GEX Source Modes Guide – Combined, ETF Only, Index Only

1. Combined Mode (ETF + Index)

DEFAULT — Recommended for most traders

This mode displays the total dealer gamma exposure by combining options data from both the ETF (QQQ) and the Index (NDX). This represents the full picture of how market makers are positioned and where they need to hedge.

GammaOrderBook V6 Combined GEX Mode – ETF + Index merged gamma exposure

Positive GEX (Calls) — Resistance / Pinning Negative GEX (Puts) — Acceleration zone Panorama V4 — All expirations structural view

①

GEX Bars (right side) — Each bar shows the net gamma at that price level in billions of dollars. Green = positive (calls dominate, dealers buy dips → pinning). Red = negative (puts dominate, dealers sell into drops → acceleration).

②

Panorama V4 (left side, yellow) — Shows the structural GEX from ALL expirations using the legacy V4 formula. These are longer-term "walls" that persist across days. Useful for identifying major support/resistance levels.

③

Zero Gamma Line (dashed green/cyan) — The critical flip level. Above this line: dealers are long gamma (stabilizing, pinning). Below: dealers are short gamma (amplifying moves, cascading).

④

ZG Info Box — Shows: ZG distance (0.41% above), VXX change (+1.23% = rising fear, red), and Delta Exposure (Δ: -$3.5B = dealers net short).

⑤

S/R Lines (S1, S2, S3) — Gamma-based Support & Resistance. These are price levels where the largest GEX concentrations exist across all expirations.

⑥

Bias Panel (bottom-left) — Composite directional score combining: regime (price vs ZG), OI distribution, macro conditions, volume, and gamma flip events.

⑦

Liquidity Zones (LZ) — Translucent horizontal zones where future expirations have significantly more OI than 0DTE. These are "hidden walls" not visible in the short-term bars.

💡 Why Combined?

Market makers hedge BOTH QQQ and NDX options simultaneously. The combined view shows the TRUE total exposure. In some cases, retail (QQQ) and institutional (NDX) gamma cancel each other out — this mode reveals those dynamics. It's the most accurate representation of where dealers will actually need to buy or sell.

2. ETF Only Mode (QQQ / SPY)

Retail flow — Most reactive

Shows gamma exposure from ETF options only (QQQ for Nasdaq, SPY for S&P). ETF options are dominated by retail traders, smaller funds, and algorithmic strategies. This view is the most reactive to intraday changes.

GammaOrderBook V6 ETF Only GEX Mode – QQQ retail flow gamma exposure

Positive GEX (QQQ Calls) Negative GEX (QQQ Puts)

①

Pure retail/algo exposure — These bars represent ONLY the QQQ options chain. Notice how the levels are fewer but more concentrated. The large negative levels are massive put walls from retail hedging.

②

Fewer levels, higher concentration — ETF strikes are spaced at $1 intervals (≈ 41 NQ points). This creates clear, well-defined gamma walls with less noise between them.

③

Values tend to be LARGER per level — Since QQQ has enormous volume and OI from millions of retail traders, individual strike levels can show very high gamma concentration.

💡 When to use ETF Only?

Use this mode when you want to see WHERE RETAIL IS POSITIONED. It's especially useful for day trading because retail 0DTE options (QQQ weeklies) drive most of the intraday gamma pinning. If you're scalping or looking for intraday magnets/walls, this mode shows the clearest picture.

3. Index Only Mode (NDX / SPX)

Institutional flow — Most stable

Shows gamma exposure from Index options only (NDX for Nasdaq, SPX for S&P). Index options are traded primarily by institutions, hedge funds, pension funds, and large market makers. These positions are typically larger, more strategic, and change less frequently.

GammaOrderBook V6 Index Only GEX Mode – NDX institutional gamma exposure

Positive GEX (NDX Calls) — Institutional resistance Negative GEX (NDX Puts) — Institutional protection

①

Institutional positioning — Blue bars (positive) show where institutions have sold calls (hedged upside). Pink bars (negative) show where institutions hold protective puts. These levels are strategic and rarely change intraday.

②

More levels, wider distribution — NDX has strike increments of $25–$100, creating a denser grid. The institutional flow is spread more evenly across many strikes rather than concentrated at round numbers.

③

Large positive levels ABOVE price — These represent call-heavy institutional walls. Dealers are long gamma here, meaning they will SELL into rallies at these levels, creating resistance.

④

Heavy negative levels NEAR price — Heavy institutional puts. When price is at these levels, dealers are short gamma and must sell as price drops — amplifying the move down.

💡 When to use Index Only?

Use this mode to understand the BIG MONEY positioning. Institutional gamma walls from NDX/SPX options often act as multi-day support/resistance that retail flow alone cannot break. These are the levels that define weekly ranges and major reversals. Best for swing trading and understanding structural market context.

Mode Comparison

Feature	Combined	ETF Only	Index Only
Data Source	QQQ + NDX merged	QQQ only	NDX only
Participants	Everyone	Retail, small funds, algos	Institutions, hedge funds, pensions
Reactivity	Medium	High (changes fast intraday)	Low (changes slowly)
Best For	Overall market structure	Day trading, scalping	Swing trading, weekly ranges
Zero Gamma	Stable (anchored by institutions)	Reactive (moves with retail flow)	Very stable (institutional anchor)
Typical Use	Default — shows true dealer exposure	"Where is retail betting?"	"Where are the big walls?"

Key Elements on the Chart

Element	Description
ZG: 0.41%	Current price is 0.41% ABOVE Zero Gamma. Above = suppression regime (bullish). Below = amplification regime (bearish).
VXX: +1.23%	VXX is UP (shown in red) = rising volatility/fear. Dealers must hedge more aggressively. Green = falling VXX = calm / suppression.
Δ: -$3.5B	Delta Exposure (DEX). Dealers are NET SHORT $3.5 billion in delta. They need to BUY if price rises (supportive) or SELL if price drops (cascading).
Panorama V4 (yellow bars)	Structural GEX from ALL expirations. Shows where the major "walls" are across days/weeks. These levels define the broader range.
S1, S2, S3 / R1, R2, R3	GEX-based Support and Resistance. Derived from the top Panorama V4 levels above/below current price.
LZ (Liquidity Zones)	Areas where future expirations have 3x more OI than 0DTE. These are "hidden" gamma walls not visible in the daily bars.
Bias Panel	Composite score (-100 to +100) combining regime, OI distribution, ZG slope, macro conditions, and volume. Includes Gamma Flip detection.

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Understanding GEX Source Modes