Note: Option Gex Heatmap is available on SPX only, as it requires real CBOE participant data.

How to Add Option Gex Heatmap

Method 1 - Via Indicator Tab

1. Go to New in the top menu
2. Click on Option Chart
   
   
3. A Select Instrument dialog will appear with the following options:
   • NDX - Symbol: NQ-CME, Exchange: CME
   • QQQ - Symbol: NQ-CME, Exchange: CME
   • SPX - Symbol: ES-CME, Exchange: CME
   • SPY - Symbol: ES-CME, Exchange: CME
     
     
4. Select SPX and click to open the chart
5. Once the Option Chart is loaded, click the Indicator Add button on the chart toolbar
6. Search for Option Gex Heatmap and click + to add it
7. Click the settings icon to open the configuration window
   
   

Method 2 - Via Templates Bar

Once the Option Chart is open, you can quickly enable the Option Gex Heatmap directly from the Templates bar at the bottom of the chart.

• Locate the Templates bar at the bottom of the Option Chart
• Click on GEX-H to instantly load the Option Gex Heatmap on your chart
  
  

Once the Option Gex Heatmap is enabled, you can access its settings at any time by right-clicking on the GEX-H tab in the Templates bar and selecting Settings.

Understanding the Heatmap

The Option Gex Heatmap plots colored blocks directly on your price chart:

• Teal/Cyan blocks - Positive GEX zones (Call side). These are areas where dealers are long gamma and their hedging activity will dampen price moves. Price approaching these zones may find resistance or slow down
• Orange/Salmon blocks - Negative GEX zones (Put side). These are areas where dealers are short gamma and their hedging activity will amplify price moves. Price breaking through these zones may accelerate
  
  

The stronger and wider the block, the more significant the dealer exposure at that level.

Settings

General

• Data source - Choose what data is used to build the heatmap. Options available:

  • Gex (default) - uses real CBOE market maker gamma exposure data. This is the most accurate source as it uses the actual reported market maker positioning
  • Gamma volume - uses volume multiplied by the gamma greek as a proxy for dealer exposure
  • Market maker delta - uses the estimated market maker delta exposure
  • Volume - uses raw options volume at each strike

• Option expiration type - Filter the heatmap by expiration. Options available: 0 DTE, <= 1d, <= 2d, <= 3d, <= 4d, <= 5d, <= 6d, <= 7d, <= 31d, <= 91d, All expirations. Default is 0 DTE

• Include Carry or Open Interest - When enabled, includes open interest carried over from previous sessions into the calculation, giving you a broader view of total positioning. When disabled, only the current session data is considered. Default is disabled
  
  

Plot Settings

Intensity

• Mode - Controls how the color intensity of the heatmap blocks is scaled. Options available:

  • Proportional session - scales color intensity based on the current session values only. The strongest block in the current session gets the maximum color intensity
  • Proportional time average - scales color intensity based on the same time of day from previous sessions. This accounts for the fact that gamma values change throughout the day as expiration approaches
  • Proportional combined (default) - uses a 50/50 weight between the current session and the previous session time average. This is the recommended setting as it balances real time activity with historical context

• Std. Dev - Sets the standard deviation threshold used for scaling the intensity. Default is 1

• % Cut off - Sets the minimum percentage threshold below which blocks are not displayed. Increasing this value filters out weaker GEX levels and shows only the most significant zones. Default is 30

• % Max. opacity - Sets the maximum opacity of the heatmap blocks. Default is 90

Colors

• Call / Positive - Set the color for positive GEX (call side) blocks. Default is teal/cyan
• Put / Negative - Set the color for negative GEX (put side) blocks. Default is orange/salmon
  
  

Example - How to Use Option Gex Heatmap

Once added to your chart, you will see colored blocks plotted directly on your price chart at key GEX levels. Here is a simple way to read it:

• Large teal blocks above price - These are significant call side GEX zones. Price approaching these levels may slow down or reverse as dealer hedging creates selling pressure. Look for absorption or rejection signals when price enters these zones
• Large orange blocks below price - These are significant put side GEX zones. Price approaching these levels may find support as dealer hedging creates buying pressure. Look for bounces or slowing momentum when price enters these zones
• Price breaking through a block - When price pushes through a significant GEX block, it can trigger accelerated moves as the hedging dynamic shifts. This is especially true when price crosses from positive to negative GEX territory
  
  

Still Having Trouble?

Our support team is available 24/7 and ready to help you with any issue you encounter.

When reaching out, please include:

• A screenshot of the issue
• A brief description of what you were trying to do

Support Ticket (Fastest Response) - Visit www.deepcharts.com and create a support ticket directly on our website.

Email Support - Reach us at support@deepcharts.com - please note that email responses may take a little longer than a support ticket.