Dealer flow and the Trace

The GEX panels tell you where dealer hedging concentrates. The dealer-flow panels project that hedging forward, what dealers will do over the next hour, the next session, the next move. This is where the framework becomes actionable rather than descriptive.

DEALERFLOW, expected hedging pressure

The DEALERFLOW panel takes the chain's gamma and computes expected dealer buy / sell pressure at every spot level. Output: a curve along price, signed and scaled by notional. Above current spot it shows you what dealers would have to buy or sell if price rallied to that level; below spot, the same on the way down.

Reading the curve:

Big positive bars above spot = dealers will sell into a rally to that level. Resistance from forced flow.
Big negative bars below spot = dealers will buy into a dip to that level. Support from forced flow.
Mirror-image patterns (positive above + negative below in equal magnitude) mean strongly stabilising tape, long-gamma behaviour by another name.

TRACE, forward time × price projection

The Trace is the headline pro-terminal panel for forward dealer flow. It takes the current chain, decays time-to-expiry forward across the session, and renders a 2D heatmap of net dealer gamma (or charm) at every (time, price) cell from now to expiry.

X-axis = time, from now to expiry.
Y-axis = price.
Colour = net dealer flow at that time × price cell. Green = stabilising (long-gamma), red = amplifying (short-gamma).
Candles overlay = recent price (left-aligned with current time).
Contour lines = isolines of equal flow, highlighting walls and gamma flips visually.

Two flavours: TRACE BTC gamma for stabilising vs amplifying flow, TRACE BTC charm for the time-decay (∂Δ/∂t) hedging flow. Charm is what makes expiry-day price action accelerate into the close even when spot doesn't move, the "clock-driven" hedging.

Trace, forward dealer-flow heatmap

time × price · synthetic illustration

X-axis is time-to-expiry, y-axis is price. Each cell colours the net dealer flow at that (time, price). Cyan line is the recent price track; the dashed amber line projects to a hypothetical target. Hover to read the flow value at any cell.

The strike × time heatmap

A second forward view: instead of (time × price), the time-heatmap on /gex shows (time × strike). Each cell colours the GEX at that strike at that timestamp. Watching the bands shift over time tells you whether positioning is stable (bright lines run horizontally) or shifting (lines bend, new bands appear). A sudden colour change at a strike usually marks a single large trade hitting the chain.

PREMFLOW, premium tape

Where DEALERFLOW shows mechanical hedging, PREMFLOW shows the customer-side flow that drives it. Plots options premium and volume per minute, split call vs put. Spikes show you when somebody just bought (or sold) significant size on the chain, the trade that's about to drive the dealer hedging you'll see in DEALERFLOW.

0DTEFLOW, same-day aggression

The 0DTEFLOW panel narrows the premium tape to today's expiring options. 0DTE flow is dominated by short-dated speculators, the chart shows you their net aggression intraday: call buying, put buying, puts dominating the tape, etc.

Useful as a sentiment read for the session. 0DTE call buying spike + spot rallying = leveraged longs are joining the move, which often means the rally is about to peak. 0DTE put buying into a sell-off = the hedge demand is real, not noise.

PROB, probability density

The PROB panel renders the risk-neutral probability density implied by the chain (Breeden-Litzenberger extraction). The density is the distribution of where the option market thinks price will end up at expiry. Plot it as a curve, a CDF, or a 3D surface across expiries.

Useful for thinking about scenarios in probabilistic terms, "the chain prices a 12% chance of BTC closing above 80K by Friday", rather than just looking at IV.

Open in the pro terminal

DEALERFLOW BTCExpected dealer hedging pressure per spot level.
TRACE BTC0DTE forward gamma projection (time × price).
TRACE BTC charmForward charm projection, passive delta decay flow.
PREMFLOW BTCPremium / volume tape, call vs put per minute.
0DTEFLOW BTCSame-day aggression, sentiment of intraday speculators.
PROB BTCRisk-neutral probability density / CDF / surface.
STUDYStudy with GEX-level overlays to see hedging walls on the price chart.

Closing out: the GEX summary doc for the dashboard read, concepts for the mechanics, this page for the forward-flow toolkit. Three short reads.