Concepts

NG, ZG, and PG: Reading HedgePulse Gamma Levels

Understand what the three level columns calculate and how to read price relative to them.

By HedgePulse EducationReviewed by HedgePulse Product6 min read
01 · NG

Strongest negative gamma strike

NG is the strike with the lowest signed gamma-exposure value in the selected level basis.

  • Negative side of the profile
  • A calculated reference, not guaranteed support
02 · ZG

Structural zero crossing

ZG is interpolated where the gamma profile crosses between the highest negative point before transition and the lowest positive point after transition.

  • Derived between strikes
  • Separates negative and positive profile regions
03 · PG

Strongest positive gamma strike

PG is the strike with the highest signed positive gamma-exposure value in the selected level basis.

  • Positive side of the profile
  • A calculated reference, not guaranteed resistance
04 · Display

Price, distance, and touch state

The table can show raw levels or normalized distance. A check mark indicates that the session high-low range has touched the level.

  • Right-click cycles the level mode
  • Green/red styling follows configured level rules

Three landmarks in the gamma profile

HedgePulse reduces a signed gamma-exposure profile into three scan-friendly landmarks: NG, ZG, and PG. They are derived from the selected options scope and level basis, so they can change as the underlying data changes.

HedgePulse NG, ZG, and PG level columns

NG: strongest negative gamma

NG is the strike with the lowest negative gamma-exposure value. It identifies the strongest negative point in the profile for the selected basis.

PG: strongest positive gamma

PG is the strike with the highest positive gamma-exposure value. It identifies the strongest positive point in the profile for the selected basis.

ZG: the structural zero crossing

ZG is not simply the nearest strike whose value happens to be zero. HedgePulse locates the transition band between negative and positive gamma inside the NG-to-PG structure, then interpolates the crossing from the signed values on each side.

That means ZG can fall between listed strikes.

What the table display tells you

The level columns can show the calculated price or the current price's normalized distance from the level, depending on your table settings. Tooltips report whether price is above, below, or at the level.

A check mark means the current session range has touched the level. It does not mean the level held or produced a reversal.

Combine location with context

Use gamma levels as location references, then check participation, STRAT structure, exposure totals, and Expected Move. A level is more useful when you can explain what the surrounding columns are saying.

These levels are analytical outputs and can move as options data, price, expiration scope, or the selected OI/volume basis changes.