Crypto Metrics Glossary

Plain-language definitions of key options and order-book metrics for BTC and ETH: GEX levels, Gamma Flip, Max Pain and order book limits.

GEX — Gamma ExposureGEX (Gamma Exposure) is the aggregate delta-hedging position of options market makers across strikes. It shows how their hedging dampens or amplifies BTC and ETH price moves.Gamma Flip PointThe Gamma Flip Point is the price where aggregate GEX changes sign from positive to negative. Above it markets are usually calmer, below it more volatile.Max PainMax Pain is the strike at which total options payouts (calls + puts) are minimized at expiry. Theory suggests price gravitates toward it into expiration.Order Book Limits & Liquidity WallsLimit orders are buy/sell orders at a set price; clusters of them in the order book form liquidity "walls" that act as support and resistance.Call Wall & Put WallThe Call Wall is the strike with the largest call open interest above price (resistance); the Put Wall is the strike with the largest put OI below price (support).Open InterestOpen Interest is the number of open (not yet closed) options contracts at each strike and expiry. Large OI clusters shape the options levels.Hedging PressureHedging Pressure is the aggregate pressure from market-maker delta hedging. Positive (Sticky) dampens price moves; negative (Jumpy) amplifies them.Absolute GEXAbsolute GEX is the sum of the absolute GEX values across all strikes. The higher it is, the more active the market-maker positioning and the stronger their market influence.25-Delta Risk Reversal & SkewThe 25-delta risk reversal is the implied-volatility difference between the 25-delta call and put. It shows the demand skew: bullish (calls richer) or bearish (puts richer).Implied Volatility & Volatility SmileImplied Volatility (IV) is the expected volatility of the underlying priced into an option. The IV curve across strikes forms the "volatility smile".Margin Loans (Binance margin pool)Margin loans are borrowed funds traders use for leverage. The amount of BTC/USDT borrowed in the Binance pool shows how large players are positioning.

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Information is for analytical and educational purposes only and does not constitute investment advice.

Crypto Metrics Glossary: GEX Levels, Gamma Flip, Max Pain, Order Book Limits | Crypto Metrics Pro