GEX and the flip point
What gamma exposure is, the flip point, where the options come from (CME or ETF) and the futures ↔ ETF bridge.
GEX (Gamma Exposure) estimates the aggregate gamma exposure of market makers, strike by strike. It helps you understand the day’s volatility regime.
The flip point
The flip point (zero-gamma) is the price where net gamma changes sign: above it, moves tend to be dampened; below it, amplified. Konsole computes a spot-reactive flip level, with a cumulative fallback method when volatility/expiry data is thin.
Where the options come from
Konsole reads two option chains. Both are an analysis layer: you trade the futures only.
- CME, from your Rithmic (ES, NQ): the CME options on the ES and NQ futures, read from your own Rithmic connection. On Pro and Desk. It needs the connection that gives the market data, with CME market data on it (see Connect your Rithmic account): nothing extra to subscribe with us. MES and MNQ read the ES and NQ chain.
- ETF, from our feed (QQQ, SPY): the 0DTE options on QQQ and SPY, served by us. On Desk only, with nothing to configure. Desk is coming soon: the waitlist is on the pricing page.
The Free plan does not include the options.
On the CME source the history starts from when the app is running: the curves over time begin at that point. The Daily Zones 0DTE (auto) indicator, the morning sheet built from the previous close, reads the ETF chain only, so it comes with Desk.
Choosing the source (Desk)
On Pro the options always come from the CME and there is nothing to choose. On Desk:
- Settings › Options sets the source for the whole app: CME, from your Rithmic or ETF, from our feed.
- Every options panel, the chart and Metrics have a small CME / ETF button in their header. Its menu: Like the app, CME, from your Rithmic (ES, NQ) or ETF, from our feed (QQQ, SPY).
- The options indicators on the chart (Gamma Targets (live), Option Whales (0DTE)) have an Options source setting: Like the chart, CME or ETF.
Futures ↔ ETF bridge
The bridge applies to the ETF chain only. The QQQ and SPY options live on the ETFs, while you trade the futures: the bridge carries their levels onto the futures chart, NQ with QQQ and ES with SPY, so you see the flip and the GEX profile on the price you trade.
The CME strikes are already futures prices: no conversion is needed.
Where to see it
In the Workspace library, under Options & GEX:
- GEX Profile: dealer gamma exposure per price level, with the flip and the walls; Net or Split (call and put) view.
- Options 0DTE: options metrics (IV, GEX, premiums, greeks) and Net GEX by strike.
- Net GEX and Gamma Aggregate: dealer net GEX over time, bar by bar.
- Gamma targets: the gamma walls above and below the price as a list, up to three per side. Targets shows the walls of every instrument on one screen.
On the chart, the Gamma Targets (live) indicator draws the same levels as lines.