Hermēs DocumentationStep-by-Step GEX Reading
60-second reading SOP — each step tells you where to look in Hermes and which mantra to apply
One-line positioning
A GEX chart isn't "read" — it's "asked" in order. This chapter gives you a 5-step SOP and the Hermes component for each step.
After reading, you'll be able to take any GEX chart and say in 60 seconds: "Today's universe, its strength, key levels to defend."
The 5-step SOP at a glance
1. Choose timeframe → 2. Judge regime → 3. Find primary walls → 4. Add weighting → 5. Find confluenceEach step has exactly one Hermes component that gives the answer. Let's unpack.
Step 1: Choose timeframe
What's my holding period?
This isn't a trivial setting. It decides which expiry of GEX is actually useful, and which is noise.
Selection cheatsheet
| What you're doing | Which view | Where in Hermes |
|---|---|---|
| SPX 0DTE options | Standalone, today | Header ticker = SPX; DTE = 0 |
| ES / NQ intraday futures (1-6h hold) | Standalone, first expiry | Header = ES_SPX / NQ_NDX, DTE = 0 |
| Single-stock intraday | Standalone first expiry | Header = ticker, DTE = 0 |
| Single-stock swing (days-weeks) | Cumulative, optimal monthly | GEX Matrix panel → Cumulative + ~60 DTE |
| Macro/index | Cumulative, Every Expiry | HuntingFlow Cumulative aggregate view |
Veteran mantra
Short-term = Standalone. Swing = Cumulative.
0DTE always Standalone (no earlier expiry to aggregate).
Where in Hermes
| Component | Function |
|---|---|
| Header Ticker dropdown | Select instrument (ES_SPX / NQ_NDX / SPX / single-stock) |
| GEX Matrix panel | Switch Cumulative ↔ Standalone across expiries |
Pre-Market Prep (/market-prep) | Pre-market gives you "today's recommended view" |
Hermes defaults to classic/zero = Standalone 0DTE, which is optimal for intraday futures.
For other expiries, use GEX Matrix panel.
Step 2: Judge volatility regime
Timeframe set. Not looking for direction. Not looking for entry.
Next question: what type of environment am I in?
That's where HVL takes the stage.
Three things about HVL
| Position | Regime | Behavior expected |
|---|---|---|
| Price ≥ HVL | Volatility suppression (Long Gamma) | Slow, mean-reverting, magnet-like |
| Price < HVL | Volatility amplification (Short Gamma) | Sharp, trending, breakable |
| Price in cT-HVL / HVL-pT zone | Transition | Regime unstable, alert |
Veteran mantras
1. Above HVL → find fades. Below HVL → find momentum.
2. NET sign ≠ HVL position (often agree but not always): NET is sum, HVL is zero-cross on distribution. Look at both for safety.
3. Zero-cross = switch alert, not entry signal.
Where in Hermes
| Signal | Where | What to watch |
|---|---|---|
| HVL price | Chart golden line + Levels Reading Board top HVL row | Relative position vs current spot |
| Current NET | Header NET / C / P chip | Sign + magnitude |
| NET timeseries | TacticalHUD subchart | Slope + zero-crossing |
| Regime tint | Main panel background gradient | Green = Long; Red = Short; Transition = blue-cyan |
| Gamma Flip Alert | Insight Rail top card | Auto-pops on zero-cross |
Step 3: Find primary walls
Regime set. Next, mark the most important Levels.
Read these five Levels minimum per chart
| Level | Where | Meaning |
|---|---|---|
| HVL | Chart golden line | Regime boundary |
| C1 | Chart solid green + ★★★ | Strongest Call Wall (upper reaction zone) |
| P1 | Chart solid red + ★★★ | Strongest Put Wall (lower reaction zone) |
| cT | Chart cyan cT marker | Upper transition edge |
| pT | Chart cyan pT marker | Lower transition edge |
Spatial relationship
↑ Higher = more positive gamma
───── C2-C6 (secondary Call Walls, optional)
───── C1 ★★★ Strongest Call Wall
═════ cT Call transition edge
══════ HVL Regime boundary (most critical)
═════ pT Put transition edge
───── P1 ★★★ Strongest Put Wall
───── P2-P6 (secondary Put Walls, optional)
↓ Lower = more negative gammaVeteran mantras
Primary walls = main characters today. Secondary = backup cast.
HVLcT / pTHVL = transition zone. Inside = regime switch imminent. Alert.
Always read primary first, then secondary.
Where in Hermes
| Component | Use |
|---|---|
| Gamma Chart | Five primary Levels shown by default; secondary via Levels Drawer toggle |
| Levels Reading Board | Sorted by ★ count and distance to spot |
| Levels Drawer | Toggle C2-6 / P2-6 / Ab / OI / Volume / DEX |
| Relative Size Filter | Set to 25% — filters out micro-Levels to reduce noise |
Step 4: Add weighting (positioning + flow)
Now you can read the big picture. Next, weight each Level.
Not all Levels are equal. Two extra info sources judge "real significance."
