Start with the chart's scope
Open the HedgePulse app and choose the symbol, expiration selection, and basis before reading the bars. A Gamma Exposure chart is a view of the selected options data at a point in time. It is not a price forecast or a statement of what dealers will do.
The same chart can look different when you change its scope or basis:
| Control | What changes |
|---|---|
| Symbol | The underlying whose options data is shown |
| Expiration selection | Which options expirations contribute to the displayed profile |
| Open Interest or Volume | Whether outstanding contracts or the current session's traded contracts weight the exposure |
| Strike range | How much of the profile is visible around price |
Read the active controls before comparing one snapshot with another. Missing data is not zero exposure.
Read positive and negative exposure beside price
Gamma describes how an option's delta changes as the underlying price moves. GEX aggregates the selected options gamma exposure by strike using the active scope and basis. A chart can group positive and negative values close together, and a small net total can hide large offsetting values.
Start with three questions:
- Which strikes have the largest positive and negative bars?
- Where is the current price relative to those strikes?
- Does the same concentration appear when you compare open interest with volume?
Color and bar size help find structure, but the tooltip or value display is the place to check the exact strike and exposure. Treat the chart as a location and participation reference, then compare it with price, volatility, breadth, and the time horizon you are trading.
Use PG, ZG, and NG as calculated landmarks
HedgePulse derives three scan-friendly gamma landmarks from the selected profile:
- PG is the strongest positive gamma strike.
- NG is the strongest negative gamma strike.
- ZG is the interpolated zero-gamma crossing between negative and positive regions.
These are calculated references, not guaranteed support, resistance, or reversal points. They can move as price, options data, expiration scope, or the selected basis changes. Read the full PG, ZG, and NG guide for the calculation and display details.
Compare the chart with related views
Use the chart to identify a question, then use the related HedgePulse views to add context:
- Exposure Matrix separates exposure by strike and expiration so you can see which dates contribute to the profile.
- GEX Replay reviews stored price and exposure snapshots through a session when that history is available.
- VOL Matrix shows implied-volatility term structure, strike shape, and the current options-priced range.
For a simple review, locate price on the GEX chart, note PG, ZG, and NG, compare the active basis, then check the expiration and volatility context. This keeps the chart connected to the conditions that produced it.
Keep conclusions conditional
Options-derived exposure can help organize a market read. It does not measure dealer inventory, reveal whether every contract was opened or closed, bought or sold, or show how a participant will hedge. Price can move through any calculated level.
Use the chart with a defined trade plan and risk controls. Compare HedgePulse plans when you are ready to see the available web-app access.