Top Strikes

Q: What are top strikes?

The five strikes with highest absolute net GEX — where dealer hedging is most concentrated.

Q: How do they relate to walls?

Call/put walls rank by call or put gamma separately. Top strikes rank by ABSOLUTE NET gamma.

Q: Why does Top Strikes matter for trading?

Top strikes identify the 5–10 price levels that carry the most dealer gamma — which in turn means the most hedging flow and the strongest intraday S/R behaviour. Traders use the list like a heatmap: know where the gravity wells are before entering any intraday position.

Q: When is Top Strikes good versus bad for a trader?

Top strikes near spot are good for premium sellers in positive gamma and momentum traders in negative gamma. A diffuse distribution (no dominant strikes) means the options chain offers no flow-based edge — fall back on technicals. Ignore top-strike signals on names with thin options liquidity.

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.