Key terms

The words used across the app and these docs: GEX and VEX, nodes, the King, floor and ceiling, positive and negative gamma.

GEX
Gamma exposure: how much hedging options dealers need at a strike as price moves, in dollars. The intraday map.
VEX
Vanna exposure: how dealers' hedging changes when implied volatility moves. The slower map, for the days ahead.
Node
One cell of the board: a strike, in one expiration (or summed over several).
King
The largest node on the board, positive or negative. Marked with a gold star.
Floor and ceiling
The largest node below the price and the largest above it. They swap roles when price crosses them.
Gatekeeper
A large node between the price and a bigger level beyond it.
Positive gamma
Yellow. Dealer hedging leans against moves: the tape tends to be slower and stickier around it.
Negative gamma
Purple. Dealer hedging adds to moves: the tape tends to be faster, and levels get overshot.
Net column
Each strike's total over the expirations on the board, drawn as a bar beside the strikes.
Velocity
How fast a node is growing or shrinking, as a percentage over a timeframe.
0DTE
Options that expire today. On SPX they usually carry most of the exposure close to the price.
DTE
Days to expiration.
OPEX and Q-OPEX
The monthly options expiration (the third Friday) and the quarterly one.
SPXW and SPX
SPXW is the S&P 500's weekly and daily options, including today's; SPX is the standard monthlies. NDXP and NDX split the Nasdaq-100 the same way.
RTH and ETH
Regular trading hours (09:30–16:00 ET) and extended hours, which add the overnight session on SPX and SPXW.
Premium
The money paid for an order: the fill price × contracts × 100.
Open interest
The number of contracts still open at the previous close. It updates once a day.
Sweep
An order filled across several exchanges in the same instant.
Flow Score
A number from −100 to +100 for how bullish or bearish an order looks. A way to sort the tape, not a forecast.

Still stuck? Ask in the TrueGEX Discord, or write to [email protected].