Back

@peualgos
Peu
@peualgos
ES
Hey everyone, been spending the last few weeks building a real-time Gamma Exposure indicator from scratch. Pulls the SPX/NDX options chain from CBOE, recalculates greeks via Black-Scholes with live spot from IBKR, and plots the key levels (Vol Trigger, Call Wall, Put Wall, C1-C4, L1-L4) directly on an ES/NQ futures chart. Also added a regime detector — CALM when price is above Vol Trigger, EXPLOSIVE below it  and a score (heuristic) for each level based on gamma, delta, vanna and charm. Curious what you guys actually think about GEX as a tool. Any levels you find more reliable than others?
Post image
May 09, 2026 · 12:39 AM · 86 views
3 Reposts
12 Likes
7 Replies
(Edited)
L
louie FOUNDER
@louie · May 09, 2026 · 03:10 AM
FOUNDER
ES
I see GEX as a market-structure tool, not a magic indicator. It helps show how options positioning and dealer hedging may affect price behavior. Positive gamma can create more stable, range-bound markets, while negative gamma can make moves more aggressive. For me, the value is in using GEX as a confirmation layer alongside technicals, volatility, volume, and risk management, especially for covered calls and options-based strategies.
Reply
@algojay
AlgoJay
@algojay · May 09, 2026 · 12:52 AM
ES
I have only briefly experimented with looking at gamma based levels - I have not found too much statistical significance with them.

In my experience its about a 50/50 whether to use them for breakouts vs mean reversion

How do you like to use them?
Reply
@pretoninho
Pretoninus II Mod Trader FOUNDER
@pretoninho Solaris Traders · May 12, 2026 · 08:55 AM
Trader FOUNDER
ES
Frankly I find the GEX super interesting when it is recalculated properly in real time like you do.

Personally, I especially noticed that the Flight Trigger and high gamma concentrations often act as “behavior zones” more than exact levels. In CALM mode the market tends to magnetize certain levels, while below the trigger it can become very nervous very quickly.

The gamma + vanna + charm mix is clearly the right approach in my opinion, especially on macro days.
Translated from French
Reply