OPTIONAL ADVANCED PATH
Reading The GEX Strike Profile
Learn how the Gamma Exposure - GEX Strike Profile organizes modeled call, put, and net gamma exposure by strike without treating walls or the gamma flip as predictions.
Start with Intermediate Concepts. For the core workflow, continue to the Scanner User Guide.
What the profile estimates
The GEX Strike Profile combines each included contract's gamma, open interest, contract multiplier, and stock price into a modeled exposure for a 1% underlying move. The chart then groups those estimates by strike.
ThetaTickr uses a transparent proxy convention: calls are positive and puts are negative. That makes the chart useful for comparing concentrations, but it does not reveal whether dealers are actually long or short each contract.
Hypothetical net GEX ($ millions per 1% underlying move), 0–30 DTE. Spot: $50.
Strike−120+12
$40-3
$45-8
$50 · spot+12
$55+4
$60+1
Negative values extend left of zero; positive values extend right. The $50 strike has the largest net magnitude in this example.
Calls are positive and puts negative under the proxy convention. A sign change between strike bars is not the gamma flip: that requires repricing the aggregate across hypothetical spot prices. Neither is a price prediction.
Reading the summary strip
- Net GEX is positive call exposure plus negative put exposure under the app's convention.
- Call wall is the strike with the largest positive call GEX; put wall is the strike with the largest negative put GEX.
- Gamma flip is the nearest modeled stock price where the signed aggregate crosses zero.
- Coverage reports how much open interest had usable gamma and was included in the estimate.
A careful reading sequence
- Choose the DTE range or exact expiries that match the question you are studying.
- Start with Near spot, then use All strikes to check whether the local view hides a larger concentration.
- Compare spot with the call wall, put wall, and gamma flip without treating any level as guaranteed support or resistance.
- Check coverage and remember that open interest does not disclose who owns which side of a contract.
Common misconception
- Myth
- The call wall and put wall are guaranteed support and resistance.
- Reality
- They are the largest modeled concentrations under the selected expiries and sign convention. Price can cross them, and the estimates can change with gamma, open interest, spot, and time.
Changing the expiry range Hypothetical
The 0–7 DTE profile shows a large strike concentration near spot, while the 0–60 DTE view shows a larger wall farther away.
- The near-term view may be more relevant to immediate expiration sensitivity.
- The wider view shows that longer-dated open interest changes the aggregate picture.
- Neither view identifies the future stock path on its own.
A GEX level only has meaning in the context of its included expirations and assumptions.
Key takeaway
The strike profile shows modeled exposure concentrations; it does not observe dealer positions or predict price levels.
Educational content only. Not financial advice.