Index / NDX

NDX

29435.75 -0.36%

Intraday

About

This chart shows two NYSE sessions of 5-minute price candles with VWAP and call/put walls, a right-hand open interest profile for the 0-1 day window, a bottom net drift panel of cumulative call/put premium and volume, and horizontal levels (flip, max pain, walls, dealer-gamma peak and trough) within +/-100 points of the last price. Use it to read intraday price against near-dated OI walls and net premium drift.

Instructions

Read the header badge first. Then read price against the overlay walls, flip, dealer-gamma peak and trough, and max pain. Watch the bottom panel to check if call or put premium and volume confirm the price direction.

Signals

  • Calls - Latest-session call premium drift leads put premium drift.
  • Puts - Latest-session put premium drift leads call premium drift.
  • Neutral - Latest-session call and put premium drift are equal.

Chart overlay

  • Call wall / Put wall - Solid green or red horizontal. Largest nearby call or put GEX. At most two per side, at least 0.5% of spot apart.
  • Flip - Dashed blue horizontal. Dealer gamma changes sign at this price.
  • GEX peak / GEX trough - Dotted green or red horizontal. Highest and lowest dealer gamma on the book.
  • Max pain - Dotted orange horizontal. Strike that expires with the least option value. Not the flip.
  • VWAP - Solid yellow curve. Session volume-weighted average price.
  • Overnight gap - Purple band. Gap from the prior regular-hours close; shrinks as price trades into it and stops when filled.
  • Session break - Vertical dashed line. Split between the two NYSE sessions.
  • Call OI / Put OI - Right-hand bars. Open interest on strikes that expire today or tomorrow.

Bottom panel

  • Call premium - Solid green line. Cumulative call premium drift.
  • Put premium - Solid red line. Cumulative put premium drift.
  • Volume fills - Green and red areas. Call and put volume.

Weekly

About

Five regular-trading-hours sessions of 30-minute candles with weekly and monthly VWAP, call and put walls, and a right-hand open-interest profile for strikes expiring in 10 days or less. Use it to read the week against walls, VWAPs, and the near-dated OI profile.

Instructions

Read the header badge first. Then read price against the overlay walls, flip, dealer-gamma peak and trough, and max pain. Compare the grey 1-day outline to the green and red OI fill.

Signals

  • Calls / Puts / Neutral - Near-spot call share above 55%, below 45%, or 45-55%.

Chart overlay

  • Call wall / Put wall - Solid green or red horizontal. Largest nearby call or put GEX. At most two per side, at least 2.5% of spot apart.
  • Flip - Dashed blue horizontal. Dealer gamma changes sign at this price.
  • GEX peak / GEX trough - Dotted green or red horizontal. Highest and lowest dealer gamma on the book.
  • Max pain - Dotted orange horizontal. Strike that expires with the least option value. Not the flip.
  • Weekly VWAP - Dotted yellow curve. Week-to-date regular-hours VWAP.
  • Monthly VWAP - Dashed yellow curve. Month-to-date regular-hours VWAP.
  • Overnight gap - Purple band. Gap from the prior regular-hours close; shrinks as price trades into it and stops when filled.
  • Call OI / Put OI - Right-hand fill. Open interest on strikes that expire in 10 days or less.
  • 1-day OI - Grey outline on the same profile. Open interest that expires in one day.

Net Drift

About

Cumulative call and put premium paid on near-dated index options during NYSE regular hours, plotted against the underlying future. Use it to see which side is paying premium as the session unfolds.

Instructions

Read the two fills against price. Treat rising put drift while price falls as hedging that agrees with the move. Treat rising put drift while price holds as protection bought into strength.

Signals

  • CALLS > PUTS - Session call premium drift leads put premium drift.
  • PUTS > CALLS - Session put premium drift leads call premium drift.
  • Call premium - Solid green line. Cumulative call premium paid, $M.
  • Put premium - Solid red line. Cumulative put premium paid, $M.
  • Price - Solid blue line. Underlying price on the right axis.
  • Call volume - Green fill in the bottom panel. Cumulative call contracts, thousands.
  • Put volume - Red fill in the bottom panel. Cumulative put contracts, thousands.

Greek Exposure

About

Estimated dealer hedging requirements derived from open interest, broken down by greek (gamma, vanna, charm, vomma) and expiration. The model assumes market makers stay delta-neutral and must continuously adjust hedges.

