See why the same news moves price differently
Dealers hedge billions in options every day. Where they sit, price gets pinned or pushed. We're giving 50 retail traders a free month of the gamma, vanna and charm tools that show where that happens.
- No card needed
- Answer within a week
- Education included
Hit the price with news. Above the flip, dealers absorb it. Below the flip, they add to it.
How this works, and the numbers as a table
Towers are strikes where dealers are long gamma: they sell rallies and buy dips, so moves shrink and price tends to pin. Trenches are strikes where they're short gamma: they chase the move, so it grows. The flip is where one turns into the other. Lower implied volatility makes the walls taller and sharper; higher volatility spreads them out. The front line is the total across all expiries, which is what the price feels.
| Strike | Net GEX ($B per 1%) |
|---|
Every Greek, across every strike and expiry
Gamma is only the start. See how vanna, charm and delta exposure stack up around the price, and learn what each one means as you go.
Delta
DEX on GEX and DEXHow much an option's price moves for a $1 move in the stock. Dealer delta exposure shows which way they're hedged.
Gamma
GEX HeatmapHow fast delta changes. It peaks at the money, which is why big gamma strikes can act like magnets or walls.
Vanna
VEX on Greeks HeatmapHow delta changes when implied volatility moves. A drop in volatility alone can make dealers buy or sell stock.
Charm
CEX on Greeks HeatmapHow delta changes as time passes. It speeds up into expiry, so it matters most near the close and on expiration day.
The tools, and the education to use them
Which tools your month unlocks depends on the plan your grant includes. Every grant comes with our guides and education.
GEX Heatmap For you
Gamma exposure across strikes and time, so walls and flips stand out.
Greeks Heatmap For you
GEX, VEX, CEX, DEX and open interest side by side.
GEX and DEX For you
Gamma and delta exposure in real time as the session moves.
Spot Gamma & Delta For you
Real-time spot gamma and delta levels.
Option Depth Flow For you
Dealer walls, negative walls and the gamma flip, strike by strike.
Greek Gods For you
Options Greeks analysis and trimetric skew.
Gamma Short Squeeze For you
Gamma squeeze detection and analysis.
Education For you
Video tutorials, recorded live trading and plain-English guides to every tool.
Apply for your free month
- Answer the questions
- Create a free account
- Sign the OPRA agreement
- Submit
Tell us about your trading
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Charts on this page are illustrative examples, not live market data or trading advice.