Option Exhaustion Detector plots markers on your chart where price may be showing signs of exhaustion. Each marker names the side and the action, for example LONG PUT - exhaustion or SHORT CALL - exhaustion.

Note: Option Exhaustion Detector uses CBOE data and shows values on SPX charts only.

How to Add Option Exhaustion Detector

1. Open an SPX chart in DeepGamma Web

2. Click Indicators in the Menu Bar

3. Click the green Add indicator button at the bottom of the panel

4. Open the Options (Cboe) tab and search for Option Exhaustion Detector

5. The indicator is added to your chart and appears in the Indicators panel

   

You can also turn it on or off from Exhaustion in the Settings quick bar.

Understanding the Markers

Each marker is a square, with a label showing the side and the action when you hover over it or when it connects to a line.

• Call buy - Default color is cyan

• Call sell - Default color is magenta

• Put buy - Default color is red

• Put sell - Default color is green

  

Each marker is a point where a move may be running out of strength, which could lead to a reversal. It is a point to look at more closely, and not a guarantee.

Settings

General

• Pressure - Set how many markers appear. Options available:

  • Low

  • Medium

  • High (default)

  • Strong

A lower setting shows more markers, and a stronger setting shows fewer, keeping only the more significant ones.

Price filter

• Enabled - Turn the price filter on or off. Default is enabled

• Period (bars) - Set the number of bars used for the filter. Default is 5

• Call above (% of range) - Set the percentage of the range above which a call marker can appear. Default is 70

• Put below (% of range) - Set the percentage of the range below which a put marker can appear. Default is 30

Plot Settings

• Display mode - Choose how the markers are shown. Options available:

  • Markers (default) - Shows the exhaustion points as markers on the chart

  • Background - Colors the chart background at the exhaustion points instead of showing markers

• Call buy - Set the color for the call buy marker. Default is cyan

• Call sell - Set the color for the call sell marker. Default is magenta

• Put buy - Set the color for the put buy marker. Default is red

• Put sell - Set the color for the put sell marker. Default is green

• Text color - Set the color of the marker label text. Default is light gray-blue

• Text size - Set the font size of the marker label. Default is 10

• Marker size (%) - Set the size of the markers. Default is 100

• Background opacity - Set the transparency of the marker label background. Default is 30

• Hollow - When enabled, the markers are shown as hollow. Default is disabled

Example - How to Use Option Exhaustion Detector

• Read the exhaustion markers alongside price action, and note whether they appear as price is pushing up or down

• Check the H - GEX profile at the same strikes as a marker. When a marker lines up with a large bar, dealer positioning is also concentrated there

• Watch MM Pressure at the same time. A sharp move in the pressure line around a marker can add weight to it

• Use O.I. Levels (RT) alongside the markers, and see whether a marker is appearing near one of your Call or Put levels

• Confirm at the marker with a footprint chart or Option Big Flows to see whether the move is actually slowing, since markers show a point to look at more closely and not a guaranteed reversal

  

Any Questions?

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When reaching out, please include:

• Screenshot (if any)

• Briefly describe the assistance or support you require

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