Hermēs DocumentationGEX Heatmap
Free view of gamma-exposure (GEX) by strike, call/put walls, and the zero-gamma flip for major tickers.
The GEX Heatmap is a free, no-login page that shows where dealer gamma concentrates by strike — the call wall (resistance), put wall (support), and zero-gamma flip — and whether the market is in a long-gamma (volatility dampened) or short-gamma (volatility amplified) regime.
Open it from the top nav GEX Heatmap, or go to /gex-heatmap.
This is the free, public snapshot page. The in-terminal real-time GEX flow now lives in the Options Desk "Live Flow" window — a strike×expiry GEX heatmap plus P/C flow and UOA in one view. This page is for "see today's key levels for free"; for intraday real-time tracking, use the Options Desk.
Who can use it
- Public / free: anyone can view it without logging in.
- Partially paywalled: the first 12 strikes are free; additional strikes are blurred with an "upgrade to Essential" prompt. The real-time full-chain terminal lives at
/huntingflow, and the in-terminal real-time flow is the Options Desk Live Flow window.
Tickers & update cadence
| Ticker | Type | Update |
|---|---|---|
| SPY · QQQ · SPX | Equity-index options | ~30 min delayed |
| BTC · ETH | Crypto options | ~5 min, 24/7 |
A breathing status badge at the top shows whether data is live (green) or delayed (amber).
Panel walkthrough
Control bar
Switch ticker tabs, read spot price, check the live/delay badge, and use the Refresh button (the page also auto-refreshes every 30 seconds).
Key-level badges
A row of the day's core levels: Call Wall (resistance), Put Wall (support), Zero Gamma (flip), and High-Volatility Level (HVL) when present.
Five summary cards
Net DEX, Net GEX, current regime (long/short gamma), gamma flip level, and market status (open/closed).
Auto-interpretation card
Generates 3–4 plain-language takeaways (regime, upside resistance, downside support, reference range) from spot vs. the key levels.
GEX profile chart
A horizontal diverging bar chart by strike: positive GEX to the right (cyan), negative to the left (magenta), with the spot row highlighted. Strikes beyond the free count are blurred with an upgrade prompt.
There is also a 3-day open-interest (OI) trend table, a SPX · SPY · QQQ Trinity view (side-by-side mini profiles), and a daily GEX key-levels email signup.
Typical workflow
- Land on the page (defaults to SPY) → pick a ticker tab.
- Check spot + the live/delay badge for freshness.
- Read the key-level badges and five summary cards to fix the regime and flip first.
- Read the auto-interpretation card for a one-line take.
- Scan the GEX profile for call/put walls (an upgrade prompt appears past the free rows).
- When US markets are closed, switch to BTC for 24/7 crypto GEX; upgrade for full strikes / real time.
New to the terms? Start with What is GEX and How to read GEX.
Next
Frequently asked questions
Is the GEX Heatmap free?
Yes. The GEX Heatmap is public (no login required) and shows the first 12 strikes per ticker for free; more strikes and the real-time full chain require Essential or above.
How often does the heatmap update?
Equity indices (SPY / QQQ / SPX) are delayed roughly 30 minutes; crypto (BTC / ETH) updates about every 5 minutes and is available 24/7. The page also auto-polls every 30 seconds.
GEX Signal Backtest
The GEX Signal Backtest lets you test structural signals on historical data — such as "long above zero gamma" or "short below the put wall" — and gives win rate, average P/L, max drawdown and an equity curve, replacing gut feel with data. Requires Ultra.
Greek Flow
Ultra-only dealer Greek order-flow panel — Vanna / Charm / CVR / GEX-ratio split across 0DTE and 1DTE.