Reading the Net GEX Chart

How to interpret the bar chart, the aggregate line, and the overlaid key levels on the GammaFlux dashboard.

The layout at a glance

The chart is a dual-grid: the left grid takes about 75% of the width and renders the per-strike bars, the right grid takes the remaining 25% and renders the aggregate line. Both share the same vertical strike axis, so any horizontal slice of the chart is one strike price. The current spot price is marked with a dashed horizontal line across both panels.

This layout is deliberate. Per-strike detail tells you where the concentration is; the aggregate line tells you which side of zero the market is on as a whole. You need both to trade the information.

Reading the per-strike bars

Each horizontal bar represents the net dealer gamma at one strike, computed from live directional order flow — so the bars shift through the session as today’s trading rewrites where hedging concentrates, rather than sitting frozen on an overnight OI snapshot. Bar length is magnitude, color is sign:

• [+]
  Green bars (positive gamma). Dealers are long gamma at these strikes. When price rises, they sell into it; when it falls, they buy into it. Green clusters act as stabilizing zones — price tends to mean-revert toward them.
• [−]
  Red bars (negative gamma). Dealers are short gamma at these strikes. When price rises, they have to buy more; when it falls, they sell more. Red clusters accelerate moves through them — this is where you get fast, trending price action.

The biggest green bar is P1 — the strongest positive-gamma magnet on the live-flow profile — and the biggest red bar is N1, the strongest negative-gamma magnet. Note that these flow magnets are distinct from the Call Wall and Put Wall, which GammaFlux reads from open interest rather than flow; the magnets often sit near the OI walls but can lead or diverge from them when today’s flow concentrates somewhere new.

Reading the aggregate line

The right panel shows the cumulative net gammaintegrated across the entire options chain, plotted as a continuous line versus strike. It answers: “if price were here, what would the market-wide dealer gamma position look like?”

Three features of this line matter most:

• →
  Where it crosses zero.That’s the flip — the strike at which the market transitions from a negative-gamma regime (volatile, trending) to a positive-gamma regime (dampened, mean-reverting), or vice versa. GammaFlux marks two: the OI Flip (from settled open interest, the static daily regime anchor) and the Flow Flip (recomputed from live order flow, migrating through the session).
• →
  Its slope. A steep slope means small moves in price lead to large swings in net gamma — sensitive regime. A flat slope means positioning is stable across a wide zone.
• →
  Its peaks and troughs. Local extrema mark the AG1 and AG2 levels — the aggregate gamma peaks — which are strong mean-reversion magnets when price approaches them from outside.

The overlaid key levels

Both panels have the same horizontal colored lines drawn across them at specific strikes. These are the 8 key levels plus spot price. You’ll see small labels on the right side of the chart identifying each one (CW, PW, OI Flip, Flow Flip, P1, N1, AG1, AG2, Price).

When multiple levels snap to the same strike, GammaFlux groups them into a single line with a combined label (for example “CW + P1 + AG2”). That’s a convergence signal — see Understanding Convergence Scores for why multi-level clusters matter more than single-signal levels.

A practical reading workflow

When you open the dashboard, scan in this order:

1. Which side of the flip is price on? Above the flip = dampened regime. Below = volatile regime. Use the OI Flip as your daily regime anchor. This frames your trading style for the session.
2. Where’s the nearest Call Wall above and Put Wall below? These are your high-probability reversal or acceleration zones.
3. Are there convergences? Multi-level clusters are stronger than single levels. A strike where CW + P1 + AG2 all snap together is a magnet.
4. How is the Flow Flip migrating during the day? A Flow Flip that’s drifting meaningfully away from the static OI Flip means live flow is shifting dealer positioning — the most valuable signal GammaFlux provides.