Glossary
Apex levels
The highest-conviction gamma walls and structural price levels dealers are actively defending.
What they are
Apex Levels are the structural price points — GEX walls, gamma walls, and key open-interest concentrations — that dealers are most actively hedging around. They act as magnets on low-volume days and as ceilings or floors when price is below or above them.
The key levels on the GEX chart
GEX Wall (tall positive bars): Acts like a magnet and a ceiling/floor. Price often struggles to break through large positive GEX clusters. These are your strongest intraday support and resistance levels.
Max Gamma Strike (Magnet): The single strike with the largest absolute GEX. Price gravitates toward this level on low-volume days, especially into options expiration. Use it as a daily price target.
Practical use
Before entering a trade, check if there is a massive GEX wall overhead (for calls) or below (for puts). On Wednesday through Friday of options expiration week, price is pulled hard toward the max gamma strike — fade moves away from it and target moves toward it.
Where you will see it
- Futures GEX CalculatorReal-time dealer gamma for SPX, ES, NQ, SPY and QQQ: track the flip level, gamma walls, and the key support and resistance dealers are defending.
- Gamma ScanNames sitting on meaningful dealer gamma, where positioning can pin, accelerate, or reverse the underlying.
- Ticker LabPrice any multi-leg options structure off the live chain with a forward-time payoff, a date-by-price P&L heat matrix, and an AI strategy ranker.