Platform Guide · Lesson 4 of 13
Compare Key Levels, the GEX Matrix and Its 3D View
Key Levels ranks each level by strength and distance from price; the GEX Matrix shows which strikes and expirations build it.
In this lesson
- Read the Key Levels ladder and its level scope
- Use the GEX Matrix to see which expirations build a level
- Treat dark pool levels and exposure as context, not predictions
Key Levels lists the Ceiling (call wall), Floor (put wall), Flip Line (gamma flip), Magnet and other available levels, each with its strength and its distance from price. The level scope setting decides which expirations the levels cover: the nearest expiry, this week, or everything loaded.
The GEX Matrix shows estimated gamma exposure by strike and expiration. Check the expirations and the metric in view before comparing cells: a bright cell means a large estimate under that calculation, not a likely outcome. Its 3D tab draws the same grid as a surface on a desktop screen; start with the matrix if the surface is harder to read.
Note
GEX, DEX and the other exposures are estimates. They rest on assumptions about who holds which side of each contract, so they are not an inventory of any dealer’s positions. Levels can move, and price can trade through them.
Dark pool levels mark clusters of reported off-exchange prints. A print doesn’t reveal the participant’s intent. The GEX and dark-pool sections load separately, so read each section’s own loading and retry state.
Note Which plans include it
Key Levels, the GEX Matrix and its 3D view, the gamma profile and dark pool levels are included in Retail and Advance.
Check your understanding
2 questions. Answer each one, then open “Show answer” to compare.
Show answer
Answer: B. The levels now include more expirations
The scope decides which expirations the levels are computed from. A different set of contracts can put the largest concentration at a different strike.
Show answer
Answer: False.
Brightness shows the size of the estimate under the selected calculation. It is context, not a forecast.
Key takeaways
- Key Levels shows each level’s strength and distance from price.
- The level scope changes which expirations the levels cover.
- The GEX Matrix shows where the exposure comes from; the 3D tab draws the same grid.
- Exposure and dark pool levels are estimates and context.
Try it in StratosHedge
Open the GEX Matrix for SPY and find which expiration contributes most to the strike shown as the Ceiling in Key Levels.
Open the GEX Matrix Needs: Retail plan
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Educational content, not investment advice. Lessons describe how markets and models tend to behave. They don’t tell anyone what to buy, sell or hold. Interactive examples use illustrative sample data, and simulator results are simulated — not actual trading. Options involve risk and are not suitable for all investors.
Risk disclosureCharacteristics and Risks of Standardized Options (OCC) (opens in a new tab)