The GEX Ladder

The ladder is a strike-by-strike X-ray of dealer positioning. Each row is one strike; the bars show how much call vs put gamma and OI is concentrated there.

Reading the bars

• Green bars (right) = call gamma exposure (dealer long-gamma at that strike). Big green = call wall.
• Purple bars (left) = put gamma exposure (dealer short-gamma at that strike). Big purple = put floor.
• The smaller bars below show call OI / put OI — raw open-interest concentration.
• The orange polyline = cumulative GEX from the highest strike downward. Where it crosses zero is approximately your Zero Gamma level.

How to use it

Look for the strikes with the largest bars. Above spot, the biggest green bar is your near-term resistance; below spot, the biggest purple bar is your near-term support. Watch how the cumulative line behaves through spot — its slope tells you how aggressively dealer hedging will fight a move.