GEX key levels: call wall, put wall and zero gamma
Three KPI cards carry the levels the rest of the workspace is built around: zero gamma, the call wall and the put wall, each with its distance from spot in points and in percent. The cards follow the workspace expiry mode and fall back to the full chain when the per-expiry set does not exist.
Senzoukria · Documentation · Updated September 2026
Where to find it
- Where
- GEX workspace → Overview page, under the provenance row
- Cards
- Zero Gamma (amber), Call Wall (green), Put Wall (red)
- Distance
- Shown as points and percent from spot, signed
- Expiry mode
- Follows the workspace mode; a 0DTE or 1DTE badge names the expiry actually used
What it does
The three levels come from the snapshot computed by the backend for the current symbol and assumptions. Zero gamma is the price where aggregate dealer gamma changes sign; the call wall is the strike above spot where call-dominant exposure is heaviest; the put wall is its mirror below spot. Each card prints the level in dollars and, underneath, its signed distance from spot in points and as a percentage.
When a level cannot be placed, the card shows a dash rather than a number. The assumptions panel names the reason separately — no strike left in the scope, every strike flat, cumulative gamma never crossing zero, no call-dominant strike above spot, no put-dominant strike below it.
The three cards
| Card | Value | Sub-line |
|---|---|---|
| Zero Gamma | Level where aggregate gamma changes sign | Signed distance from spot, points and percent |
| Call Wall | Heaviest call-dominant strike above spot | Signed distance from spot, points and percent |
| Put Wall | Heaviest put-dominant strike below spot | Signed distance from spot, points and percent |
Expiry modes
The workspace carries a single expiry mode and these cards follow it. In 0DTE mode the levels are recomputed from the options expiring today; in 1DTE mode from the next expiry. A badge above the cards states the mode and the exact expiry date being used, so the numbers can never be mistaken for the full-chain ones.
| Mode | Source of the levels | Badge |
|---|---|---|
| Full chain | All expiries within the configured scope | No badge |
| 0DTE | Options expiring today, when the chain carries them | 0DTE · exp <date> |
| 1DTE | The next expiry, when the chain carries it | 1DTE · exp <date> |
| Fallback | Full chain, when the per-expiry set is absent | No badge is shown |
How to use it
Read the distances before the prices. A call wall 0.2% away and a call wall 3% away describe completely different sessions even when the level itself has not moved. The same three levels plotted through the session, and their distance from spot minute by minute, are on the levels history page.
The total gamma figure is deliberately not repeated here: the workspace header carries it on every page, and printing it twice a few centimetres apart moved the eye without adding anything.
Limits and pitfalls
These levels are model output: nobody publishes them, they are computed from the chain. The cards carry what the backend published for the expiry mode in force. The assumptions panel is where their firmness is read: it recomputes the levels over the assumptions that can be replayed from the snapshot — dealer positioning and 0DTE handling — and reports the resulting band, which is a sensitivity, not a confidence interval. A level described there as wide should be read as a zone and not as a line. The pricing model, the risk-free rate and the dividend yield are named in the same panel but cannot be changed: the greeks come from the provider, or from a local Black-Scholes, and replaying them without the raw chain would be inventing a figure.
The fallback to the full chain is deliberate but silent on the value itself — only the missing badge signals it. If you need certainty about which expiry a number came from, check that the badge is present before reading the card in 0DTE or 1DTE mode.
Related pages
This page in other languages
Frequently asked questions
- Why is my call wall card showing a dash?
- No strike above spot came out call-dominant in the current expiry scope, or the scope left no strike at all. The assumptions panel names which of those cases applies.
- Is zero gamma here the same as the flip on the price profile?
- They are two measures of the same idea. This card carries the level published by the backend; the price profile computes the price at which the rescaled total exposure crosses zero. When they disagree, an assumption is worth checking.
- Do the cards change when I switch to 0DTE?
- Yes. They recompute from the options expiring that day and a badge names the expiry. If the chain carries no 0DTE set, the cards quietly fall back to the full chain and the badge is not shown.