Reading GEX in Cipher: Pin or Spin
The simplest useful way to read gamma exposure in the Cipher Strike Matrix is pin or spin: positive values make price sticky, and negative values make price slippy.
What does positive GEX mean in the Strike Matrix?
Positive gamma exposure makes price sticky at that area. Price reaching a positive value will often bounce and react there before continuing toward the next larger gamma exposure value, which is why positive areas behave as reliable reaction points on a chart.
What does negative GEX mean in the Strike Matrix?
Negative gamma exposure makes price slippy at that area. Price reaching a negative value can slip through quickly and cause a sharp increase in volatility, and the larger the negative value the harder the rejection tends to be on first contact.
When is gamma exposure the right view to use?
Gamma exposure is best for a quick short term read of market structure, exposing supports and resistances that exist in the option chain but never appear on a price chart. For longer swing horizons the Obsidian desk reads vanna exposure instead.