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Overview — IBIT
Spot
43.68
IV ATM Short 14d
44.6%
2026-09-04
IV ATM Mid 35d
42.6%
2026-09-25
IV ATM Long 56d
40.0%
2026-10-16
PCR OI Long
0.70
Balanced
Three-timeframe pin structure
Short
2026-09-04 · 14d
34.00 ★
Put pin
37.00 ★
Put pin
36.50
Put pin
43.00 ★
Call pin
42.50
Call pin
36.50
Max pain
29.00
GEX flip
Mid
2026-09-25 · 35d
36.00
Put pin
40.00 ★
Put pin
37.00 ★
Put pin
44.00 ★
Call pin
39.50
Call pin
38.00
Max pain
31.00
GEX flip
Long
2026-10-16 · 56d
34.00 ★
Put pin
35.00
Put pin
40.00 ★
Put pin
42.00
Call pin
43.00 ★
Call pin
38.00
Max pain
37.00
GEX flip
Confluence analysis — cross-timeframe strike clusters
Strike
S
M
L
Signal
40.00
-8.4%
-
Put floor
34.00
-22.2%
-
Put floor
37.00
-15.3%
-
Put floor
43.00
-1.6%
-
Call ceiling
44.00
+0.7%
-
Call ceiling
36.50
-16.4%
-
-
Weak floor
42.50
-2.7%
-
-
Weak ceiling
36.00
-17.6%
-
-
Weak floor
Structural Zone Identified
2/3 timeframes
The scanner identifies a structural put support level at $40.00, confirmed across two of three timeframes - approximately 8.4% below current spot. A call pin ceiling at $44.00 (+0.7% above spot) caps upside, creating a defined structural range. The GEX flip at $31.00 (29% below spot) acts as a secondary volatility boundary below the support zone.
Pattern recognition only — not a trade recommendation.
Pin chart — Short / Mid / Long
How to read this dashboard
💡 What is GEX - and why does price pin at certain strikes?
▶
1
Market makers are always on the other side. When you buy a put, a market maker sells it. To hedge their risk, they must sell shares of the underlying - proportional to the put's delta. This is called delta hedging.
2
Gamma is the acceleration of delta. The closer price gets to a heavily positioned strike, the more the market maker must adjust their hedge. When price falls toward a put-heavy strike, they buy - creating upward pressure that pushes price back. That is the pin effect.
3
Positive GEX means market makers buy dips. Above the GEX flip level, market makers dampen price moves - the market stabilizes. Below the flip, they amplify moves - volatility tends to increase. The GEX flip strike is the boundary between these two regimes.
Example SPY: GEX flip at 746 (Mid timeframe). As long as SPY trades above 746, market maker hedging dampens volatility. If SPY drops below 746, moves can accelerate - a regime shift worth monitoring daily.
📍 The symbols explained - Put Pin, Call Pin, Max Pain, GEX Flip
▶
Put Pin
High put open interest at this strike. Market makers buy shares as price approaches - natural price floor. The larger the OI, the stronger the magnetic effect going into expiry.
Call Pin
High call open interest above spot. Market makers sell shares as price rises - natural resistance ceiling. Important for covered call strike selection on the wheel.
GEX Flip
The strike where aggregate gamma exposure changes sign. Above this level the market is self-stabilizing. Below it, moves can accelerate. Never ignore this level when sizing a position.
Max Pain
The strike where total options buyers (calls + puts combined) would lose the most at expiry. Price tends to gravitate toward this level into expiry - more reliably in quiet markets with low external news flow.
📄 Step by step - how to read this dashboard correctly
▶
1
Start with the Confluence table. Strikes marked 2/3 or 3/3 appear across multiple timeframes - that is institutional positioning, not coincidence. These are your structurally significant levels for the coming weeks.
2
Check the GEX flip in the Mid timeframe (30–50d). This is your current market regime indicator. Spot above flip = stable, dampened environment. Spot below flip = caution, moves can accelerate in either direction.
3
Identify the nearest Put Floor below spot. This is your potential short put strike. Prefer strikes that appear in at least 2 of 3 timeframes - that is structural support, not temporary positioning.
4
Identify the Call Ceiling above spot. A strong call pin between spot and your target is resistance - but also protection for a covered call strategy. When floor and ceiling are both visible, price is structurally range-bound.
5
Combine with your HMA38 trend. GEX alone is not a trade signal. It shows where the market has structural support. Only when trend direction and GEX floor align do you have a high-quality candidate for a short put or wheel entry.
⚠️ When signals are weak - and what to do
▶
!
Only 1/3 confluence. A pin that appears only in the short timeframe is often temporary positioning ahead of an event - not a structural floor. Do not use it as a wheel strike without additional confirmation.
!
Short timeframe missing GEX flip data. In the 14–30d window, the flip is often absent - insufficient OI for a reliable calculation. Always complement the short view with mid and long timeframe data before acting.
!
Spot near the GEX flip level. This is the most dangerous zone. Small moves can flip the regime and reverse hedging flows. Use smaller position size or wider stops when spot is within 1–2% of the flip strike.
!
IBIT-specific note. Bitcoin ETF structures can shift rapidly due to the underlying's volatility. GEX levels that hold for days on SPY or QQQ may be relevant for only hours on IBIT. Always treat IBIT signals as shorter-lived than the timeframe suggests.
GEX is not a price target. It shows zones where market makers are structurally active - not where price must go. A floor can break when momentum is strong enough or an external event occurs. Always combine with position sizing and defined risk management. This page is market structure information, not a trade recommendation.
Important Disclaimer: This page is for informational purposes only and does not constitute financial or investment advice. GEX data reflects algorithmic calculations based on options open interest and gamma exposure. Market structure can shift rapidly. Always conduct your own due diligence and consult a qualified financial advisor before making any investment decisions.