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GEX, 0DTE levels, and how futures traders read them
Practical pieces on gamma exposure, call/put walls, and session maps for ES & NQ — written around how GammaTape shows the data. We publish when there is something worth saying.
7 min readBy GammaTape
How to Choose a GEX Tool: The Questions That Matter
Index or ETF chain, 0DTE or every expiry, open interest or today’s volume, refresh rate, the futures basis, replay: the questions to ask any GEX tool.
GEXgamma exposure0DTEESNQtoolsRead article6 min readBy GammaTape
SPX to ES and NDX to NQ: The Futures Basis, Explained
Why an SPX level is not an ES price: what the futures basis is, why it drifts in the session and resets at the quarterly roll, and how to convert a level.
basisESNQSPXNDXfuturesRead article7 min readBy GammaTape
Break and Retest at a Gamma Level: What 170 Sessions of ES and NQ Showed
A broken gamma level changes side. On 170 ES and NQ sessions we replayed every break and the return to it; the retest ran above the fade and the breakout.
retestbreakoutbacktest0DTEESNQRead article6 min readBy GammaTape
DEX, Vanna and Charm on the 0DTE Chart: Dealer Hedging, Minute by Minute
What delta exposure, vanna and charm measure on a 0DTE chain, how each is computed from open interest, and how to read them under the price chart.
DEXvannacharmdealer hedging0DTERead article5 min readBy GammaTape
Absolute Gamma: Calls Plus Puts, and What a “Magnet” Actually Did
The absolute gamma strike carries the most gamma, calls plus puts. On our 0DTE archive it held price and pulled the close no better than a control.
absolute gammalevelsbacktest0DTESPXRead article5 min readBy GammaTape
Placing a Trade on a Gamma Level: Why the Tool Draws a 0.10 % Stop and a 1.5 R Target
The chart's long and short tools place a position in one click: stop 0.10 % of spot, target 1.5 R. Both defaults came from a 170-session test; the table.
stop losstake profitrisk management0DTEESNQRead article6 min readBy GammaTape
Major Positive and Major Negative Gamma: The Three Lines We Kept
Why the desk draws three objects — the two net-gamma majors and the volume zero gamma — with their history, and what each did on 330 archived sessions.
levelszero gamma0DTEESNQRead article7 min readBy GammaTape
Range Day or Trend Day: What the OI Gamma Regime Did on 170 Sessions
Every level touch on 170 ES and NQ sessions, faded and broken. Dip-buys did better in positive gamma, rally-sells in negative; breakouts trailed both.
regimedealer hedgingbacktestESNQRead article6 min readBy GammaTape
Reading the 0DTE Volatility Smile: What the Wings Are Charging
The smile prices fear asymmetrically; the 25-delta risk reversal is one point on it. What the whole 0DTE curve tells a reader that one skew number cannot.
implied volatilitysmileskewrisk reversal0DTERead article5 min readBy GammaTape
Net GEX by Expiry: What Is Left After Tonight Expires
A 0DTE desk reads one net GEX number all day and forgets it dies at the bell. Net GEX per expiration shows what map is still standing tomorrow.
net GEXexpiration0DTEterm structureRead article6 min readBy GammaTape
Vanna and Charm: What Moves the Book When Gamma Is Quiet
Gamma is not the only exposure a dealer hedges. Vanna reacts to volatility, charm to the clock — and on a 0DTE afternoon charm is often the bigger flow.
vannacharmdealer hedging0DTEgreeksRead article6 min readBy GammaTape
How to Read a GEX Profile Strike Ladder (Vol vs OI)
A walkthrough of the dual Vol/OI GEX ladder: spot marker, bar direction, share of book, and when volume rewrites the open-interest map during RTH.
GEXstrike laddervolume GEXOI0DTERead article5 min readBy GammaTape
Long Gamma vs Short Gamma: Dealer Regime in One Screen
Spot above zero gamma usually means dealers are long gamma (pinning bias); below it, short gamma (trend bias). How to read the flip without overtrading.
zero gammadealer hedgingregime0DTERead article5 min readBy GammaTape
Orderflow GEX vs Structural OI: Two Clocks on the Same Desk
OF GEX updates with the minute tape; OI GEX is the overnight book. How Flow and Quant panels fit together on a quiet tape and while walls are rewritten.
orderflowGEXtapedeskRead article7 min readBy GammaTape
0DTE Gamma Exposure Explained: What Dealers Hedge Intraday
A plain-English guide to 0DTE gamma exposure: how same-day SPX and NDX options force dealer hedging, why levels move, and how ES and NQ traders read them.
0DTEGEXgamma exposureSPXRead article6 min readBy GammaTape
Call Wall and Put Wall Meaning for ES & NQ Traders
Call wall and put wall in GEX terms: the strikes with the most call- and put-side dealer gamma, and how ES and NQ traders read them as session bounds.
call wallput wallGEXESNQRead article7 min readBy GammaTape
Zero Gamma Level Trading: How to Use the Flip
How to trade around the zero gamma level: the strike where net dealer gamma flips from dampening to amplifying — and why NDX zero can jump mid-session.
zero gammagamma flip0DTENDXRead article6 min readBy GammaTape
GEX Calculator for ES Futures: Map SPX Levels to Your Chart
How a GEX calculator works for ES traders: compute SPX 0DTE gamma exposure, then map the call wall, put wall and zero gamma onto the ES chart you trade.
GEX calculatorES futuresSPXMotiveWaveRead article6 min readBy GammaTape
Why OI GEX Shows “0” on Some Strikes (While Volume Doesn’t)
In the side-by-side GEX profile the OI column often prints 0 far from spot while Volume shows millions. Usually that is the book's real shape, not a gap.
GEXOpen InterestProfile0DTERead article7 min readBy GammaTape
Why Zero Gamma Can Jump Mid-Session (Especially on NDX)
Zero gamma is a crossing in a living GEX profile, not a VWAP. When a sudden jump is noise, when it marks a regime shift, and how it differs on NDX and SPX.
Zero gammaNDXGEX0DTERead article6 min readBy GammaTape
SPX, NDX, SPY, QQQ: Same GEX Map, Different Tape
Four underlyings, one GEX engine — why SPX looks smooth, NDX jumps farther, and QQQ/SPY can disagree with their index cousins during the same RTH window.
SPXNDXSPYQQQGEXRead article8 min readBy GammaTape
What Is Gamma Exposure (GEX)? A Map for ES & NQ Traders
Gamma exposure measures how dealers must hedge as price moves. What call walls, put walls and zero gamma mean on 0DTE SPX and NDX, for ES and NQ traders.
GEX0DTEESNQRead article7 min readBy GammaTape
Volume GEX vs Open Interest GEX: Why the Ladder Disagrees
0DTE net GEX by volume and by open interest can tell opposite stories at the same strike. How to read both ladders, and what their disagreement says.
GEXVolumeOpen Interest0DTERead article7 min readBy GammaTape
How to Read 0DTE Call Walls, Put Walls and Zero Gamma on the Chart
A practical walkthrough of SPX/NDX 0DTE levels on a price chart — call wall, put wall, zero gamma, expected move — plus how session replay trains your eye.
Call wallPut wallZero gammaReplayRead article