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GEX zones & states

The five primary boundaries (C1, cT, HVL, pT, P1) divide the option chain into shaded gamma zones on the chart and table, and classify where spot sits into six structural GEX states summarized by the circular + / − profile badges.

Gamma zones, primary boundaries, GEX states, and profile badge colors Six structural states from Positive Extension above C1 down to Negative Extension below P1, showing the chart zone shading, boundary levels (C1, cT, HVL, pT, P1), and the circular GEX profile badge colors. CHART / TABLE ZONE BADGE GEX STATE & SPOT LOCATION Upper Extension Zone Spot ≥ C1 (and ≥ cT) + Positive Extension (Pos Squeeze) Spot is at or above the Call Wall (C1); glowing green + badge. C1 Positive Gamma Zone cT ≤ Spot < C1 + Positive Gamma Between Call Transition (cT) and C1; green + badge. cT Transition Zone (Upper) HVL ≤ Spot < cT + Positive Transition Above HVL pivot, still inside the transition band; teal + badge. HVL Transition Zone (Lower) pT < Spot < HVL − Negative Transition Below HVL pivot, above Put Transition (pT); teal − badge. pT Negative Gamma Zone P1 < Spot ≤ pT − Negative Gamma Between Put Transition (pT) and the Put Wall (P1); red − badge. P1 Lower Extension Zone Spot ≤ P1 (and ≤ pT) − Negative Extension (Neg Squeeze) Spot is at or below the Put Wall (P1); glowing red − badge.
From top to bottom: Upper Extension (above C1), Positive Gamma (cT to C1), Transition (pT to cT, split by HVL), Negative Gamma (P1 to pT), and Lower Extension (below P1), alongside each state’s circular badge.

Gamma zones on the Chart and Table

When Chart Zone Coloring is enabled in Ctrl+M and the profile is ordered (P1 ≤ pT ≤ HVL ≤ cT ≤ C1), GEX Live Chart and GEX Live Table shade the regions between the primary levels:

  • Positive Gamma Profile Zone (Green): from Call Transition (cT) up to the Call Wall (C1). Modeled dealer re-hedging leans against price movement.
  • Transition Zone (Turquoise): from Put Transition (pT) through HVL to cT. The regime is mixed around the pivot; two-sided chop and regime rotation are common here.
  • Negative Gamma Profile Zone (Red): from the Put Wall (P1) up to pT. Modeled dealer re-hedging leans with price movement, which can widen intraday swings.
  • +/− Gamma Extension Zone Mark (Purple): the upper extension above C1 and lower extension below P1, where spot has traded past the primary wall.

The six classified GEX states

While the zones shade price intervals on the chart, the GEX state names which of the six structural intervals currently contains spot:

GEX stateBadgeWhere spot sitsPlain read
Positive Extension
(Pos Gamma Squeeze)		Glowing green +At or above C1 (and ≥ cT)Spot is at or beyond the primary Call Wall.
Positive GammaGreen +At or above cT and below C1Spot is inside the positive-gamma region between cT and C1.
Positive TransitionTeal +At or above HVL and below cTAbove the HVL pivot, but still inside the transition band.
Negative TransitionTeal −Below HVL and above pTBelow the HVL pivot, still inside the transition band.
Negative GammaRed −At or below pT and above P1Spot is inside the negative-gamma region between P1 and pT.
Negative Extension
(Neg Gamma Squeeze)		Glowing red −At or below P1 (and ≤ pT)Spot is at or beyond the primary Put Wall.

The six states are ordered from the top of the profile to the bottom—they are volatility and structure locations, not a ranking from “most bullish” to “most bearish.” See Regime tendencies for how tape behavior often differs across these regions.

How to read the GEX bubble (badge) colors

Across the Expiration strip, the GEX Matrix PROFILE column, the Options Screener, and the right-hand Details sidebar, each expiration displays a circular badge:

  • Sign (+ vs. −): + means spot is at or above HVL (upper three states); − means spot is below HVL (lower three states).
  • Color (Teal vs. Green/Red vs. Glowing Halo): teal marks the transition band (pT to cT), solid green or red marks the main positive or negative gamma zone, and a bright glowing green or red halo marks an extension state beyond C1 or P1.
  • Badge color vs. Net GEX sign: the circular badge reports where spot sits in the profile, while the dollar/gamma number underneath reports the sum of Net GEX across strikes. An expiration can have a green positive Net GEX total while showing a red − badge if spot is currently trading below HVL and pT.

Profile quality is a separate check: missing primary levels can produce Insufficient data, and disordered boundaries set profile.is_broken in the API. See Profile quality.

Where you see it

TanukiTrade documentation. Levels are context, not a recommendation. tanukitrade.com