Every trading day the terminal draws where option dealers have to hedge — the Line, the ceiling, the floor — watches those levels move through the session, and at the close writes down whether they held. This page shows the free part of the board and the scorecard. Members see the walls.
Terminal, scripts and the library. Cancel anytime. Educational — not investment advice.
Reading the board…
Each bar is one strike's dealer gamma. Members see the real bars, the magnet, and the expected-move band painted on. Here the frame is shown and the numbers are withheld.
At 16:05 ET the terminal grades itself: did the close land above or below the Line, did the morning call wall cap the high, did the put wall hold the low, did the close land on the heaviest strike. Some weeks it says 2 of 5. It is the same table the Sunday Note sends and the terminal shows — one source.
"Held" means the day's extreme stayed inside the morning wall. "Pinned" means the close landed on the morning's heaviest strike. Levels held or did not; nothing here is a return.
You do not need to know the word gamma. Dealers who sell options have to buy and sell the index to stay hedged, and the terminal shows where that buying and selling sits. How it measures each of these stays inside.
What it is. The price where dealer hedging changes direction. Above it, their hedging leans against moves and the index tends to range; below it, their hedging pushes with moves and the index tends to run. What a trader does with it. Reads which side spot is on before the open, and treats a close through it as a change of character, not a wobble.
What it is. The two strikes carrying the most dealer hedging above and below price: the ceiling is where rallies meet selling, the floor is where dips meet buying. What a trader does with it. Knows where the day is likely to stall before it opens, and does not aim a target through a wall it has not seen break.
What it is. How many dollars of index dealers must trade to stay hedged if price moves one percent, and which way. Against the move dampens the tape; with the move amplifies it. What a trader does with it. Sizes expectations: a big against-the-move number is a day for patience at the levels, a with-the-move number is a day where a break travels.
What it is. Dealers keep trading options all day, so the Line and the walls are not fixed at 9:30 — they move as positioning changes. What a trader does with it. Stops leaning on the morning levels as if they were carved in stone, and reads the board again before acting at one. The terminal watches the levels through the session so you don't have to.
What it is. Options lose value as the day runs out, and dealers have to keep trading the index to stay hedged against that, so there is a mechanical flow into the close that has nothing to do with news. What a trader does with it. Knows that a 3 PM drift without a headline is often mechanics, not a story, and reads the last ninety minutes with that in mind. The terminal shows how that flow leans on the day.
One glance at 9:25: which side of the Line, where the ceiling and floor sit, and where the day is likely to stall. The levels are the map; the chart is still yours.
The walls walk from session to session, and the scorecard says how often they held. A floor that printed higher four days running is positioning you can see.
Every level on the terminal is a field, recorded every five minutes through every session, served by key — and the history to test them against.
Card at checkout, nothing charged for 7 days, cancel anytime. Terms of Service accepted at checkout.
| Tier | For | Monthly | Annual |
|---|---|---|---|
| Basic | 6 index symbols · 30 sessions · 60 req/min | $49 | $41/mo |
| Pro | 58 symbols · 90 sessions · push stream | $149 | $124/mo |
| Enterprise | all history · syndication rights · 1,200 req/min | $499 | $416/mo |
Keys are tied to the subscription. Every number is a Forge 13 computation; vendor data is used to cross-check, never resold.