Blog
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
Break and Retest at a Gamma Level: What 170 Sessions of ES and NQ Showed
A level that breaks is not dead — it changes side. We replayed every break of every 0DTE gamma level on ES and NQ and measured the return to it. The retest was the best reaction in the archive.
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 during the session instead of on a separate page.
DEXvannacharmdealer hedging0DTERead article5 min readBy GammaTape
Absolute Gamma: Calls Plus Puts, and What a “Magnet” Actually Did
The absolute gamma strike is the one carrying the most gamma on both sides. We measured whether it held price and whether it pulled the close. It did neither better than a control — here is what it is good for.
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 long and short tools on the chart place a position in one click with a stop at 0.10 % of spot and a target at 1.5 R. Those two numbers were not chosen; they were measured. Here is the table behind them.
stop losstake profitrisk management0DTEESNQRead article6 min readBy GammaTape
Major Positive and Major Negative Gamma: The Three Lines We Kept
Why the desk now draws three objects — the two net-gamma majors and the volume zero gamma — with their history, and what each one 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
We replayed every touch of every level on ES and NQ, faded and broken out, in positive and negative gamma. Buying dips paid in positive gamma; selling rallies paid in negative gamma; breakouts paid nobody.
regimedealer hedgingbacktestESNQRead article6 min readBy GammaTape
Reading the 0DTE Volatility Smile: What the Wings Are Charging
The smile prices fear asymmetrically, and the 25-delta risk reversal is one point on it. What the whole curve tells a 0DTE reader that a single 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 number all day and forgets it dies at the bell. Net GEX per expiration answers the question that matters at 15:00 — 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 practical 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 every tick.
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 when the tape is quiet or when it is rewriting walls.
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/NDX options force dealer hedging, why levels move through the session, and how futures traders read the map.
0DTEGEXgamma exposureSPXRead article6 min readBy GammaTape
Call Wall and Put Wall Meaning for ES & NQ Traders
What call wall and put wall mean in GEX terms: the strikes with the densest call- and put-side dealer gamma — and how ES/NQ traders use them as session magnets and brakes.
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 futures traders: compute SPX 0DTE gamma exposure, then map call wall, put wall and zero gamma onto the ES chart you already 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 still shows millions. That is usually a real book shape — not a missing feed.
GEXOpen InterestProfile0DTERead article7 min readBy GammaTape
Why Zero Gamma Can Jump Mid-Session (Especially on NDX)
The orange zero-gamma line is a crossing in a living GEX profile — not a VWAP. Learn when sudden moves are noise, when they mark a real regime shift, and how to read them on NDX vs 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. Learn what call walls, put walls and zero gamma mean for 0DTE SPX/NDX — and how futures traders use them.
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. Learn how to read both ladders and what the disagreement means for the session.
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