GEX Screener Guide

Complete guide to using the GEX Screener to see where options open interest is concentrated. Learn about all features, filters, and how to read the screen.

Overview

The GEX Screener is our flagship tool for seeing where the options money is sitting. It shows you gamma exposure by strike, on any US stock, so you can see where open interest is concentrated relative to the current price.

Key Features

• Advanced filtering by market cap, index membership, and price range
• Real-time gamma exposure analysis across multiple expiration dates
• Interactive charts with TradingView integration
• Premium features for historical analysis and advanced positioning
• Pagination and efficient data handling for large datasets

Getting Started

Quick Start

1. Create a free account or sign in
2. Navigate to the Screener page
3. Start with basic filters to explore the data
4. Click "View" on any stock to see detailed analysis
5. Consider upgrading to premium for advanced features

Access Requirements

• Free Account: Required for all screener access
• Premium Subscription: Required for advanced filters and historical data
• Authentication: All features require login

Basic Filters

These filters are available to all users and provide fundamental screening capabilities.

Market Cap Filter

• Mega Cap - ≥ $200 billion market cap
• Large Cap - $10B - $200B market cap
• Mid Cap - $2B - $10B market cap
• Small Cap - $300M - $2B market cap
• Micro Cap - < $300M market cap

Index Membership

• S&P 500 - Large-cap U.S. stocks
• Nasdaq 100 - Top 100 non-financial Nasdaq stocks
• Dow Jones - 30 blue-chip industrial companies
• Russell 2000 - Small-cap U.S. stocks

Additional Basic Filters

• Price Range - Set minimum and maximum price thresholds for targeted screening
• Current Expirations - Multi-select dropdown for analyzing specific expiration dates
• Weekly Options - Filter for stocks offering weekly option expirations

Premium Filters

Premium Features Note: These advanced filters require an active subscription and are marked with golden gradients in the interface. Upgrade to premium to access these features.

Historical Expirations

See past expiration data to compare how gamma exposure looked heading into prior expirations.

• Backtest your own strategies using historical gamma exposure data
• Compare GEX at past expirations against what happened afterward
• Line up gamma exposure with expiration dates across the chain

Price GEX Position

Shows where the current stock price sits relative to the largest gamma exposure levels on the chain: near a significant negative-GEX strike, near a significant positive-GEX strike, or between them.

Near Significant Negative GEX - Price is near a strike where net gamma exposure is negative: puts outweigh calls there, weighted by size and distance from the money.

Near Significant Positive GEX - Price is near a strike where net gamma exposure is positive: calls outweigh puts there, on the same weighting.

Between Significant Levels - Price is not close to any strike carrying a large net gamma reading.

What this does and does not tell you: the common theory in the options-flow industry is that these levels act as magnets or barriers, because market makers hedge their own book by trading against price near them. We tested that theory on a full year of real market data, over a million wall-days. A gamma level did not predict next-day direction any better than a fake level placed the same distance away, and price crossed a real "wall" about as often as a fake one (17.0% vs. 17.2%). The one effect that held up: on expiration day itself, price closed within 0.5% of the expiring wall slightly more often than a fake level (10.9% vs. 10.2%), a small, real effect. We show you the number and where it sits. What it means for tomorrow's price is not something the data supports.

How Positive and Negative GEX Are Calculated

• Positive GEX: Net gamma at this strike is positive: calls outweigh puts, weighted by open interest and gamma. The math (gamma times open interest times spot squared, calls positive, puts negative) makes no assumption about who holds either side of the trade.
• Negative GEX: Net gamma at this strike is negative: puts outweigh calls, on the same math.
• Low Absolute GEX: Net gamma near price is small in either direction, meaning neither calls nor puts dominate at nearby strikes.

