Equity Flow
US options flow intelligence — unusual activity, Gamma Exposure profiles, and off-exchange short volume analytics
Unusual Options Activity
High-unusualness contracts ranked by anomaly score — call/put volume spikes relative to open interest and historical norms
Select a ticker to load Gamma Exposure and off-exchange short volume
Gamma Exposure — TSLA
Net GEX by strike — positive (green) means dealers stabilize price; negative (red) means dealers amplify moves
Green bars = positive net GEX (stabilizing); red bars = negative net GEX (amplifying). Dashed lines mark spot and zero-gamma flip.
Short Volume — TSLA
Daily off-exchange short volume as a percentage of total volume — a proxy for institutional positioning and dark pool activity
Off-exchange short volume as fraction of total reported volume per session
Unusual Activity Detection
Options contracts are flagged as unusual when their volume significantly exceeds open interest or historical norms for that strike and expiry. The unusualness score combines multiple factors — Vol/OI ratio, relative volume versus the 30-day average, premium size, and proximity to expiry. Higher scores indicate stronger divergence from expected activity and a greater likelihood of informed positioning.
Gamma Exposure (GEX)
Gamma Exposure measures the aggregate sensitivity of market-maker option books to underlying price moves. When net GEX is positive, dealers are net-long gamma: as price rises they sell and as it falls they buy, dampening volatility and pinning price near high-GEX strikes. Negative GEX means dealers are net-short gamma and must chase price moves to hedge, amplifying volatility. The zero-gamma flip level is the price where GEX crosses from positive to negative — it acts as a critical inflection point for intraday and swing trading.
Off-Exchange Short Volume
Each session, a portion of equity trades are executed off public exchanges via dark pools and internalizers. Short sale volume in these venues is publicly reported with a short delay. Elevated off-exchange short ratios can indicate sustained institutional short-side pressure or hedging activity. Trend direction (rising vs. falling short ratio) provides context: a falling ratio after a period of elevated readings can signal short covering, which historically precedes sharp upside moves.
Call Sweeps vs. Puts
Large call purchases (high premium, high Vol/OI) with short expiries suggest directional bullish bets — traders paying up for speed. Long-dated call purchases with large open interest are more likely institutional hedging or sector rotation. Put activity with very high unusualness scores near support levels often signals portfolio insurance from large holders. Neither call nor put flow is inherently bullish or bearish in isolation — position size, expiry, moneyness (ITM vs. OTM), and premium relative to typical daily ranges are all factors.
GEX Strike Clusters
Strikes with the largest positive GEX bars act as magnetic levels — price tends to gravitate toward them near expiry as dealer hedging flows create natural support and resistance. Strikes with the largest negative GEX bars are volatility accelerators: a break through these levels can trigger forced dealer selling or buying that extends the move. The zone between the zero-gamma flip and the spot price is where regime changes occur most frequently. Monitoring whether spot is above or below the flip is more useful than the absolute GEX number.
Short Volume Signals
A rising off-exchange short ratio over several sessions indicates sustained selling pressure from institutional participants who prefer non-displayed venues. However, high short ratios alone are not bearish signals — they often coincide with market-maker hedging activity on newly written options, not directional short bets. The most useful signal is the trend label: a short ratio rising from below-average levels toward above-average is more meaningful than an already elevated ratio holding steady. Compare the avg vs. latest figures to quickly assess the direction.
Data Latency: Options flow and market structure data is aggregated from public market data sources and updated periodically. GEX profiles are computed from end-of-day snapshots and may not reflect intraday changes. Off-exchange short volume is reported with a standard regulatory delay. Treat all figures as indicative, not real-time.
Interpretation Risk: Unusual options activity does not imply insider information. Large trades can represent hedging, rolling of existing positions, covered calls, or structured strategies. GEX theory works best under normal market conditions and may behave differently during macro events, earnings, or low-liquidity sessions.
Not Financial Advice: All data and analysis on this platform is for informational purposes only. Nothing here constitutes investment advice or a solicitation to buy or sell any security. Options and equity trading carry substantial risk. You may lose some or all of your capital. Conduct your own research and consult a qualified financial advisor before making any investment decisions.