Positioning layer (Open Interest)
GEX shows where sensitivity is. OI shows where real exposure is.
| Metric | Where | What to watch |
|---|---|---|
| AbOI | Levels Reading Board orange AbOI row | Total OI peak (Call + Put) |
| COI | Levels Reading Board yellow COI row | Call OI concentration |
| POI | Levels Reading Board yellow POI row | Put OI concentration |
| nCOI / nPOI | Levels Reading Board yellow nCOI/nPOI rows | Net long / short OI |
Key rule: GEX primary wall + large OI = this structure is not just theory — it's reality with positioned exposure.
Flow layer (Volume)
OI is "built positions." Volume is "what's happening now."
| Metric | Where | What to watch |
|---|---|---|
| CV | Levels Reading Board blue CV row | Call volume peak |
| PV | Levels Reading Board blue PV row | Put volume peak |
| nCV / nPV | Levels Reading Board nCV/nPV rows | Net long / short volume |
| Heat Trail | Chart bottom-right GEX Trail (1m/5m/10m/15m/30m) | Which strikes are heating up |
DEX (extra layer)
| Metric | Where | What to watch |
|---|---|---|
| D+ / D- | Levels Reading Board gray D+ / D- rows | Net positive / negative Delta extremes |
Veteran mantras
Primary wall + big OI = heavy.
Primary wall + big OI + big Volume = alive heavy. Must defend today.
Primary wall + big OI + no Volume = old structure. May be stale.
Step 5: Find confluence (detailed in Chapter 4)
Final step: stack the four layers and find multi-layer overlaps.
| Overlapping layers | Hermes display | Meaning |
|---|---|---|
| 1 | Gray / unmarked | Noise, ignore |
| 2 | ★ yellow | Medium, note it |
| 3 | ★★ orange | Strong, build scenario |
| 4+ | ★★★ purple zone | Heavy, must defend |
How Hermes computes
| Source | Code |
|---|---|
| Auto-scoring | src/lib/agents/confluence.ts → computeConfluence() |
| Display | Levels Reading Board ★ count + chart purple zone + Insight Rail Confluence Heat card |
Complete example: 60-second read of today's ES
Assume ES at 5980, DTE = 0.
Step 1: Choose view
ES intraday → Standalone 0DTE. Hermes default. ✅
Step 2: Judge regime
- Chart HVL at 5960 (golden line)
- Current 5980 > HVL → Long Gamma universe
- Header NET = +320 ✅ Agrees
- Regime tint green ✅ Agrees
→ Conclusion: Volatility-suppression regime, lean toward chop, fade.
Step 3: Find primary walls
- C1 = 6010 (chart solid green, ★★★)
- P1 = 5950 (chart solid red, ★★★)
- cT = 5985 (right above spot, alert)
- pT = 5945
→ Conclusion: Today's range 5950-6010, upper transition edge 5985 right at our nose.
Step 4: Add weighting
Read Levels Reading Board:
- 6010: C1 + AbOI + COI + CV → 4-layer confluence ★★★
- 5950: P1 + POI → 2-layer ★
- 5985: cT + Ab2 → 2-layer ★
Step 5: Find confluence + script
Today's script:
Strategy 1: Fade upper rail in 5980-6010
Entry: Touch 6010 ★★★, see rejection (momentum fade)
Target: 5985 (cT mid) or 5960 (HVL)
Invalid: Hold above 6010 for 5 minutes
Strategy 2: Break below 5960 (HVL) → trend script switch
Entry: Break HVL + failed retest
Target: 5950 P1
Invalid: Return above 5960 within 3 minutes
Strategy 3: Break cT 5985 short long
Entry: Hold above cT + NET continues up
Target: 6010 C1
Invalid: Drop back below 5980→ In 60 seconds you know: today's universe, defended levels, possible scripts, trigger conditions.
Practical advice: Don't over-tune
Hermes defaults to Standalone 0DTE because:
Traders shouldn't switch profile every minute, nor guess "which profile this time."
Standalone 0DTE is enough for intraday futures. Swing = GEX Matrix. Two layers, done.
Keep it simple: Once timeframe is locked, don't keep adjusting aggregation. Let the structure surface itself.
Turn on the Relative Size 25% filter — secondary noise drops out, primary structure auto-emerges.
60-second reading cheatsheet (print and stick to your screen)
┌─ 1. Timeframe ────────────────┐
│ Header ticker / DTE locked │
└────────────────────────────────┘
↓
┌─ 2. Regime ───────────────────┐
│ HVL position? NET sign? │
│ Above = Long / Below = Short │
│ Regime tint confirms │
└────────────────────────────────┘
↓
┌─ 3. Primary Walls ────────────┐
│ C1 / P1 = ★★★ defend │
│ cT / pT = transition alert │
└────────────────────────────────┘
↓
┌─ 4. Weighting ────────────────┐
│ AbOI / COI / POI confirm pos. │
│ CV / PV / Heat confirm flow │
└────────────────────────────────┘
↓
┌─ 5. Confluence ───────────────┐
│ ★★★ = must-defend │
│ TacticalHUD script ready │
└────────────────────────────────┘
↓
Wait for momentum, then enterNext
You can now "read the GEX chart." Next: upgrade to "decide with GEX" — via the Confluence framework.
Chapter mantra: Pick timeframe → judge regime → find primary walls → add weighting → find confluence. Each step has one Hermes component. Walk all five before entering.