GEX by strike: net exposure, cumulative curve and zoom
The by-strike chart shows where exposure is placed: call and put bars per strike, a net line over each one, and a cumulative curve on its own right-hand axis whose zero crossing is the flip this chart sees. A zoom control limits the window around spot and both settings are remembered between sessions.
Senzoukria · Documentation · Updated September 2026
Where to find it
- Where
- GEX workspace → Strikes page
- Zoom default
- ±5% around spot, remembered locally
- Cumulative curve
- On by default, remembered locally
- Labels
- Up to three strikes, the heaviest by absolute net, labelled only above 4% of the exposure displayed
What it does
Two opposed bars per strike are not enough to judge a wall: a strike carrying 800M of calls and 700M of puts looks impressive and is nearly neutral. The chart therefore draws the net for each strike as a distinct mark, which is the only figure that says whether a strike holds price back or pushes it.
The cumulative curve sums net exposure from the lowest strike upward, on its own axis at the right. Where it crosses zero is the flip as this chart sees it — an interpolation between the two strikes straddling the crossing. The backend publishes its own zero gamma; when the two diverge visibly, an assumption is worth looking at.
Hovering a strike opens a detail readout: its weight, its share of the exposure currently displayed, its distance from spot in percent, and its call and put open interest.
Settings
| Setting | Default | What it changes |
|---|---|---|
| Zoom window | ±5% | Keeps only strikes within ±1%, ±2%, ±5%, ±10% of spot, or Full for the whole chain |
| Cumulative | On | Shows or hides the running-sum curve and its right-hand axis. The FLIP line is drawn separately, and only when the cumulative crossing sits more than 0.1% of spot away from the backend's zero gamma — two lines in the same place say nothing more than one |
| Chart height | Grows with the panel, floor 380 px | Below that floor the bars have no room left to speak |
How to use it
Open on ±5% to see the strikes that matter today, then widen to Full when you want to know whether something heavy sits far out. The three heaviest strikes are labelled automatically when they carry at least 4% of the exposure displayed — below that it is not a wall — and they are ordered by strike rather than by weight, so the labels do not jump across the axis and overlap.
Use the share figure in the hover detail rather than the eye: "18% of everything displayed sits on one strike" is information, "it is the biggest bar" is not until you know by how much.
Limits and pitfalls
The zoom is a display window, and every derived figure follows it: the cumulative curve, its flip, the heaviest strikes and the share percentages are all computed on the strikes currently visible, not on the whole chain. Comparing two zoom levels by eye compares two different totals.
If a narrow window leaves fewer than two strikes on a sparse chain, the chart falls back to the whole chain instead of drawing an empty panel — an empty chart looks like a fault when it is only a setting. Zoom and cumulative state are stored in the browser layer of the desktop app, so clearing local data returns both to their defaults.
Related pages
This page in other languages
Frequently asked questions
- Why does the cumulative flip differ from the zero gamma card?
- They are measured differently. The cumulative flip is where the running sum of net exposure across the visible strikes crosses zero; the card carries the level computed by the backend over the full expiry scope. A visible gap points at the expiry scope or the 0DTE choice.
- Why did the chart show the whole chain when I picked ±1%?
- Because that window left fewer than two strikes on this chain. Rather than draw nothing, the chart widens back to the full set.
- Are the open-interest numbers in the hover live?
- No. Open interest is published once a day after the close, so intraday it is a fixed input while exposure keeps moving with spot and with time.