Glossary
The terms Hermes uses on market pages, defined. Each one links to live examples — a definition is easier to trust next to a ticker actually showing it.
Gamma exposure (GEX)
Gamma exposure is the modeled sensitivity of options dealers’ hedging to a move in the underlying price, expressed per strike.
Gamma flip
The gamma flip is the price at which modeled net dealer gamma changes sign, separating the range where hedging dampens moves from the range where it amplifies them.
Call wall
The call wall is the strike above the current price carrying the largest modeled dealer gamma from call open interest.
Put wall
The put wall is the strike below the current price carrying the largest modeled dealer gamma from put open interest.
Max pain
Max pain is the strike at which the largest total value of open options would expire worthless.
Dealer positioning
Dealer positioning describes whether options market makers are modeled as net long or net short gamma, which determines whether their hedging dampens or amplifies price moves.
Open interest
Open interest is the number of option contracts currently outstanding at a strike — positions opened and not yet closed, exercised or expired.
Quote flow
Quote flow is cumulative bid and ask quote size at each price, showing where resting liquidity actually sits rather than where trades printed.
0DTE options
0DTE options are contracts expiring the same trading day, whose extremely high gamma makes dealer hedging unusually sensitive to small moves in the underlying.
Put/call ratio
The put/call ratio compares put activity to call activity, either by volume for the session or by open interest for standing positions.