Levels
Dealer positioning for the names you trade — gamma walls, the flip point and max pain, refreshed through the session.
Why dealer positioning matters
Market makers hedge the options they sell. Where that hedging concentrates, price tends to behave differently — pinning near large open interest, accelerating once it clears a threshold.
Those concentrations are computable from the options chain, but doing it per ticker, repeatedly, through the day is not work you want to do by hand.
What you get
Levels computes the structure from the live chain and presents it per ticker: the strikes where gamma exposure concentrates, the point where net positioning flips sign, and the strike that minimises outstanding option value at expiry.
- Gamma walls — the strikes carrying the heaviest exposure, where price often stalls.
- Flip point — where dealer hedging changes direction.
- Max pain — the strike with the least outstanding value at expiry.
How to use it
Levels are context, not signals. They tell you where the friction sits, which is most useful next to the flow you're already watching — a large aggressive position pointed straight at a gamma wall reads differently from one in open space.
The ticker row updates through the session as the chain moves.
Where to find it
Levels has its own page in the members area, with the most active tickers surfaced first.
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See pricingEducational content — not financial advice.