GEX Levels (Gamma Exposure) for BTC and ETH

GEX (Gamma Exposure) is the total gamma position of options market makers, converted into the amount of the underlying they must buy or sell as price moves. In short, GEX shows which way market makers are forced to hedge their options book at each BTC or ETH strike.

Each GEX level is a strike with large open interest where market-maker hedging creates meaningful pressure. Large positive GEX levels act as magnets and support/resistance zones; large negative GEX levels act as accelerants.

Positive GEX: market makers sell into rallies and buy into dips, suppressing volatility. Price tends to range and "pin" to large GEX levels.

Negative GEX: market makers must buy into rallies and sell into dips, amplifying the trend. In negative-GEX territory BTC and ETH moves become sharper and breakouts more impulsive.

Traders treat GEX levels as a ready-made map of support and resistance: the largest positive GEX strike often caps or floors the day, while price crossing the sign-flip point (Gamma Flip) signals a change in volatility regime.

In practice traders watch the Call Wall and Put Wall (largest call/put strikes), the Gamma Flip, and Max Pain. In Crypto Metrics Pro these are computed from Deribit open interest and refreshed every 60 seconds.