OPTIONAL ADVANCED PATH
Reading The GEX Matrix
Use the Gamma Exposure - GEX Matrix to separate gamma positioning by strike and expiration, compare metrics, and interpret color magnitude correctly.
Start with Intermediate Concepts. For the core workflow, continue to the Scanner User Guide.
From one profile to a surface
The strike profile aggregates included expirations into one view. The GEX Matrix keeps expiration visible: each row is a strike, each column is an expiry, and each cell contains the selected metric for that intersection.
This helps distinguish a level dominated by one near-term expiration from a concentration that appears across several dates.
Controls that change the question
- Net GEX shows the signed call-plus-put proxy; Call GEX and Put GEX isolate each side.
- Open interest removes gamma weighting and shows contract concentration instead.
- Near spot limits the strike set; All strikes reveals the full loaded surface.
- Across table uses one color scale for every expiry; Within each expiry highlights relative structure inside each column.
- DTE, exact-expiry, and strike-gap filters determine which contracts enter the surface.
Hypothetical net GEX in $ millions per 1% underlying move. Spot: $50.
| Strike | 7 DTE | 14 DTE | 30 DTE |
|---|---|---|---|
| $45 | -8 | -2 | -1 |
| $50 · spot | +12 | +3 | +2 |
| $55 | +4 | +1 | 0 |
+ Positive proxy · − Negative proxy · Colored bar length shows relative magnitude. Values stay unchanged.
One maximum (+12) applies to all dates. +2 at 30 DTE is one sixth of the largest magnitude.
Calls are positive and puts negative under this proxy convention. These values do not reveal dealer inventory or predict price.
Matrix workflow
- Start with Net GEX and the global color scale to find the largest magnitudes.
- Switch to call and put views to see which side creates the signed result.
- Compare global and per-expiry scales so a small date is not mistaken for a large absolute concentration.
- Check the nearest-spot row and the GEX profile before interpreting an isolated cell.
Common misconception
- Myth
- The darkest matrix cell is the market's most likely price target.
- Reality
- The cell shows the largest value under the active metric and scale. It is not a probability distribution or price forecast.
One strike, different expirations Hypothetical
A strike is dark in the nearest expiry but pale across later dates.
- The aggregate profile may be driven mainly by short-dated exposure.
- Changing to Within each expiry can reveal smaller patterns that the global peak had visually compressed.
- The concentration may change quickly as the nearest contract expires or open interest changes.
The matrix adds the time dimension that an aggregate strike chart cannot show.
Key takeaway
The matrix reveals where modeled exposure sits across both strike and time, while retaining the same proxy limitations as the profile.
Educational content only. Not financial advice.