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What is The GEX Profile (DeepGamma)?
When a market maker sells an option they aren't betting on direction: they hedge by buying or selling futures. Gamma measures how fast that hedge must be readjusted. The GEX Profile stacks this exposure strike by strike, like a volume profile: the call wall above, the put wall below, and the zero-gamma level separating the two regimes.
What DeepCharts does better
On SPX, DeepGamma doesn't guess who holds what: it reads the participant data published by Cboe, which actually identifies market-maker executions. Most GEX tools apply a convention ("dealers sell calls, buy puts") and compute from there. Here positioning is observed rather than assumed — and it renders inside the same chart as your order flow, refreshed every minute, with no separate subscription.
Using it day to day
Day to day, open the GEX Profile before the US open and write down three levels: call wall, put wall, zero gamma. They become your context boundaries for the session on ES and, by correlation, on NQ. Filter by expiration: 0 DTE drives today's session, further-out expirations explain the underlying trend.
Example: before the open, the SPX call wall sits well above price, the put wall just below, with clearly positive GEX. The session ranges between the two and every impulse fades — dealers sell rallies and buy dips to stay neutral. Your order flow gives you the entry at the extremes; the GEX Profile told you not to chase the break.
⚠ The trap to avoid
The trap: treating a call wall as a sell order. GEX tells you where obligatory flow should concentrate, not which way the market will go — DeepCharts says so explicitly. A wall can be broken, and when it breaks in negative gamma the move accelerates instead of stalling. It's context to confirm on the tape, never an entry signal.
Combine it with
Combine it with the GEX Heatmap (how levels evolve through time) and above all with your footprint: gamma gives you the place, order flow gives you the moment. Without absorption or aggression confirming at the level, all you have is a line on a chart.
FAQ
What is GEX (gamma exposure)?+
It's the net gamma exposure of market makers on an index's options. It sets the direction of their hedging: in positive GEX they buy dips and sell rallies, dampening volatility; in negative GEX they do the opposite and amplify the move.
Does the GEX Profile work on NQ?+
The GEX Profile relies on SPX options, listed on Cboe, whose hedging spills into the ES future. NQ has no equivalent participant data: DeepCharts computes NDX, QQQ and SPY from OPRA data with a proprietary formula — an approximation, not a measurement.
How often do the levels change?+
SPX data refreshes every minute. The big walls move little intraday, but the zero-gamma level can shift noticeably when price accelerates or as an expiration approaches.
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