Learn
Guides
Plain-language guides to gamma exposure, options-market structure, and the terminal. No advice, no jargon walls — just the mechanics.
This is a first set. Learn will grow into a much fuller knowledge base over time, so check back: we will post when guides are added or updated.
- What is GEX? A trader's guide to gamma exposure Gamma exposure (GEX) estimates how options dealers must hedge as price moves — and why that hedging can pin, cushion, or accelerate the market. A plain-language primer.
- How options dealers hedge — and why it moves the market Market makers who sell you options don't want the directional bet. Follow the delta-hedging they do to stay neutral and you can see where a lot of intraday flow actually comes from.
- The gamma flip point (zero-gamma level), explained The gamma flip is the price where aggregate dealer gamma crosses from positive to negative — the line between a market that dampens moves and one that amplifies them. Here's what it is and how to read it.
- Reading the GEX grid — call walls, put walls, and pins Once you know what gamma exposure is, the grid becomes a map. Here's how to read the color, the ranked strikes, and the big positive-gamma "walls" that price so often respects.
- 0DTE options and gamma — why same-day expiries move the tape Zero-days-to-expiration options have exploded in volume and reshaped intraday behavior. Here's why their enormous, fast-changing gamma makes the last hours of the session so reactive.