applied · Lesson 6
Reading the GEX Ladder
Strike-by-strike institutional positioning. · 4 min read
The GEX Ladder is a strike-by-strike X-ray of dealer positioning. Each row is one strike; bars show how much call vs put gamma sits there.
- Green bars (right) = call gamma at that strike. Big green = call wall.
- Purple bars (left) = put gamma at that strike. Big purple = put floor.
- Smaller bars below = call/put open interest.
- The orange polyline = cumulative GEX summed from the highest strike downward. Where it crosses zero is approximately your Zero Gamma.
Practical reading
Look at the biggest bars closest to spot. The largest green bar above spot is your near-term resistance; the largest purple bar below is your near-term support. The slope of the cumulative line through spot tells you how aggressively dealer hedging will fight a move from current levels.
The Ladder is a Tier 2+ feature. Tier 1 sees aggregate levels (wall/floor/ZG/magnet); Tier 2 sees the full strike-level chain.
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