The Strike Plot within TRACE shows real-time options positioning across SPX strikes for Gamma Exposure (GEX), Open Interest (OI), and Net Open Interest (Net OI). Each of these views can help you visualize which SPX strikes are most active and how positioning changes throughout the trading day.

Note that the Strike Plot will adjust based on the specific market participant that is selected: Market Makers (default), Customers, Pro Customers, Firms, Broker Dealers.

Description: From left to right: GEX by Strike, OI by Strike, Net OI by Strike.

How To Use the Strike Plot

The Strike Plot reveals key strikes of interest. GEX shows estimated local gamma for each individual strike, indicating positive or negative gamma positions. For Market Makers specifically, this can be used to infer support (if blue) or resistance (if red). OI and Net OI show the number of contracts open at each strike, which can reflect liquidity. Calls are displayed in orange, while puts are shown in blue.

The Strike Plot is important to pay attention to as the day progresses, as options activity at certain prices may cause a notable change in Gamma Exposure or Open Interest. Track same-day options flows using the 0DTE Toggle to see only 0DTE positions on the strike plot, which is particularly valuable for intraday analysis.

If you are interested in learning more about TRACE, check out the full TRACE User Manual.

SpotGamma Alpha subscribers can access SpotGamma TRACE here.

TRACE can be access by SpotGamma Alpha subscribers here.

Support articles explain the mechanics. The TRACE product page shows how traders use this context daily — with real market scenarios and a clear breakdown of you can improve your entries rather than chasing moves.

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