GEX / Gamma - SPX

Indicator Description – GEX / Gamma (SPX)

This indicator allows you to manually plot your daily +GEX, TRANS-GEX, and –GEX levels on SPX and visualize how price reacts around key gamma zones.

You enter the three levels each morning, and the script automatically draws:

+GEX / TRANS / –GEX zones with an adjustable buffer

Clean labels (e.g., “+GEX: 6850”) pinned to the right side of the chart

Today-only candle coloring (green above TRANS-GEX, red below)

Zones extend from yesterday’s session through the current session, helping highlight areas where dealer hedging flows may influence volatility, compression, or acceleration.

How to Use

Add the indicator to any intraday SPX chart.

Open settings and enter your +GEX, TRANS-GEX, and –GEX levels for the day.

Adjust the buffer, colors, and label style as needed.

Watch how price behaves as it moves above or below TRANS-GEX and interacts with +/- GEX zones.

Best For

Intraday SPX / ES / SPY

Options traders

Volatility and gamma-aware strategies


Strategy Behind It (Tight Version)

GEX levels help identify where dealer hedging flows can influence SPX price behavior.

+GEX (Positive Gamma)
Market tends to stabilize here. Dealers hedge against price moves, creating mean-reversion and lower volatility.

TRANS-GEX (Transition Level)
Key pivot where gamma flips. Price crossing this level often signals a shift in volatility or intraday direction.

–GEX (Negative Gamma)
Market becomes more reactive. Dealers hedge with price, increasing volatility, momentum, and trend potential.

How traders use it:

Expect resistance or slowdown into +GEX

Watch for potential bottoming or increased volatility –GEX

Use TRANS-GEX as a bias line or trigger for intraday shifts

A move outside of either the +GEX or -GEX will likely result in some type of high volume move.