Aggregate — MM Positions Analyzer

What is Aggregate GEX and why does it matter?

The Charts tab shows GEX for a single expiration date. The Aggregate tab shows GEX summed across all expiration dates at once, giving you the full picture of dealer hedging pressure on the underlying stock — not just one slice.

Why look across all expirations? Large institutional positions rarely concentrate in one expiry. A hedge fund buying puts across March, April, and June creates negative GEX at the same strikes in multiple expirations. When you sum GEX across all dates, those levels stand out much more clearly as genuine structural forces.

Total GEX (bar chart): At each strike, this is the sum of GEX from every expiration that still has open interest. A tall green bar means dealers are net long gamma at that strike across the entire options chain — a strong stabilizing wall. A deep red bar means net short gamma across all dates — a genuine trapdoor, not just a single-expiry artifact.

GEX Heatmap: The same data broken out by expiration. Each row is one expiry date; each column is a strike. Green cells = positive GEX (call-heavy, stabilizing), red cells = negative GEX (put-heavy, amplifying). Vertical streaks (same strike across many expirations) reveal strikes where the structural force is deep and date-independent — the most durable levels on the chart.

Key terms used in the Analysis panel

Regime

Borrowed from macro and quantitative finance, regime means the current operating mode of the market from a dealer-hedging perspective. A regime is not a prediction — it is a description of the structural forces currently in place that will mechanically influence how prices move. There are two primary regimes: Pinning (positive GEX — dealers stabilize price) and Trending / Amplifying (negative GEX — dealers amplify price moves). Mixed cases (near-term vs. far-term divergence) are also labeled as regimes.

Pinning regime (positive GEX)

Dealers are net long gamma — they bought more calls than puts across the chain. When price rises, their call delta grows and they sell shares to rehedge; when price falls, they buy shares. This counteracts moves and pulls price back toward equilibrium. The market behaves as if there is a gravitational center — it resists large moves and tends to stay range-bound.

Trending / Amplifying regime (negative GEX)

Dealers are net short gamma — they sold more puts than they bought. When price falls, their put delta grows (they owe more) and they must sell shares to rehedge — adding fuel to the move. Every price drop triggers more dealer selling; every rally triggers more buying. Moves are amplified in both directions, not dampened. This is why red GEX levels below price are called trapdoors, not support.

Term structure

The pattern of GEX values across different expiration dates — near-term vs. far-term. When near-term expirations are positive GEX (pinning) but far-term are negative (amplifying), the term structure is diverging: the market looks calm today but structural bearish pressure is building further out. When all expirations share the same regime, the term structure is aligned — the current regime is durable and unlikely to flip when near-term dates expire.

Reading the Total GEX bar chart

Green bars — positive Total GEX (GEX Ceiling / Resistance)

Calls dominate at this strike across all expirations combined. Dealers are net long gamma here. As price approaches this strike, dealer hedging creates a mechanical selling force — they sell shares as their call delta grows. This brakes upside momentum and acts as resistance. The taller the bar, the more durable the ceiling. These are the most reliable resistance zones on the chart because they are reinforced by every open expiration simultaneously. A close above a tall green bar on strong volume is needed to sustain a breakout.

Red bars — negative Total GEX (Trapdoor / Acceleration Zone)

Puts dominate at this strike across all expirations. Dealers are net short gamma. As price falls into a red bar zone, dealers must sell more shares to rehedge their growing negative put delta — amplifying the move. These are not support levels. They are zones where a breakdown accelerates. The deeper the red, the more violent the dealer-driven selling when price breaks through. A red bar cluster below current price is your most important downside risk map. Do not use red bars as a stop — they are trapdoors, not floors.

Red vertical line — Current Price

Live price fetched at load time. Use this to immediately see: is current price sitting inside a green bar (GEX ceiling — dealer selling pressure above), between bars (neutral), or approaching a red bar cluster (trapdoor risk zone)? The bar directly under the current price line tells you the local dealer regime at today's price.

Teal dotted line — Flip Zone

A strike where near-term and far-term GEX point in opposite directions. How it is calculated: for each strike, GEX is summed separately across near-term expirations (first half by date) and far-term expirations (second half). If the near-term sum is positive (call-heavy, ceiling) and the far-term sum is negative (put-heavy, trapdoor), the strike is flagged as a flip zone. This is distinct from Total GEX — the total bar at a flip strike can show any color because it adds all expirations together.

What it means: price may be drawn toward this strike short-term (near-term pinning gravity), but once the near-term expirations expire, dealer positioning at the same strike reverses — it becomes an amplification zone. A flip zone below current price is particularly dangerous: it looks like soft support now but will become a trapdoor after rolloff.

SPX note: SPX typically shows many flip zones because institutions hold persistent far-dated put hedges (creating far-term negative GEX) while near-term call selling creates near-term positive GEX at the same strikes. Nearby flip strikes are grouped into zones (top 3 shown) to reduce visual noise.

