The GEX profile: net dealer gamma by strike
A GEX profile is the shape of dealer gamma across the whole strike ladder rather than a single line on the chart. This page explains what a gamma exposure profile represents, how gamma by strike is aggregated into a histogram, and how to read that shape as context for where hedging pressure concentrates.
This page explains the concept. It shows no live numbers — the live map lives in the indicator, on TradingView and ATAS. Educational context only, not a signal.
What a GEX profile is
A GEX profile is the distribution of net dealer gamma across strikes, drawn as a histogram or curve. For each strike on the options chain, an estimate of dealers' net gamma exposure is computed from open interest and contract greeks, then those per-strike values are stacked side by side. The result is a shape: bars or a line that rise where gamma is concentrated and thin out where it is sparse. Where individual levels like the Call Wall or Gamma Flip mark single points of interest, the profile shows the full terrain those points sit inside.
Two features of the shape carry most of the meaning. The height of each bar shows how dense net gamma is at that strike, and the sign shows whether dealer positioning there is net positive or net negative. The point where the aggregated curve crosses zero is the flip between the two regimes. Read together, a GEX profile is a map of concentration and sign across price, not a verdict about direction.
Why the shape matters
The shape gives context that a single number cannot. Zones of dense positive gamma are areas where dealer hedging tends to lean against movement, which is why they are often described as pinning zones. The zero-crossing marks where that character can change sign. Sparse stretches, where the histogram thins out between clusters, are regions with little concentrated gamma to absorb movement, so price has fewer dense strikes in its path. Seeing dense, sparse, and flip regions in one view is what makes the gamma exposure profile useful as background rather than as a set of instructions.
This is descriptive context about where option-related hedging is currently concentrated, not a signal, a prediction, or advice. The profile describes positioning as it stands right now; it does not tell you what price will do, and dense or sparse zones are not entry or exit points. Because the shape is built from the live chain, it shifts as open interest, spot, and time to expiry change, and it goes stale between refreshes. Trading involves substantial risk of loss, and a gamma map is one lens on structure among many.
Common misconceptions
Dense gamma at a strike describes where hedging concentrates, not where price is headed. The profile is context on structure, not a forecast of a level being reached.
Gamma by strike is computed from the live chain, so the shape changes as open interest, spot, and expiry shift. Yesterday's profile can look materially different today.
A thin stretch between clusters means little concentrated gamma sits there, not that movement is coming. It describes the terrain, and makes no claim about speed or direction.
Questions traders ask.
What is the difference between a GEX profile and a single gamma level?
A single level, such as the Call Wall or Gamma Flip, marks one notable strike. The GEX profile shows net dealer gamma across every strike at once, so those individual levels appear as features within the broader shape of concentration and sign.
How do you read a GEX histogram?
Look at three things: where bars are tall (dense gamma), where they are thin (sparse zones), and where the aggregated curve crosses zero (the flip between net positive and net negative gamma). Together they describe the current structure, not a direction.
Does the GEX profile predict price?
No. It is descriptive context about where dealer hedging is concentrated on the current options chain. It is not a signal, a prediction, or advice, and trading always involves substantial risk of loss.
Why does the GEX profile keep changing?
Because it is derived from the live options chain. As open interest updates, spot moves, and expirations approach, the per-strike gamma estimates change, so the profile is refreshed each session to reflect current positioning rather than stale data.
Is this a buy or sell signal?
No. Everything on this page describes option-market structure — where dealer hedging concentrates — which is context on how a session is likely to behave, not a recommendation to buy or sell and not a prediction of direction. Educational and informational only; trading involves substantial risk of loss.
Where do the live levels come from?
The GEX Levels indicator computes them from the live options chain and draws them on your TradingView or ATAS chart, refreshed each session. This page explains the concept; the live map lives in the indicator, and the free Morning Map shows the prior session's index levels each day.
See it on your chart.
The concept is free to read. The live levels — call wall, put wall, gamma flip, the second-order greeks, the regime and more, refreshed every session — are built into the GEX Levels indicator for TradingView and ATAS. The free Morning Map shows the prior session's index levels each day.
Related: Gamma levels: the map of dealer positioning · Positive vs Negative Gamma · The Call Wall, Explained · What is GEX · Levels by ticker