Options & GEX
Dealer positioning, gamma exposure and options flow, and how those levels show up on the futures charts that PFT traders actually watch.
by Ulrich Grübler19 min readWhat is gamma exposure (GEX) and how does it move ES and NQ futures?Gamma exposure (GEX) explained for futures traders: how dealer hedging moves ES and NQ, positive vs. negative gamma, call and put walls, vanna, charm and 0DTE, plus every options indicator in ATAS X.
by Ulrich Grübler8 min readOptions Tools in ATAS: Options Chain vs. Options X-Ray and Which to UseEvery options tool in ATAS explained: the Options Chain and Options X-Ray suites, Option Board, data feeds, plans, and which tool answers which question.
by Ulrich Grübler8 min readATAS Options Data Feed and Open Interest: What the Indicators Really ReadWhich data feed the ATAS options tools need, which values they read or calculate, and five open interest problems that change GEX, walls and max pain.
by Ulrich Grübler6 min readATAS Options GEX Profile: Gamma Exposure on Your Futures ChartHow the ATAS Options GEX Profile works: which gamma values it uses, Day Volume vs. open interest, zero gamma, walls, overlays and the limits of the model.
by Ulrich Grübler5 min readATAS Options Key Levels: Max Pain, Call Wall and Put WallHow ATAS Options Key Levels calculates max pain, call wall, put wall and volume levels from open interest, and how to read them on ES, NQ or CL charts.
by Ulrich Grübler5 min readATAS Options OI Profile: Open Interest by Strike on Your ChartThe ATAS Options OI Profile explained: open interest, day volume and net OI by strike, the put/call ratio, settings, and what open interest cannot show.
by Ulrich Grübler5 min readATAS Expected Move: Options Chain vs. Options X-Ray ExplainedHow the two ATAS Expected Move indicators work: implied volatility, straddle fallback, cone vs. corridor, sigma bands, 0DTE narrowing and expiration times.
by Ulrich Grübler5 min readATAS Option Board and Options Strategy Analyzer: How to Use ThemHow to use the ATAS Option Board and the Options Strategy Analyzer: connection, series, Greeks, strike filters, P&L at expiration and scenario modeling.
by Ulrich Grübler5 min readATAS Options X-Ray Key Levels: Walls, Slippery Zone, Flip and PinOptions X-Ray Key Levels in ATAS explained: call and put wall zones, the slippery zone, the regime flip and the 0DTE pin, updated every minute on ES.
by Ulrich Grübler5 min readATAS Options X-Ray GEX Heatmap and Surface Profile ExplainedHow the ATAS Options X-Ray GEX Heatmap and Surface Profile show damping and amplifying zones on ES, what the forecast part means, and where the model ends.
by Ulrich Grübler6 min readATAS Options X-Ray Strike Profile and Strike Heatmap: Who Holds the RiskOptions X-Ray Strike Profile and Strike Heatmap in ATAS: positions by strike and participant group, GEX/DEX/VEX/CEX modes, and how far dealer data goes.
by Ulrich Grübler6 min readATAS Options X-Ray Flow, Flow Delta and Big Trades ExplainedHow Options X-Ray Flow, Flow Delta and Big Trades show SPX options activity by participant group on the ES chart, and how to read net vs. repositioned.
by Ulrich Grübler5 min readATAS Options X-Ray Charm Heatmap: Time Decay Hedging on ESThe ATAS Options X-Ray Charm Heatmap explained: why time decay forces market maker hedge changes, how to read buy and sell zones, and why it is a forecast.
by Ulrich Grübler5 min readATAS Options X-Ray Hedge Pressure: Market Maker Delta Since the OpenHow Options X-Ray Hedge Pressure tracks the change in market maker delta in SPX options since the session start, its two parts, and how to read it on ES.
by Ulrich Grübler5 min readATAS Options X-Ray Market State: The Options Summary PanelOptions X-Ray Market State in ATAS explained: Backdrop, Impulse, Decay, Room and Price, the confidence labels, the history strips and how to use the panel.
by Phil Wasmuth5 min readGamma Levels Explained: What GEX Means for ES and NQGamma exposure (GEX) explained for futures traders: how dealer hedging creates gamma levels, positive vs. negative gamma, and how levels map to ES and NQ.
by Phil Wasmuth5 min readZero Gamma, Call Wall and Put Wall ExplainedDealer positioning explained: what zero gamma, the call wall and the put wall are, how they are derived, and how ES and NQ traders read them against order flow.