Reading the GEX Heatmap

Each cell is one (strike, expiration) pair. Color = GEX value at that cell. Green = positive GEX (call-heavy, dealer is long gamma — stabilizing). Red = negative GEX (put-heavy, dealer is short gamma — amplifying). Dark / black = near zero (minimal hedging pressure at that strike for that expiry). The Y-axis label on each row shows the Net GEX for that expiration — the sum of all GEX values across all strikes for that date. Green label = that expiry is net stabilizing (call-heavy overall). Red label = that expiry is net amplifying (put-heavy overall). The date follows in muted gray.

Vertical color streaks — durable structural levels

A strike that appears green (or red) across many rows is one where the GEX force is reinforced across multiple expiries. These are the highest-conviction levels — institutional positions that span the term structure. Even if individual expirations roll off, the level persists until the underlying position unwinds.

Single-row color concentrations — near-term events

A bright cell in just one row is GEX concentrated in a single expiry — often from a near-dated event play (earnings, FOMC) where traders buy options for a specific date. These levels are real but temporary: once that expiry passes, the structural force disappears. Use the Charts tab to drill into that specific expiration for full detail.

Y-axis Net GEX labels — expiry-level regime

Each row's Y-axis label shows Net GEX for that expiration: the sum of all GEX values across every strike for that date. Green = that expiry is net call-heavy (stabilizing / pinning). Red = that expiry is net put-heavy (amplifying / trending). A heatmap where all Y-axis labels are green means every expiry is in a pinning regime — maximum structural stability. A mix of red labels near the top (near-term expirations) signals elevated near-term volatility risk even if far-dated expirations remain green.

Teal dotted columns — Flip Zones

The same teal lines that appear on the bar chart are drawn as vertical columns through the heatmap. Use the heatmap to visually verify a flip zone: near-term rows (top of heatmap) at that column should be greenish, far-term rows (bottom) should be reddish. If the color transition is clear, the flip is structurally genuine. If the column is uniformly dark or mixed, the partial-sum flip may be driven by a small number of contracts — check the far-term GEX magnitude in the Analysis panel before acting on it.

Aggregate regime cases — what to expect and what to do

The Analysis panel above shows one of these cases based on cross-expiry Net GEX, the dominant strike, and the near-term vs. far-term GEX split.

Case	What it means	What to expect	Next action
All-expiry Net GEX positive	Every expiration (or a strong majority) is net call-heavy. Dealers are long gamma across the full term structure.	Maximum structural stability. Moves are mechanically dampened from all directions. Range-bound behavior is the strong base case. The Total GEX peak strike is the gravitational center the market keeps returning to.	Sell premium between the major green bar clusters. The Total GEX peak is your pin target — useful for iron butterfly / short straddle entries near that strike. Widen stops: GEX headwinds mean breakouts are less likely to sustain.
All-expiry Net GEX negative	Every expiration is net put-heavy. Dealers are short gamma across the entire term structure.	The most dangerous environment. No expiration provides a stabilizing counterweight. Every move gets amplified from all angles. Red bars in the Total GEX chart below price are cascading trapdoors — breaking one triggers selling pressure from multiple expirations simultaneously.	Trend-follow only. Do not use red bars as support. If long, accept that the full options market is structurally against mean-reversion. Consider protective puts. Stand aside if direction is unclear — this regime punishes indecision on both sides.
Near-term negative, far-term positive	Near-dated expirations (typically 1–4 weeks out) are put-heavy and amplifying; longer-dated expirations are call-heavy and stabilizing.	Short-term volatility with a longer-term structural anchor. The market expects a specific near-term event (earnings, macro) to create turbulence, but institutional positioning in longer dates reflects a bullish or stable baseline. Expect elevated intraday ranges that calm after the near-term expiry passes.	Wait for the near-term expiry to pass before entering longer-horizon positions. Hedge active longs with near-dated puts sized to the red GEX risk. After the near-term event resolves, the structural landscape may shift dramatically to net positive — watch for that reset.
Near-term positive, far-term negative	Near-dated expirations are call-heavy (pinning), but longer-dated expirations are put-heavy (amplifying). Structural bearish bias building in the background.	Deceptively calm near-term with growing downside risk over the medium term. The near-dated pinning keeps daily ranges tight, but the far-dated negative GEX signals institutional hedging of a longer-horizon risk. This combination often precedes a slow grind down once the near-term expiry rolls off.	Do not confuse near-term calm with structural safety. Check the far-dated red GEX levels — they will become the dominant structure once near-term expirations expire. Consider reducing long exposure or adding calendar spreads that benefit from the eventual volatility expansion.
Mixed / balanced	Positive and negative expirations are roughly split, with no clear term structure pattern.	No dominant mechanical bias. GEX levels are real but offsetting — positive GEX at a strike in one expiry may be partially cancelled by negative GEX at the same strike in another. The Total GEX bars are the cleaner signal here: only strikes with a large net bar (positive or negative) carry high-conviction structural force.	Focus on the highest Total GEX bars (both positive and negative) rather than the heatmap. Use the Charts tab to drill into the two or three expirations with the highest absolute Net GEX — those are where the real structure lives. Neutral strategies or reduced size until a clearer bias emerges.

