,"value":382,"position":383},"conventions",{"start":384,"end":387},{"line":158,"column":385,"offset":386},304,1235,{"line":158,"column":388,"offset":389},315,1246,{"start":391,"end":392},{"line":158,"column":375,"offset":376},{"line":158,"column":393,"offset":394},341,1272,{"type":14,"value":396,"position":397},").",{"start":398,"end":399},{"line":158,"column":393,"offset":394},{"line":158,"column":400,"offset":401},343,1274,{"start":403,"end":405},{"line":158,"column":26,"offset":404},932,{"line":158,"column":400,"offset":401},{"type":14,"value":15},{"type":17,"tagName":99,"properties":408,"children":409,"position":432},{},[410,425],{"type":17,"tagName":32,"properties":411,"children":412,"position":420},{},[413],{"type":14,"value":414,"position":415},"Cumulative",{"start":416,"end":418},{"line":195,"column":64,"offset":417},1279,{"line":195,"column":149,"offset":419},1289,{"start":421,"end":423},{"line":195,"column":25,"offset":422},1277,{"line":195,"column":158,"offset":424},1291,{"type":14,"value":426,"position":427},": a running sum of net GEX across strikes, drawn as a line. Its endpoint equals the board's total net GEX, and its zero crossing is the gamma flip itself.",{"start":428,"end":429},{"line":195,"column":158,"offset":424},{"line":195,"column":430,"offset":431},171,1445,{"start":433,"end":435},{"line":195,"column":26,"offset":434},1275,{"line":195,"column":430,"offset":431},{"type":14,"value":15},{"start":438,"end":439},{"line":305,"column":26,"offset":349},{"line":195,"column":430,"offset":431},{"type":14,"value":15},{"type":17,"tagName":18,"properties":442,"children":443,"position":453},{},[444],{"type":14,"value":445,"position":446},"The Expiries setting scopes which contracts feed the curve, and the pane repolls on its own timer like the rest of the suite.",{"start":447,"end":450},{"line":448,"column":26,"offset":449},20,1447,{"line":448,"column":451,"offset":452},126,1572,{"start":454,"end":455},{"line":448,"column":26,"offset":449},{"line":448,"column":451,"offset":452},{"type":14,"value":15},{"type":17,"tagName":458,"properties":459,"children":461,"position":470},"h3",{"id":460},"full-pane-stats-row",[462],{"type":14,"value":463,"position":464},"Full-pane stats row",{"start":465,"end":468},{"line":466,"column":64,"offset":467},22,1578,{"line":466,"column":86,"offset":469},1597,{"start":471,"end":473},{"line":466,"column":26,"offset":472},1574,{"line":466,"column":86,"offset":469},{"type":14,"value":15},{"type":17,"tagName":18,"properties":476,"children":477,"position":581},{},[478,486,503,510,526,533,550,557,574],{"type":14,"value":479,"position":480},"Use the pane's maximize button (or double-click the pane; Esc restores it) for a bigger view. Maximized, the curve gains a stats row across the top: ",{"start":481,"end":483},{"line":86,"column":26,"offset":482},1599,{"line":86,"column":484,"offset":485},150,1748,{"type":17,"tagName":32,"properties":487,"children":488,"position":498},{},[489],{"type":14,"value":490,"position":491},"Flip",{"start":492,"end":495},{"line":86,"column":493,"offset":494},152,1750,{"line":86,"column":496,"offset":497},156,1754,{"start":499,"end":500},{"line":86,"column":484,"offset":485},{"line":86,"column":501,"offset":502},158,1756,{"type":14,"value":504,"position":505}," (the interpolated zero cross of whatever is currently plotted), ",{"start":506,"end":507},{"line":86,"column":501,"offset":502},{"line":86,"column":508,"offset":509},223,1821,{"type":17,"tagName":32,"properties":511,"children":512,"position":521},{},[513],{"type":14,"value":514,"position":515},"Call Wall",{"start":516,"end":518},{"line":86,"column":29,"offset":517},1823,{"line":86,"column":519,"offset":520},234,1832,{"start":522,"end":523},{"line":86,"column":508,"offset":509},{"line":86,"column":524,"offset":525},236,1834,{"type":14,"value":527,"position":528}," and ",{"start":529,"end":530},{"line":86,"column":524,"offset":525},{"line":86,"column":531,"offset":532},241,1839,{"type":17,"tagName":32,"properties":534,"children":535,"position":545},{},[536],{"type":14,"value":537,"position":538},"Put Wall",{"start":539,"end":542},{"line":86,"column":540,"offset":541},243,1841,{"line":86,"column":543,"offset":544},251,1849,{"start":546,"end":547},{"line":86,"column":531,"offset":532},{"line":86,"column":548,"offset":549},253,1851,{"type":14,"value":551,"position":552}," (the x-position of the largest positive and largest negative value on screen), and ",{"start":553,"end":554},{"line":86,"column":548,"offset":549},{"line":86,"column":555,"offset":556},337,1935,{"type":17,"tagName":32,"properties":558,"children":559,"position":569},{},[560],{"type":14,"value":561,"position":562},"Σ+ / Σ-",{"start":563,"end":566},{"line":86,"column":564,"offset":565},339,1937,{"line":86,"column":567,"offset":568},346,1944,{"start":570,"end":571},{"line":86,"column":555,"offset":556},{"line":86,"column":572,"offset":573},348,1946,{"type":14,"value":575,"position":576}," (the sum of the positive and negative values currently in view). 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