Read Key Levels and ranked walls

Two kinds of output share the panel

Key Levels separates ranked call and put concentrations from the gamma reference ladder. The GEX pill uses the familiar Call walls and Put walls headings. DEX, CEX and VEX use exposure-level names because those sensitivities do not mean the same thing as gamma walls. Choose a metric first, then read the selected chain, sign convention and units before treating a rank as strength.

Inspect the ranked sides

The market owner ranks up to five strikes per side by absolute selected-chain exposure. Signed values remain visible. Equal magnitudes are ordered by distance to observed spot, then ascending strike.

1. Open Key Levels and select GEX, DEX, CEX or VEX.
2. Confirm the symbol, session, expirations and model.
3. Read each call and put rank with its signed amount.
4. Inspect separate net and gross concentrations where presented.
5. Compare the gamma reference ladder below or beside the ranked concentrations.

Use the calculation names precisely

Gamma flip comes from repricing the chain. Peak net GEX is the strike maximizing the absolute signed call-plus-put gamma aggregate. Largest gamma cell is the largest absolute net gamma at one strike and expiration; it is not a single identified option. Max pain and expected-move references use separate calculations. Coincident aliases can combine, but distinct nearby prices remain distinct. Do not call every ladder row another call or put wall.

Worked interpretation: rank and sign

A put-side DEX concentration can have a sign that surprises someone expecting every put row to be negative. The rank is based on absolute exposure while the signed value retains the model's convention. Likewise, the largest gross strike can differ from Peak net GEX when opposing call and put amounts offset. Read both the heading and the value. A top-ranked concentration is a model result for the selected chain, not a guaranteed reversal price or a standing exchange order.

Reconcile chart overlays and unavailable metrics

The OHLC level indicator reuses these ranked results but has its own selected sources, sides and display allocation. It can report omitted ranks when other overlays consume the budget. A missing DEX, CEX or VEX ranking must not reuse gamma values. If comparing mapped futures labels, preserve the original source strike and matching reference date. Report discrepancies with rank, source, metric, model and date/minute visible.

Model, perspective and units

Exposure is a sensitivity calculation, not an execution total. GEX means gamma exposure, DEX means delta exposure, VEX means vanna exposure, and CEX means charm exposure; charm can also be called CHEX. VEX does not mean vega in these tools. Select the metric before comparing colors or magnitudes. Per 1% move, per $1 move and per unit are distinct choices. Read the returned unit rather than assuming that every displayed dollar amount means money paid for contracts.

Classic OI applies a positioning proxy to dated open interest. Flow-adjusted modeling incorporates eligible classified intraday volume into that proxy. Neither reveals actual dealer inventory or every hedge. Dealer and customer perspectives can reverse signs while retaining the underlying sensitivity calculation. A positive bar is therefore meaningful only with its metric, model, perspective, expiration selection and valuation time. Record those settings together when sharing a view, and match them before expecting two tools to return comparable values.

Carry a level into a chart without changing its meaning

The OHLC GEX / DEX / VEX / CEX levels indicator can display several metrics and source underlyings together. Its settings choose sides, one through five ranks and colors independently of a Key Levels widget. A missing line can therefore be a visibility or allocation choice rather than an absent calculation. Inspect its settings and omitted-rank notice before concluding that the dedicated level panel and chart disagree. Matching metric, model, expiry scope and valuation remains necessary.

Futures overlays preserve a source strike while drawing a mapped exact-contract price. Completed-session matching references provide the conversion, and futures display prices round to native ticks. The amount remains the selected Greek's exposure, not futures volume. A label's strength marks summarize relative displayed exposure on that side; they do not create an execution probability. Keep source ticker and source strike in a report when several underlyings are overlaid, since two nearby projected prices can come from different calculations and should remain separately identifiable.