Option Gex Profile displays the real market maker gamma exposure (GEX) as a vertical profile panel on the right side of your chart, showing the distribution of dealer gamma exposure across all strike prices. It is similar to a volume profile, but instead of volume it shows where the most significant dealer gamma exposure exists, helping you identify key levels where dealer hedging activity is concentrated.

Note: Option Gex Profile uses CBOE data and shows values on SPX charts only.

How to Add Option Gex Profile

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 Gex Profile

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

6. Click the gear icon next to Option Gex Profile to open its settings

   

You can also turn it on or off from Gex Profile (M.M) or Dex Profile (M.M) in the Settings quick bar. Both add Option Gex Profile, each with a different data source: Gex Profile (M.M) uses Gex (market maker) and Dex Profile (M.M) uses Dex (market maker). The gear icon next to each toggle opens the same settings.

Understanding the Profile

The Option Gex Profile can be viewed in two ways depending on the Data Source selected:

• Gex (market maker) (default) - Displays a single profile where green bars represent positive GEX (call side) and purple bars represent negative GEX (put side). The longer the bar, the stronger the dealer exposure at that strike

• Gex (market maker C/P) - Displays the call and put GEX side by side from a center line. Green bars extend to the right showing call side exposure and purple bars extend to the left showing put side exposure. This gives you a clear visual comparison of where calls dominate versus where puts dominate at each strike level

Understanding Key Terms

Before choosing a data source, it helps to understand a few core options concepts:

• Call - An option that gives the buyer the right to buy the underlying at a set price. Traders buy calls when they expect price to go up

• Put - An option that gives the buyer the right to sell the underlying at a set price. Traders buy puts when they expect price to go down

• Gamma - A measure of how much an option’s delta changes as price moves. High gamma means dealers need to hedge more aggressively as price approaches a strike

• GEX (Gamma Exposure) - An estimate of the gamma exposure dealers are carrying at a given strike, combining volume with the gamma greek

• DEX (Delta Exposure) - An estimate of the delta exposure dealers are carrying at a given strike, showing directional hedging pressure rather than gamma sensitivity

• OI (Open Interest) - The total number of option contracts currently open and not yet closed or expired

• OI-R (Real-Time Open Interest) - Since official exchange open interest is only released at end of day, DeepChart calculates open interest in real time from live CBOE buy and sell flow. For example, if there are 2 sells and 1 buy, there is a net open position of 1. This gives an up to date view of open interest without waiting for the exchange’s end of day figures

• Market Maker Net Flow - The net delta flow generated specifically by market maker buy and sell activity, isolating dealer side positioning from overall market activity

Settings

The settings window is organized into sections. Scroll down to see them all. After making changes, click Apply to update the chart.

General

• Data Source - Choose what data is used to build the profile. Options available:

  • Gex (market maker) (default) - Uses real CBOE reported market maker gamma exposure, showing net dealer exposure at each strike, also known as the “convexity ladder” on other platforms.
    Use this when : you want the most reliable read on real dealer gamma hedging pressure

    
    

  • Gex (market maker C/P) - Uses the same real market maker gamma data, but split into separate call and put sides rather than shown as a single net value.
    Use this when : you want to see call side and put side dealer exposure separately rather than netted together

    
    

  • Market maker net flow - Shows the net delta flow generated by market maker buy and sell activity.
    Use this when : you want to isolate dealer side flow specifically, separate from overall market activity

    
    

  • Call / put OI-R - Displays real time open interest for calls and puts.
    Use this when : you want to see live standing positions without any gamma weighting

    
    

  • Dex (market maker) - Uses real CBOE reported market maker delta exposure, also known as the “DEX ladder” on other platforms.
    Use this when : you want to see dealer directional hedging pressure rather than gamma sensitivity

    
    

  • Gamma (call OI-R - put OI-R) - Calculates gamma exposure using real time open interest as the base instead of session volume, also known as “state” GEX on other platforms. Since DeepChart calculates this open interest directly from live CBOE flow, this version is more accurate than the same calculation on platforms without direct CBOE access.
    Use this when : you want a structural view of gamma exposure based on live positioning, rather than one driven by today’s volume

    
    

• Expiration - Filter the profile by expiration. Options available: Default, 0 DTE, <= 1d, <= 7d, <= 31d, <= 91d, All expirations. 