Instructions

Read gamma sign to see whether dealers dampen or amplify price moves. Read vanna against spot direction to gauge forced vol buying or selling. Watch charm ramp into expiration for predictable delta unwind flows.

Signals

  • POSITIVE GAMMA / VANNA / CHARM / VOMMA / COMBINED - Net dealer exposure for the selected greek is at or above zero at spot.
  • NEGATIVE GAMMA / VANNA / CHARM / VOMMA / COMBINED - Net dealer exposure for the selected greek is below zero at spot.

Tabs

  • Gamma - Per-expiry dealer gamma exposure vs spot.
  • Vanna - Per-expiry dealer vanna exposure vs spot.
  • Charm - Per-expiry dealer charm exposure vs spot.
  • Vomma - Per-expiry dealer vomma exposure vs spot.
  • Combined - Sum of the greek exposures on one panel.

Daily

What to look at

Price at the green and red walls. Faded green and red rows are dealer gamma by strike. Green/red fill is near-term open interest. Grey outline is next Friday. The row below the chart is implied move, option IV, realized vol, and IV versus the stock.

Term structure

What to look at

Front versus back. A downward slope is event vol. The dashed line is leftover vol after the event.

Skew

What to look at

Puts richer than calls is the crash bid. Compare the two expiries. Event-dated smiles steepen.

Open Interest

What to look at

Puts below spot are a cushion. Calls above are a lid. Max pain near spot on 0–2 DTE is pin risk.

Levels

  • Spot 29435.75
  • Put Wall 29100.00
  • Gamma Flip 29310.50
  • Call Wall 29760.00

About

Text summary of key option-derived levels for the current session and week: call walls, put walls, gamma flip, max pain, unfilled overnight gaps, and high open-interest strike zones. Two tabs switch between a 0-1 day window (Intraday) and a <=15 day window (Weekly).

Instructions

Read the call and put walls together to bracket the expected range for the chosen window. Compare the gamma flip to the current price: price above the flip suggests dealer hedging dampens moves; price below suggests hedging amplifies them. Check max pain as a magnet only when time to expiration is short and open interest is concentrated.

Signals

  • LONG GAMMA - Spot sits on the long-gamma side of the flip.
  • SHORT GAMMA - Spot sits on the short-gamma side of the flip.
  • POSITIVE GEX - No flip crossing; net GEX at spot is positive.
  • NEGATIVE GEX - No flip crossing; net GEX at spot is negative.
  • CALL PIN + - Removing the nearest expiry lifts the call wall / ceiling.
  • PUT PIN − - Removing the nearest expiry lowers the put wall / floor.
  • INVERTED GAMMA - Largest positive net-GEX node sits below spot and largest negative node sits above; both clear the size gate.

Standard trades

1 contract ($100). OTM is 0–2 DTE at ~1× implied move; profit shown is a 1σ winning move at expiry. Other rows use a later expiry. At-expiry dollars. Select a row to load the calculator. Not a recommendation.

Template Net Max profit Max loss P(profit) EV
Long put 29660P 4 DTE -$20888 ~+$31424 $20888 35% -$4
Long call 29660C 4 DTE -$20603 ~+$31138 $20603 34% -$4
OTM long put 29400P 0 DTE -$115 ~+$151689 $115 46% +$58348
OTM long call 29850C 0 DTE -$261 ~+$155375 $261 44% +$60452
Put spread 29660P 28950P 4 DTE -$15702 +$55298 $15702 39% +$3195
Call spread 29660C 30150C 4 DTE -$16756 +$32244 $16756 37% -$1051
Long straddle 29660C 29660P 4 DTE -$41491 ~+$10546 $41491 43% -$8
Long strangle 28950P 30150C 4 DTE -$9033 ~+$59539 $9033 19% -$2153
Cash-secured put 28950P 4 DTE +$5186 +$5186 $2889814 93% +$3199
Covered call 29660C 4 DTE -$2943553 +$22447 $2943553 66% +$4
Collar 28150P 31000C 4 DTE -$2965200 +$134800 $150200 50% -$1122
Short straddle 29660C 29660P 4 DTE +$41491 +$41491 unlimited 57% +$8
Short strangle 28950P 30150C 4 DTE +$9033 +$9033 unlimited 81% +$2153
Action Right Expiry Qty Strike Mid Δ
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What to look at

Compare EV on the same expiry. Click a row to load the calculator. Candles sit left of the P/L profile on a shared price axis; hover for price and dollars.