Levels by MNA Research shows SPX and SPY options market structure on a live web app. This guide explains, in plain terms, what the labels on the chart and the gamma-by-strike dashboard mean. It explains the terms only; it does not list today's levels. All outputs are analytical estimates and reference points. They are not trading advice or signals, and they do not predict or guarantee future price behavior. See the FAQ & Disclaimer.
See it in action
Short recordings of the three views, from past sessions. The Modeled Session includes a replay of the current session; the Levels Chart and GBS are live views.
What is gamma exposure (GEX)?
Gamma exposure is an estimate of how much options dealers may need to buy or sell the underlying to stay hedged as price moves. It is calculated from the options chain using stated assumptions about positioning, so it is a model estimate, not a measured fact. Positive gamma tends to be associated with price being pulled back toward a level; negative gamma tends to be associated with moves being amplified. These are tendencies, not guarantees.
What is gamma by strike (GBS)?
Gamma by strike (GBS) is a chart of estimated net gamma at each option strike for the current 0DTE expiration, split into call-side and put-side gamma. It shows where the estimated gamma is concentrated relative to the current price, and it refreshes about every 60 seconds during the session.
What are a call wall and a ceiling?
A call wall, also shown as a ceiling, is a strike above price where estimated call-side gamma is large. Levels are numbered (Ceiling 1, 2, 3) from nearest to furthest. It is a reference point for where the analytics show heavy call-side concentration. It does not mean price will stop, reverse or react there.
What are a put wall and a floor?
A put wall, also shown as a floor, is a strike below price where estimated put-side gamma is large. Levels are numbered (Floor 1, 2, 3) from nearest to furthest. It is a reference point for heavy put-side concentration, not a prediction that price will hold or bounce there.
What is a flip point (Flip Up and Flip Down)?
A flip is a price area where estimated net dealer gamma changes from positive to negative, or the reverse. Flip Up and Flip Down mark the flip areas above and below the current price. Flips describe how the estimated gamma environment changes across price levels. They are not entry or exit points.
What is Dealer Neutral?
Dealer Neutral is the price at which the estimated net dealer gamma across all strikes is about zero. Above it the estimated environment is more positive-gamma and below it more negative-gamma, under the model's assumptions.
What are Max Gamma and Min Gamma?
Max Gamma is the strike with the largest estimated positive net gamma. Min Gamma is the strike with the largest estimated negative net gamma. They are the highest points on each side of the gamma-by-strike chart.
What is the expected-move band (EM Top and EM Bottom)?
The expected-move band is a range around a reference price, derived from options pricing, that represents the move the market is pricing in for the period. EM Top is the upper edge and EM Bottom is the lower edge. Price can and does move outside the band; it is a statistical reference, not a limit.
What do the 16Δ and 25Δ levels mean?
These are strikes where an option's delta is about 16 or 25. They are shown as reference distances from price on the call side and the put side, and they are part of how the analytics map the options chain around the current price.
What is 0DTE?
0DTE means zero days to expiration: options that expire the same trading day. SPX has an expiration every trading day, so the levels on the chart are for that day's 0DTE expiration. Weekly options are also covered where the plan includes them.
What is the overnight-change strip?
The overnight-change strip shows how options positioning changed between one session and the next, by strike, displayed as puts on one side and calls on the other. Before the new measurement is available in the morning, it shows the most recent completed session and says so on the page.
What is the gamma-profile strip?
The gamma-profile strip is a compact bar view, drawn beside the price chart on the same price scale, of estimated net gamma at each strike, so you can read where gamma sits relative to price without leaving the chart.
What is the volume-at-strike strip?
The volume-at-strike strip shows how much options volume has traded at each strike during the session, drawn on the same price scale as the chart. The strike with the most volume is highlighted.
What is the Modeled Session?
The Modeled Session is a quantified, research-driven set of models that places levels for the session and marks events as price meets them. Events that were confirmed by volume are marked as gold events. The page also includes a scorecard and a replay of the current session. AI is used to help quantify parts of the models, and the output is an estimate that can be wrong.
How often do the levels update?
Levels and gamma by strike refresh about every 60 seconds during regular market hours. Outside market hours the pages show the most recent session. Updates are targets, not guarantees, and data can be delayed or unavailable.
Is this a trading signal?
No. Levels by MNA Research provides impersonal market-structure analytics, calculations and visualizations. It does not tell you what to buy or sell, when to enter or exit, or how large a position to take. See the FAQ and disclaimer for the full statement.
Want to see it live?
See the plans or email [email protected].