Understanding LiveBriefing
1. GEX (Gamma Exposure)
What it is
GEX measures how much options dealers need to trade stock to stay hedged. When traders buy options, dealers take the other side. To manage their risk, dealers adjust their stock position as prices move. GEX tells you how much of this hedging activity is happening.
Why it matters
High positive GEX means dealers are buying dips and selling rallies — this creates a dampening effect that keeps prices in a range. Negative GEX means dealers amplify moves — prices can swing sharply in either direction.
2. Gamma Flip
The price level where dealer hedging flips from dampening moves to amplifying them. Above the flip, dealers stabilize the market. Below it, dealers can accelerate selling.
3. Call Wall
The strike price with the most call option gamma. Acts as an upper barrier — as price approaches, dealer hedging activity increases and often slows the advance.
4. Put Wall
The strike price with the most put option gamma. Acts as a lower barrier — as price approaches, dealer hedging activity increases and often cushions the decline.
5. Market Mode
6. VIX (Volatility Index)
The market's expectation of volatility over the next 30 days, derived from S&P 500 options prices. Often called the "fear gauge."
7. Expected Move
The range the market expects the S&P 500 to move within the current expiration cycle, based on options pricing. For example, ±42 pts (0.6%) means the market expects SPX to stay within 42 points of the current price.
8. Max Pain
The price at which the most options contracts expire worthless. At this level, option buyers collectively lose the most money and option sellers profit the most. Price often gravitates toward max pain near expiration.
9. Put/Call Ratio
Total put option volume divided by call option volume. Below 0.7 suggests bullish sentiment (more calls being bought). Above 1.0 suggests bearish sentiment (more puts being bought). The 30-day average provides context.
10. IV Percentile
Where current implied volatility ranks compared to the last 52 weeks. The 68th percentile means current IV is higher than 68% of readings in the past year. High IV percentile means options are relatively expensive.
11. Pivot Levels (PDH, PDL, PDC, R1, S1)
Mathematical levels calculated from the prior day's high, low, and close:
These are reference points, not predictions. Traders use them as a map of where price has been and where key calculated levels sit.
12. Market Sentiment Gauge
Our composite score from 0–100 measuring overall market mood using 9 real-time indicators.
Components: VIX level, VIX curve shape, put/call ratio, market momentum, breadth, safe-haven demand, junk-bond spread, GEX regime, and price position relative to the gamma flip.
13. DEFCON Levels
Our assessment of upcoming event severity:
14. Sector Flows
Daily, weekly, and monthly percentage changes for the 11 S&P sector ETFs (XLK, XLF, XLY, etc.). Shows which sectors are gaining and losing relative to the broader market.
15. Index Contribution
How much each stock contributed to the index's daily move, calculated from the stock's weight in the index multiplied by its percentage change. A stock with 7% weight moving +3% contributes more than a stock with 0.5% weight moving +10%.
16. Session Time Markers
Vertical lines on the chart marking when global markets open or close:
This guide is for educational purposes only. It does not constitute financial advice. All metrics are derived from publicly available market data. See our full disclaimer.