❓ FAQ — Gamma Exposure
What is Gamma Exposure (GEX)?
GEX measures the total gamma of options market makers at each strike price. It shows how much dealers need to hedge when price moves $1, which creates support and resistance zones.
What is Call Wall?
The strike with the highest call gamma. Acts as resistance — price tends to slow down or reverse near this level because dealers sell into rallies to hedge.
What is Put Wall?
The strike with the highest put gamma. Acts as support — price tends to bounce here because dealers buy dips to hedge their put exposure.
What is Inflection Point (Flip)?
The price where net gamma flips from positive to negative. Above inflection = mean-reverting (stable). Below = trending (volatile).
Max Pain
The strike price where the highest number of options contracts expire worthless, causing the maximum financial loss for option buyers.