Dealer positioning for SPX,
rebuilt from the options tape
Gamma, vanna, charm and the flip — computed from every print in the 0DTE book, drawn as the market trades. The live session streams second by second. Every finished session is free, forever, no account.
Open the terminal — free Live — $49/mo
Why this one
| typical GEX dashboards | gex.live | |
|---|---|---|
| Update cadence | snapshots every 1–5 minutes | streamed every second |
| History | truncated, or itself the paid product | 1085 sessions free, no sign-up |
| Coverage | whenever the vendor started | from the birth of daily SPX expiries — deeper does not exist |
| Signing the book | one convention, applied and not stated: calls positive, puts negative | three books side by side — the same convention on volume and on open interest, plus one signed from the actual trade tape against the prevailing NBBO. The convention is an assumption about who bought; the third book measures it |
| Volatility in the greeks | commonly one at-the-money vol across the whole chain | every strike carries its own implied vol into its own gamma. A single ATM vol misprices the wings, which is exactly where the walls are quoted — and the +SKEW overlay draws those very curves on the ladder, so the input is on screen, not just claimed |
| Expiry scope | aggregated, or unstated | 0DTE, next, or all — switchable, and stored separately per book so a backtest can ask the question either way |
| When the books disagree | not shown; there is only one | printed. The three agree on the zero-gamma flip almost never, and the panel says which regime each one is in rather than answering for all three |
| Methodology | undisclosed | one pipeline across all years; every layer explains itself in its tooltip |
| Claims | marketing | measured statistics printed in the product — including the ones that show no edge |
| Backtesting | none, or a separate paid product | built in — describe an idea in plain words, LAB shows whether it ever worked; survivors draw on the live chart |
| AI access | none | works with Claude, Cursor and any MCP assistant — sessions free, LAB from the chat |
| Price | $99–$300+/mo, tiered | $49/mo flat · $490/yr · history always free |
What the terminal shows
- The flip and the dealer zone. Where dealer hedging stops damping the tape and starts amplifying it — recomputed every second, with its whole intraday path drawn, not a number frozen at the open.
- The strike ladder, two books. Gamma, DEX and VEX by strike — from today's traded flow, or from the morning open-interest structure, switchable. Same expiry, two answers to "whose gamma is this".
- ΔΓ — flow per candle. The dealer gamma that came on or off the book while each candle formed. Its archive-wide statistics are printed in its tooltip: no directional edge — and it says so.
- 25Δ·HI, R/I, volume. Skew extremes with their measured aftermath, realised over implied, and the printed volume of the whole chain — marks and histogram.
- Playback at the market's own pace. Any session replays as it traded — second by second at 1×, or the whole day in three minutes.
LAB — test the pattern before you trade it
You keep noticing the same setup on the tape. LAB answers the only question that matters: did it ever actually work? Type the idea the way you would say it out loud — “fade a stretch far above vwap late in the day” — and LAB tests it across all 1085 sessions and shows the numbers, even when the answer is “no edge”. Most ideas fail; finding that out for a dollar instead of a losing trade is the point. The ones that hold up stay on your chart and can alert you when they trigger. A free feed of fresh ideas gives you something to test on day one. More about LAB.
Works with your AI assistant
If you talk to Claude or another AI assistant, it can use gex.live directly: ask it about any finished session for free, or have it test your ideas in LAB without leaving the chat. Connecting takes a minute and one “allow” click — your assistant never sees your password, and you can disconnect it any time. How to connect.
The honesty rule
Every layer carries its own measured statistics, computed over the full archive with one methodology — and printed even when the result is inconvenient. The skew layer's tooltip opens with "IT IS NOT A SHORT SIGNAL" and gives the numbers. The R/I strip admits it describes the day rather than predicting it. If a number on this site cannot be verified against the free history, we do not show it.
Data
Everything on screen is our own computation from the SPX options tape — per-strike exposures, levels, statistics. No raw quote, print or NBBO is redisplayed. One pipeline builds every session, 2022-04-14 to today, so numbers are comparable across years — which is exactly what the free archive lets you check.
Two things about the method
The sign is measured, not assumed. Every public gamma figure rests on a convention — calls count positive, puts negative — which is a guess about which side the customer took. We publish that convention twice, on traded volume and on open interest, because it is what the rest of the screen world shows and you should be able to compare. The third book takes each print, reads it against the quote standing at that moment, and gives the dealer the other side. Multi-leg packages are signed as one package rather than leg by leg: signing legs separately manufactures a sell tilt that was never traded.
Each strike is priced with its own volatility. Gamma is computed strike by strike from that strike's implied vol, not from one at-the-money number stretched across the chain. The shortcut is common and it fails precisely where this product is read: a wing quoted 4 vol points above the money gets a materially different gamma, and the major strikes — the walls — usually sit out there. You can see the inputs: the +SKEW overlay plots put and call IV per strike on the ladder's own axis, and those are the same numbers the greeks are built from — not a picture of them.
Neither is a claim that the numbers predict direction. They do not, and the terminal says so on its own front page.
Questions people actually asked
- Is the gamma aggregated across expirations?
- Your choice, and it is stated on screen. The ladder switches between 0DTE, the next expiry and everything, and the split is stored per book so the archive answers the question either way. The default is 0DTE: for intraday hedging pressure the same-day book dwarfs what sits further out, and summing expirations mostly dilutes it. The open interest book is the exception — its net sums four expiries at once, which is why its label carries different units from the other two.
- Is the flip level fixed from the open?
- It moves all day — recomputed from the live book every second, and the TRAIL layer draws its whole path so you can see whether today's flip is a level the book keeps rebuilding or one it abandoned.
- Why is the history free?
- Because it is the proof. Every claim in every tooltip was measured on these sessions; giving them away is what makes the claims checkable. The one thing sold is the live stream.
- Can I cancel any time?
- Yes — one click on the account page, effective at period end, no questions. The finished sessions stay free either way.
- Does the Lab tell me what to trade?
- No. It answers one narrow question — did this trigger historically move price over this horizon, net of cost, out of sample — and prints the answer even when it is "no edge". Most honest backtests come back negative; knowing that before you risk money is the product.
Not investment advice. Options trading carries substantial risk of loss.