Options flow
glossary.

Gamma Flip (Zero GEX)

The price level where net dealer gamma changes sign (not necessarily a strike). Above it dealers are long gamma (stabilising), below it they are short gamma (amplifying moves).

Call Wall

The strike with the largest positive net GEX (calls and puts together). Heavy dealer hedging activity creates a natural resistance zone near this level.

Put Wall

The strike with the largest negative net GEX. Price often slows or holds as it falls toward it: put holders take profits there, and dealers buy back the hedges they sold on the way down.

Max Pain

The expiration price at which option holders' total intrinsic value is smallest.

Vol Trigger

The price level at which realised volatility historically accelerates. A move through this level often precedes a vol expansion event.

DEX (Delta Exposure)

Net dealer delta, in shares of the underlying. Positive DEX means dealers are net long delta and sell to hedge it; negative means they buy.

VEX (Vanna Exposure)

Net dealer vanna: how much dealers' delta hedges change when implied volatility moves, in shares per vol point. Falling volatility can turn it into buying or selling with no move in price.

Flow Ratio

Call premium / (Call + Put premium) from unusual prints. > 0.5 is call-skewed (bullish flow), < 0.5 is put-skewed (bearish flow).

How these levels form and why price reacts to them: the guides.