Note: When Expiration is set to Default, it uses the expiration selected under Expirations in the Settings quick bar.

• Include Carry or Open interest - When enabled, includes open interest carried over from previous sessions in the calculation, giving you a broader view of total positioning. When disabled, only current session data is considered. Default is enabled

• Stack profile (if possible) - When enabled, the call and put profiles are stacked together side by side for a combined view. When disabled, the call and put profiles are displayed separately. Default is disabled

• Number of Strikes (0 - unlimited) - Sets how many strikes out from the current price to include in the profile. A value of 0 includes an unlimited number of strikes. Default is 0

  

Colors

• Call / Positive - Set the color for the call side. Default is green

• Put / Negative - Set the color for the put side. Default is purple

• Disputed highlight - When enabled, highlights strikes where the data is disputed or overlapping between call and put activity. Default is disabled

• Disputed Call / Positive - Set the highlight color for disputed strikes on the call side. Default is dark green

• Disputed Put / Negative - Set the highlight color for disputed strikes on the put side. Default is light purple

  

Text

• Enabled - Show or hide text labels on the profile. Default is disabled

• Text size - Set the font size for the text labels. Default is 11

• Call / Positive color - Set the text color for call side labels. Default is light gray-blue

• Put / Negative color - Set the text color for put side labels. Default is light gray-blue

  

Width / Offset

• Width Type - Choose how the profile width is calculated. Options available:

  • Automatic (default) - DeepGamma automatically sets the profile width based on the current chart view

  • Percentual period - Sets the width as a percentage of the visible chart period

  • Window width - Sets the width based on the current visible window

  • Fixed bars - Sets a fixed number of bars for the profile width

• Current Width - Set the width of the current session profile. Default is 10

• Current Offset - Set the horizontal offset of the current session profile. Default is 0

• Previous Width - Set the width of previous session profiles. Default is 15

• Previous Offset - Set the horizontal offset of previous session profiles. Default is 0

  

Visual Appearance

• Number Of Profile - Set how many session profiles are displayed on the chart. Default is 5

• Opacity - Set the opacity of the profile bars. Default is 90

• Border Width - Set the border width of the profile bars. Default is 1

• Show Above Bars - When enabled, the profile is displayed on top of the price bars. Default is disabled

• Visual Style - Choose between Solid or Hollow profile bars. Default is Solid

• Align to the right - When enabled, aligns the profile to the right side of the chart. Default is disabled

• Always Visible - When enabled, keeps the profile visible even when scrolling outside its range. Default is disabled

  

Sizing

The Sizing section controls how multiple profile values are displayed when overlapping them on the same chart. It lets you stack call, put, or gamma data side by side to save space rather than adding separate profile instances.

• Strike Ticks Height (%) - Set the height of each strike’s bar as a percentage, controlling how thick or thin the individual strike ticks appear on the profile. Default is 75

• Number of rows - Set how many rows of strike data are displayed when overlapping multiple profile values. Default is 1

• Position - Set which row position this profile value occupies when multiple values are stacked. Default is 1

• Size - Set the relative size of this profile value’s row when multiple values are stacked. Default is 1

  

The Peak sections highlight the highest and lowest GEX concentration points on the profile.

Peak positive

• Enable - Show or hide the positive peak. Default is disabled

• Highlight - When enabled, highlights the bar with the highest positive GEX on the profile. Default is disabled

• Highlight Color - Set the highlight color. Default is dark green

• Show Line - When enabled, draws a horizontal line at the peak positive GEX level. Default is enabled

• Line Color - Set the line color. Default is green

• Line Width - Set the line width. Default is 1

• Line Style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dash

  

Peak negative

• Enable - Show or hide the negative peak. Default is disabled

• Highlight - When enabled, highlights the bar with the highest negative GEX on the profile. Default is disabled

• Highlight Color - Set the highlight color. Default is purple

• Show Line - When enabled, draws a horizontal line at the peak negative GEX level. Default is enabled

• Line Color - Set the line color. Default is light purple

• Line Width - Set the line width. Default is 1

• Line Style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dash

  

The Rolling sections show how the GEX profile looked at specific time intervals ago, plotted as lines on the current profile. This helps you see how the dealer gamma exposure has shifted over time during the session.

