Top Strikes
Canonical definition, formula, interpretation, and API reference.
Definition
Top 5 strikes by absolute net GEX. Shows where dealer hedging is most concentrated.
Formula
top 5 by |net_GEX_k| across all strikes
Sorted by absolute net GEX descending.
Inputs
per-strike GEX
Output
strikenet_gexcall_oiput_oitotal_oi
Interpretation
- Top strike often = call wall or put wall
- Concentration in few strikes = strong levels
- Dispersed = weaker, ranging price action
API Reference
Endpoint
GET /v1/stock/{symbol}/summary
Tier
Free
Response field
exposure.top_strikes[]
Why Top Strikes Matters for Trading
TL;DR
Top strikes are the handful of levels holding the most dealer gamma - your intraday map. Know where they are, know where price stops and starts.
- What it measures
- The top N strikes ranked by absolute gamma exposure across the full option chain.
- What it signals
- The highest-conviction S/R levels in the options chain. Price interacts with these more than with average strikes.
- Why we measure it
- Instead of scanning the full chain, traders need a shortlist. Top strikes collapse the chain into the 5-10 levels that actually matter.
- Who uses it
- Discretionary traders, intraday technicians, 0DTE specialists, and anyone building dashboards from chain data.
How to read Top Strikes
Top strike near spot (positive gamma)
- Spot gravitates toward it
- Ranges tight and mean-reverting
- Premium sellers target these levels
- Often OPEX pin candidates
Good for: premium selling centered at top strike
Top strike near spot (negative gamma)
- Breaks through accelerate
- Pin dynamics absent
- Spot trends past the level
- Momentum continuation
Good for: breakouts, momentum
Flat top-strike distribution
- No dominant level
- OI diffused across many strikes
- Use other concentration metrics
- Common in small-caps
No edge
Rules of thumb
- Top strike = strongest reference level. Anchor your intraday plan around it - other strikes are secondary.
- Refresh intraday. New volume reshapes the top-strike list fast. Don't rely on morning snapshot by afternoon.
- Combine with call wall / put wall. Walls are the top positive-side and negative-side strikes specifically - top strikes is the broader list.
- Check strike spacing. Dense top-strike clusters = strong zone, not a single line. Treat as a band.
- 0DTE top strikes dominate close. Same-day top strikes beat full-chain rankings in the last hour.
Related Concepts
Ship faster
Live for 6,000+ US symbols. One API call, sub-200ms.
Stop scraping chains and coding Black-Scholes from scratch. FlashAlpha computes GEX, DEX, VEX, CHEX, 15 BSM Greeks, SVI surfaces, max pain, VRP and more - with tiered freshness (Free 15-min cache, paid tiers as low as 15s). Free tier, no credit card required.
Free · 5/day
Single-expiry GEX (equities), key levels, gamma flip, 15 BSM Greeks. No card.
Basic · 250/day
DEX, VEX, CHEX, full max pain, plus ETF & index symbols.
Growth & Alpha
Full-chain GEX, 0DTE & flow (Growth); SVI surfaces, VRP, directional VRP (Alpha).