What · these levels are derived from real options positioning data. When large amounts of money are concentrated at a specific price (as open interest), that strike often acts as a magnet, pulling price toward it, and as a wall, providing support or resistance when tested.
How to read · the white dot marks the current price. Levels above are potential resistance; levels below are potential support. The shaded bands show the expected trading range for today and this week based on implied volatility.
Resistance · strike with the highest call open interest. Heavy call positioning often caps upside moves, at least temporarily.
Support · strike with the highest put open interest. Typically acts as a floor because dealers hedge by buying the underlying as price approaches.
Stability Threshold · boundary between two zones. Above it, dealer hedging dampens moves (stable zone). Below it, dealer hedging amplifies moves (volatile zone).
Max Pain · the price at which the most options expire worthless. Price often gravitates here heading into expiration.
Bets · bullish and bearish bets are recent large institutional options positions signaling directional conviction at specific strikes. Levels outside the weekly expected range are dimmed (less likely to come into play).
GEX · Gamma Exposure measures how much market makers need to hedge when prices move. Their hedging can either dampen moves (positive GEX) or amplify them (negative GEX).
Context · how unusual is today's reading compared to the past 20 sessions. Extreme negative readings are historically rare and tend to normalize. When they do, the sudden shift from amplified to dampened moves can produce sharp reversals.
Expect tighter ranges — hedging pulls price back toward the middle. Not a directional call.
These are structural observations, not recommendations. Levels shift daily.