Rolling M1

• Enable - Show or hide the 1 minute rolling value. Default is disabled

• Line Width - Set the line width. Default is 1

• Line style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dot

• Line color - Set the color for this rolling value. Default is gray

• Flip only - When enabled, only plots this rolling value when a gamma flip has occurred between the rolling snapshot and the current profile, based on the Rolling condition thresholds below. Default is disabled

Rolling M5

• Enable - Show or hide the 5 minute rolling value. Default is disabled

• Line Width - Set the line width. Default is 1

• Line style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dot

• Line color - Set the color for this rolling value. Default is gray

• Flip only - When enabled, only plots this rolling value when a gamma flip has occurred between the rolling snapshot and the current profile, based on the Rolling condition thresholds below. Default is disabled

Rolling M15

• Enable - Show or hide the 15 minute rolling value. Default is disabled

• Line Width - Set the line width. Default is 1

• Line style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dash

• Line color - Set the color for this rolling value. Default is gray

• Flip only - When enabled, only plots this rolling value when a gamma flip has occurred between the rolling snapshot and the current profile, based on the Rolling condition thresholds below. Default is disabled

Rolling M30

• Enable - Show or hide the 30 minute rolling value. Default is disabled

• Line Width - Set the line width. Default is 1

• Line style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Solid

• Line color - Set the color for this rolling value. Default is gray

• Flip only - When enabled, only plots this rolling value when a gamma flip has occurred between the rolling snapshot and the current profile, based on the Rolling condition thresholds below. Default is disabled

Rolling condition

These settings define what counts as a gamma flip for the Flip only toggles above.

• Min. % Difference - Set the minimum percentage difference between the rolling snapshot and the current profile required to count as a flip. Default is 20

• Min. % of max value - Set the minimum percentage of the profile’s maximum value a strike must reach to be considered in the flip condition. Default is 20

  

Summary

The Summary section displays running total values directly on the chart, based on your selected Data Source, giving you a quick net read without scanning the full profile.

• Enable Summary - Show or hide the summary values on the chart. Default is disabled

• Text Color - Set the color for the summary text. Default is white

• Positive Color - Set the color for positive summary values. Default is green

• Negative Color - Set the color for negative summary values. Default is red

• Text size - Set the font size for the summary text. Default is 12

  

Strike grid (vertical only)

When the profile is set to a vertical chart area, this section lets you overlay a horizontal grid line at each strike price for easier visual alignment between the profile and the price axis.

• Enable - Show or hide the strike grid lines. Default is disabled

• Line color - Set the color of the grid lines

• Line width - Set the thickness of the grid lines. Default is 1

• Line style - Choose between Solid, Dash, Dot, Dash dot, or Dash dot dot. Default is Dot

• Price centered - When enabled, centers the grid lines on the price axis rather than offsetting them. Default is enabled

  

Example - How to Use Option Gex Profile

Once added to your chart, the Option Gex Profile appears as a vertical panel on the right side. Here is a simple way to read it:

• Start with the auction itself. Use volume profile and price action to identify where the market has accepted or rejected value, and where key structural levels already sit. This gives you the context of what the market is actually doing before you bring options data into the picture

• Then overlay the Gex Profile to see where dealer positioning is concentrated relative to those levels. When a significant strike lines up with a level the market has already shown interest in, it adds weight to that area, but it does not guarantee a reaction. Price can slow down and reverse there, or it can push straight through. The auction can resolve either way

• Confirm what is actually happening with order flow tools like Big Flows or a footprint chart. Watch for exhaustion or absorption to judge whether a level is holding, or continued aggression to judge whether it is likely to break

• The profile supports several data sources (gamma exposure, delta exposure, net flow, and open interest), each highlighting a different type of dealer positioning. Switching between them changes what you are measuring, but the overall approach stays the same. Use it as context alongside the auction, not as a standalone signal

• Backtest and forward test how price behaves around these levels over time. Markets have their own rhythm, and building a feel for how a specific level type reacts in different conditions takes repeated observation, not a single rule

  

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