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How to Read a Net GEX Heatmap (Colors, Strikes, Expiries)

A Net GEX heatmap shows estimated dealer gamma by strike and expiry. Here is the order I read it in and how I relate it to a 5-minute NQ chart.

By Hunter (Orion). October 27, 2026. 7 min read.

Short answer: A Net GEX heatmap shows estimated dealer gamma by strike and expiry. Color intensity shows where positive or negative gamma clusters. Those clusters point to where dealer hedging may dampen or amplify moves. The map is context for your chart. It does not give entries.

What a Net GEX heatmap shows

GEX means gamma exposure. It estimates how much hedging dealers may need to do as price moves. Net GEX nets the positive and negative gamma at each strike into one number.

The heatmap puts those numbers in a grid. Each cell is one strike on one expiry. Color gives the sign. Intensity gives the size.

Every number on the map is an estimate. No public feed shows actual dealer positions. Most tools assume a convention, often that dealers are short the options customers bought. If that assumption is wrong for a strike, the cell is wrong too. I read every map with that in mind.

The sign matters because of how hedging works. In positive net gamma, dealer hedging leans against the move. Dealers sell into rallies and buy into dips. That may dampen moves. In negative net gamma, hedging goes with the move. That may amplify it.

Reading the axes: strikes and expiries

I check the frame before I look at any color.

The vertical axis is usually strikes, low at the bottom and high at the top. That axis is price. The horizontal axis is usually expiry, nearest date on the left. Some tools flip the grid, so read the labels.

Next, check the underlying. A $QQQ heatmap shows strikes near 755. An $NDX heatmap shows strikes near 30,800. Neither one is in NQ points. A 760 strike on a QQQ map is not 760 points of anything on your futures chart.

Then check the timestamp. A heatmap is a snapshot. It shows the data when it was built, not the price on your screen now.

I read in the same order every time:

Axes and underlying
Color scale
Clusters, gaps and the zero-gamma area
Expiry weighting

What the colors mean (positive vs. negative net gamma)

Find the legend first. Many tools use green or blue for positive net gamma and red or purple for negative. That is common, not universal. Some tools use red for positive. Never assume.

Intensity shows size. Bright or dark cells carry large values. Pale cells sit near zero.

Check whether the scale is fixed or relative. Many heatmaps scale to the largest value on screen. On a quiet day, a bright cell can be smaller in absolute terms than a medium cell on a heavy day. If the tool shows the raw number on hover, use it.

Color is not direction. A negative cell does not mean price goes down. It means hedging at that strike may add to a move either way. A positive cell does not mean price goes up. It means hedging may slow a move either way.

Clusters, gaps and the zero-gamma area

One bright cell tells me little. I look for clusters. A cluster is several neighboring strikes with the same sign and strong intensity. The strongest ones often show up across more than one expiry.

I mark a cluster as a zone, not a line. If positive gamma runs from 30,800 to 30,850, I mark the whole band.

Gaps matter too. A gap is a run of pale strikes between two clusters. Estimated hedging pressure is lower there. Price may move through a gap faster than through a cluster. May, not will.

The zero-gamma area is where net gamma flips sign across strikes. Some tools call it the gamma flip. Above it, the map reads positive gamma. Below it, negative. I mark it as a band a few strikes wide, because it shifts as the data updates.

Why near-dated expiries weigh more

Gamma is highest for options at the money and close to expiration. A 0DTE strike near price can carry more gamma than a monthly strike with far more open interest. That is why the left columns often look brightest.

So I weight the columns. Near-dated clusters are context for today. Far-dated clusters are background. They gain weight as their expiry gets closer.

Expiry also explains big overnight changes. When a large expiry rolls off, its gamma drops off the map. A cluster you watched yesterday can be gone this morning. The theta decay and 0DTE guide covers why short-dated options behave this way.

Example on the 5-minute NQ chart

This is illustrative only. The prices are hypothetical round numbers. No trade was taken and none is implied.

Say $NDX is near 30,800 and $NQ is near 31,000. In this example the spread is 200 points. The real spread changes with rates, dividends and time to futures expiry. Check it each session before you move any level.

The NDX heatmap in this example shows:

A strong positive cluster at 30,800 to 30,850, bright on the nearest expiry and the weekly
Pale, thin strikes from 30,650 to 30,750
The zero-gamma area near 30,600
A negative cluster at 30,400 to 30,500
Another positive cluster near 31,000

Add the 200-point spread to move each zone onto the NQ price axis:

Positive cluster: 31,000 to 31,050
Thin zone: 30,850 to 30,950
Zero-gamma area: near 30,800
Negative cluster: 30,600 to 30,700
Upper positive cluster: near 31,200

On the 5-minute NQ chart I draw these as shaded zones, not single lines.

With price inside the 31,000 to 31,050 cluster, the map says hedging may dampen moves. Back-and-forth trade is one possible outcome, not a given.

Now say 5-minute candles start closing with bodies below 30,950. Price is in the thin zone, where estimated hedging pressure is lower. If a body closes below 30,800, price is under the zero-gamma area. The read shifts to moves that may run further than they did above it.

None of that gives a direction or an entry. It tells me what kind of tape the map points to. For timing I look at price structure, like the approach in using gamma levels with fair value gaps on NQ.

The map says nothing about whether price reaches 31,200, how fast, or when. Risk on any idea from this read is your call.

Common mistakes

Reading colors without the legend. The same color can mean opposite things on two tools.
Treating red as a short signal. Negative gamma describes how hedging may behave, not which way price goes.
Plotting QQQ or NDX strikes directly on NQ. The strikes sit on a different price axis. Convert first.
Treating a cluster as an exact price. Clusters are zones. Expect price to move around inside them.
Ignoring expiry. A bright far-dated cell can matter less today than a medium 0DTE cell near price.
Forgetting the snapshot time. Delayed or hours-old data reflects a different market.
Reading one cell in isolation. Look for clusters across neighboring strikes and expiries.
Using the heatmap as an entry trigger. It is context. Entries come from your own plan and price action.

FAQ

Is red always bearish?

No. First, red does not mean the same thing on every tool. Check the legend. Second, even where red marks negative gamma, it describes hedging behavior. Negative gamma may amplify moves up as well as down.

Why do levels shift during the day?

Three things move them. Price moves, so strikes get closer to or further from the money. Open interest and volume change as traders open and close positions. Time passes, so near-dated gamma shifts as expiration gets closer. A 0DTE cluster can look different at the open than in the last hour.

Can I read QQQ or NDX GEX for NQ?

Yes, if you convert it. QQQ and NDX options sit on different price axes than NQ futures. You need the ratio or spread between them, and it changes over time. Titan Map has a futures gamma map for ES, NQ, YM and RTY. It converts index and ETF GEX onto the futures price axis. CME E-mini futures snapshots in Titan are delayed 15 minutes, so check the timestamp before you compare a level to price.

Does a heatmap tell me where price will go?

No. It shows where estimated dealer hedging may dampen or amplify moves. Price can run through a positive cluster or stall in a negative one. I use the map to frame the session, then let price structure do the rest.

Where Zero-G fits

Titan Map includes a Net GEX heatmap along with Titan Nodes and the Index Stack. You can run the reading order from this post with strikes, expiries and clusters in one place. Titan is sold only on titangex.com. Plans are listed on the pricing page.

To practice reading the grid first, the free Preview uses sample tickers SOFI and RBLX. Preview does not include futures. Full details are on the Titan page.