Comparing GEX across expirations — how to read heatmap rows

The heatmap rows are the most powerful tool on this page once you know how to compare them. Each row = one expiration. Reading rows against each other reveals when structural forces concentrate — not just where (which strike) but which expiry window carries the real risk.

Row density — what % of strikes are red (or green)?

Count the red cells vs. green cells in a single row. A row that is 70%+ red means the majority of strikes in that expiration are put-dominated — dealers are structurally short gamma going into that date. This is not a single-strike event: it is a date-wide amplification environment. A 3/20 row that is mostly red means any directional move heading into March expiry will be amplified, especially to the downside if the trapdoor level breaks. Contrast with a row that is only 20% red — the negative GEX is isolated, not structural.

Strike color flip across rows — from ceiling to trapdoor

If a specific strike is green in near-term rows but red in a far-term row, that strike transitions from a GEX ceiling (near-term) to a trapdoor (far-term). Meaning: price may be attracted to that strike near-term (positive GEX gravity), but once the near-term expiries roll off, the same strike becomes a level dealers sell through rather than defend. This is a classic pre-distribution pattern: calm now, amplified drop later.

Negative GEX does not predict direction — it predicts speed

A row that is mostly red means amplification in both directions — not specifically a drop. If price rallies into a red row expiry, the up move is also amplified. The directional hint comes from where the red is relative to current price: red concentrated below current price = trapdoor risk on a break down. Red concentrated above current price = short-squeeze amplifier on a breakout. Red spread evenly = move fast in whichever direction the market chooses.

Near-term vs. far-term row color shift — the term structure divergence

The most actionable heatmap pattern: near-term rows are green (calm / pinning) but far-term rows are turning red. Daily action looks controlled now, but institutional hedging is already building in longer-dated expirations. Once the near-term expirations roll off, the red becomes the dominant structure — often catching trend-followers and long holders off guard. Strategy: do not confuse near-term calm with structural safety. Begin reducing long exposure incrementally as the near-term expiry approaches.

Practical checklist — how to read this page in under 60 seconds

1. Check the Analysis panel first. What is the overall chain Net GEX? Green = stabilizing, red = amplifying. This sets the regime for every level you look at below.
2. Find the Total GEX peak strike. The tallest bar (positive or negative) in the top chart is the cross-expiry gravitational center — the strike with the most combined dealer hedging pressure. Price tends to orbit this level. If current price is already sitting at the peak, expect tight, choppy action.
3. Map the red bars below current price. These are your downside risk zones. A cluster of deep red bars below price means any sustained sell-off will be mechanically accelerated as price passes through each one. Know exactly where the first and second significant red bar clusters are before you hold overnight.
4. Map the green bars above current price. These are your upside resistance zones. A dense green cluster above price means any rally will face heavy dealer selling from multiple expirations simultaneously — a strong structural ceiling.
5. Look for vertical streaks in the heatmap. A strike with consistent color across 3+ expiration rows is the most durable structural level on the entire chart. These are "term-structure confirmed" levels — they will not disappear when one expiry rolls off. Treat them as high-conviction support or resistance zones.
6. Check the near-term vs. far-term GEX split. If near-dated rows are all red and far-dated rows are all green (or vice versa), you have a term structure divergence — see the regime cases above for what this typically means. If all rows are the same color, you have a clear, unambiguous regime.
7. Use the Charts tab for depth. The Aggregate view tells you what and where. The Charts tab tells you why — showing IV, volume, OI changes, and the single-expiry GEX details with the full strategy recommendation engine. Once you identify a key expiration from the heatmap, switch to Charts and drill into that date.

Regime zones — why it matters where price sits relative to the flip

The Total GEX bar chart shows subtle background shading split at the GEX Flip level. One side is tinted green (positive GEX zone) and the other red (negative GEX zone). A badge near the top of the chart tells you which zone current price is in. This is the single most important piece of information before placing any trade.

Positive GEX zone (green shading)

Strikes in this zone have net positive Total GEX — dealers are collectively long gamma here. When price is in this zone, dealer hedging dampens moves: they sell into rallies and buy into dips. Price action tends to be range-bound and mean-reverting. Breakouts require significant volume to overcome the structural resistance. This is where selling premium (iron condors, short straddles) has the highest edge.

Negative GEX zone (red shading)

Strikes in this zone have net negative Total GEX — dealers are collectively short gamma. When price is in this zone, dealer hedging amplifies moves: they sell into drops and buy into rallies, adding fuel instead of absorbing it. Price action tends to be trending and volatile. Moves that look extended can extend further. This is where trend-following has the highest edge and mean-reversion is dangerous. If price drops below a support level in this zone, the decline can accelerate sharply as dealer selling compounds the move.

Why the flip level is the most important number on the chart

The GEX flip level is where aggregate dealer gamma crosses zero — the boundary between stabilizing and amplifying zones. When price crosses this level, dealer hedging behavior reverses: those who were dampening moves start amplifying them (or vice versa). A daily close on the opposite side of the flip is a regime change — the most significant structural shift that GEX analysis can detect. Every other level on the chart (R1, R2, S1, S2, Max Gamma) operates within a regime; the flip defines which regime is active.