ES Live GEX · · times PT

01Session map

04GEX & Gexbot Cheat Sheet reference
ES intraday · built from the Oct 23, 2026 session review · all times Pacific (Gexbot's page stamp is ET = PT + 3h)

The checklist (run it every read)

  1. Net GEX sets the playbook. Positive: fade the edges. Negative: follow the break.
  2. Volume majors plus your levels give the targets.
  3. 15–30-minute max change confirms which way the pull is.
  4. A 5-min close beyond the level, with a pullback that holds for 1–2 five-minute candles, confirms the move.

Regime: zero gamma & net GEX

ABOVE zero gamma · net GEX positive
Dealers are long gamma. They sell rips and buy dips, which dampens moves.
The result is slower price, chop, and pinning between strikes. Fade the edges.
BELOW zero gamma · net GEX negative
Dealers are short gamma. They buy rallies and sell drops, which amplifies moves.
The result is trending, extended moves in either direction, including sharp squeezes up. Follow the break.
  • Negative net GEX is not bearish. It only means moves can travel further. Direction comes from your levels and max-change flow.
  • Zero gamma is the price where net GEX equals 0. Price below it almost always means net GEX is negative, because the two are linked.
  • Zero gamma moves with flow. The regime can flip without price moving, as it did today at 9:53 when net GEX went negative while price sat at about 7,680. Gexbot updates also lag a little.
  • Distance from zero gamma shows regime strength. Price hugging zero gamma means the regime is fragile. Net GEX shrinking toward 0 is an early warning.
  • Think of it like VWAP as a regime line, but one built from options positioning, so it drifts during the day.

Gexbot sidebar: what each number means

FieldMeaning and use
Zero gammaThe regime line. Above it is pin/fade; below it is trend/follow.
Net GEX (vol)The sign gives the regime. The size and trend show strength. A falling number means the pin is weakening.
Vol major +The biggest call-gamma strike from today's flow. It's the upside target or ceiling.
Vol major −The biggest put-gamma strike from today's flow. It's the downside target or floor.
OI major ±The map, built from overnight positioning. More than ~40–50 pts away is context, not a target.
Max change 1–5 minNoise or an early warning only.
Max change 15–30 minThe real pull. A large build at a strike acts as a magnet. Draining strikes are fading.

Gexbot zero gamma vs our gamma flip

  • Same idea: both mark where dealers switch from long to short gamma. Above means slower/pin; below means trend.
  • Our flip (gamma report) is built from open interest, so it's fixed for the day. Use it as the day's regime line.
  • Gexbot zero gamma is built from volume and drifts with live flow. Use it as the live read on whether the regime is changing.
  • They won't match. Today our flips were 7,722 / 7,736 while Gexbot zero gamma sat around 7,675–7,681.
  • Gexbot strikes are SPX converted to ES using the basis. Small offsets against our walls are usually just the basis difference.

Pinning on positive days working observation

  • With net GEX positive and price above zero gamma, price tends to pin between vol major + and vol major −.
  • The majors are the outer edges. The inner levels (walls, zero gamma) are where bounces happen.
  • On Oct 23, price chopped 7,677–7,697 from about 7:50 to 9:50. Vol major + at 7,697 capped it (equal highs at 7,697.25), and zero gamma near 7,677 was the floor.

Targets & rules

  • Targets: settled volume majors plus your levels (pNY.H/L/C, NY.O, LO.H/L, AS.L, HOD/LOD). Far OI majors are not targets. Oct 22's 7,841 never came, about 120 pts away.
  • Acceptance: a 5-min close beyond the level, then the pullback holds for the next 1–2 five-minute candles without closing back through.
  • Rejection: price closes back inside within 1–2 candles, so fade it back to the other edge.
  • No trades before 7:00 AM PT (first 30 minutes after the NY open). Daily max loss is $500.

Case study: Oct 23, 2026 (PT)

TimeReadLesson
8:26–9:48Net GEX +80 to +120, pinned 7,677–7,697. The short off the 8:48 5-min close at 7,684 failed back to 7,692 by 8:59.On a positive day, breaks inside the range get faded. Don't press them.
9:16–9:287,737 draining. Zero gamma rose to 7,675–7,680 and net GEX fell to +31 with price sitting on zero gamma.Shrinking net GEX plus price at zero gamma means the regime is fragile.
9:20–9:34Short at 7,683, stop moved to entry, stopped out at breakeven.Still inside the pin; the edges were still being defended.
9:52–10:06Net GEX +20, then −13.6 at 9:55, then −44.9. 7,657 built −10.3Bn over 30 min.The regime flipped with price barely moving. 30-min flow showed the pull.
10:17ES 7,664.6, net −165, zero gamma 7,681.5. Max change at 7,637 on the 5/10/15/30-min rows, up to −23.4Bn.Negative regime plus aligned 15–30-min flow means follow the break: 7,660 → 7,657 → 7,648.5 → 7,637. A 5-min close back above 7,677 cancels it.

Reading Gexbot cleanly

  • Use the classic page with ES (ESZ6) selected, and click latest, because it loads on "90d (agg)" by default.
  • The page timestamp is ET. Subtract 3 hours for PT.
  • Note the basis (SPX → ES) on every read so strikes line up with your chart.
Hawkeye · Trading · advisory only · v1.0 (Oct 23, 2026)