Important Caveats

• Size & Concentration Matter: A GEX reading is more informative when it is large and concentrated near the current price. Diffuse gamma spread across many strikes is a weaker signal of anything.
• Time to Expiry: Far-dated gamma carries less weight day to day. Expiration day is the one place our own testing found a small, real, measurable pinning effect (see above).
• Competing Flows: Large directional flows from hedge funds, buybacks, ETF arbitrage, or macro events can dwarf any options positioning on a given day.
• Dynamic Nature: Net GEX can flip intraday as positions open and close. Other Greeks (vanna/charm) can matter more during volatility shocks.
• Not a Forecast: Our own test of a full year of data found a gamma level no better than a coin flip at predicting next-day direction. Use GEX to see where the open interest sits, not where price is going.

Total Gamma Filter

Filter stocks based on their overall gamma exposure:

• Positive Exposure - Net gamma across the chain is positive: calls outweigh puts overall
• Negative Exposure - Net gamma across the chain is negative: puts outweigh calls overall

Results & Analysis

Results Table

The results table displays filtered stocks with key information and actions:

Pagination Features

• Adjustable Page Size: Choose how many results to display per page (default: 10)
• Page Navigation: Easy navigation between result pages
• Total Count: See the total number of matches found
• Auto Reset: Returns to page 1 when new filters are applied

Interactive Charts

Gamma Exposure Chart

Interactive visualization showing gamma exposure levels across different strike prices.

Key Features:

• See which strikes carry the most gamma exposure, above and below the current price
• See how gamma exposure is distributed across the option chain, closest to price and further out
• Visualize how gamma exposure changes across the option chain
• See current price position relative to gamma levels

TradingView Integration

Professional-grade charting with technical analysis capabilities.

Benefits:

• Correlate GEX levels with traditional technical indicators
• Analyze price patterns alongside gamma data
• Access to comprehensive drawing tools and indicators
• Real-time price data and market information

Authentication & Subscriptions

Access Tiers

Free Tier:

• Basic filtering capabilities
• Current expiration data
• Standard market cap and index filters
• Basic chart access

Premium Tier:

• All basic features
• Historical expiration analysis
• Advanced GEX positioning filters
• Total gamma exposure filtering

Automatic Redirects

• Login Required: Unauthenticated users are redirected to the login page
• Premium Features: Using premium filters without subscription redirects to pricing page
• Session Management: Automatic handling of authentication state

Best Practices

Effective Filtering Strategies

• Start Broad: Begin with basic filters and gradually narrow your search criteria
• Combine Filters: Use multiple filters together for more targeted and relevant results
• Monitor Liquidity: Focus on stocks with weekly options for better trading liquidity
• Match Strategy: Align market cap filters with your trading strategy and capital requirements

Analysis Workflow

1. Review GEX Charts: Always examine detailed gamma exposure visualizations
2. Compare Timeframes: Analyze both current and historical expiration data
3. Correlate Indicators: Use TradingView charts alongside GEX data for extra context
4. Monitor Changes: Track how price position relative to GEX levels evolves

Risk Management

Important Risk Considerations:

• Only in stressed, high-volatility names did heavier gamma positioning line up with slightly larger next-day moves in our own testing; elsewhere we found no effect
• Gamma exposure changes significantly as expiration approaches
• GEX data should complement, not replace, other analysis methods

• Diversify Analysis: Don't rely solely on GEX data for trading decisions
• Backtest Strategies: Use historical data to validate your approaches
• Monitor Time Decay: Consider how gamma exposure changes approaching expiration
• Position Sizing: Adjust position sizes based on gamma risk levels

Troubleshooting

Common Issues

No Results Found - If your filters return no results:

• Try broadening your filter criteria
• Check if premium filters require subscription
• Verify price range settings are reasonable
• Ensure selected expirations have available data

Charts Not Loading - If charts fail to display:

• Refresh the page and try again
• Check your internet connection
• Disable ad blockers that might interfere
• Try a different browser if issues persist

Premium Features Not Available - If premium filters are grayed out:

• Verify your subscription status
• Log out and log back in to refresh permissions
• Email help@gexscreener.com if the subscription should be active
• Consider upgrading to access premium features

Need Additional Help? If you're still experiencing issues or have questions not covered in this guide, email help@gexscreener.com. Also worth reading: Getting Started Guide