READ THE TERMINAL

Every number on the screen, and what it is telling you.

Pick a tab, then click any value in the readout. The panel beside it covers what the value measures, how it is computed, where the thresholds sit, and which other values it has to be read against.

Start here: the basics
Who hedges, why it moves the market, and how to read a level. Plain language, no maths.
Every numberYOU ARE HERE
Every value on the terminal, one at a time, with its thresholds and its limits.
SYMBOL
BANKNIFTY
EXPIRY
31 JUL MONTHLY
SPOT
56,748 +1.32%
REGIME
POSITIVE Γ
NET Γ
+70.7K Cr
HHI
0.412 COMPRESSED
CORRIDOR
56,200 to 57,800
DTE · IV
5 · 13.2%
OVERVIEW · BANKNIFTY · 31 JUL EXPIRY
PRODUCTION SAMPLE SET · NOT LIVE
The state of the book on one screen: where gamma sits, and the four strikes that matter today.
CLICK A VALUE
57,200
58,000
58,400
FLOOR 56,200
Γ FLIP 56,420
SPOT 56,748
PIN 57,500
CEILING 57,800
The solid white rule and the dot on the zero line. Spot sits inside the corridor, between the floor and the ceiling.
OVERVIEW TAB

SPOT

Index points · live

The current index level. Every other value on the screen is positioned relative to it.

COMPUTED
Last traded index price from the exchange feed, refreshed each snapshot.
HOW TO READ
Read it first, then read every strike as a distance from it. A wall 40 points away and a wall 400 points away are different objects.
READ IT WITH
THE SCALE
YOU ARE HERE
Inside walls
Price sits between the put wall and the call wall. Hedging flow works against moves in both directions.
At a wall
Price is sitting on a heavy strike, where hedging pressure is concentrated.
Outside walls
Price has left the corridor the book was built around.
CAVEAT
Snapshot based. Between refreshes the strikes are stale relative to a fast tape.

The board, by question

All 49 values, filed under the question each one answers. Click any to open it in the readout above.

Which way does hedging push?
Sign first, size second. This is the one group to read before any level.
How sharp are the levels?
Whether a strike is a real level or a label on a flat book.
Where are the levels?
The strikes the book is built around, from both the gamma and the OI side.
Is the book building or emptying?
Direction of travel. A level being rebuilt is not the same object as one standing still.
How heavy is it?
Size and balance of what is actually written on the board.
What is the yardstick?
The values that turn a distance in points into a distance that means something.
Reading wellReading midReading badly

Reading order

1
Regime, then size
Net GEX sign first: does hedging counter the move or follow it. Only then does the crore figure mean anything.
2
Concentration
HHI says whether the levels are sharp or soft. A dispersed book makes every strike below it less reliable.
3
Levels in sigma
Pin, flip and the two walls, each read as a distance from spot divided by sigma. Points on their own are not a distance.
4
Direction of travel
Delta over one day, day change in OI, whether a wall held or rolled. A level being rebuilt is a different object from one standing still.