Reading the dashboard

The dashboard is a single page with three controls at the top, a strike-bar chart in the middle, and a timeline at the bottom. Everything updates every 5 minutes. Here's what each piece tells you.

Top controls

Three selectors:

Currency — BTC or ETH. Determines which Deribit OI feed feeds the rest of the page.
Expiry — the dropdown lists every active Deribit expiration with at least a few hundred contracts of OI. Pick one to scope the strike chart and metrics.
View — toggles between OI bars (open-interest contract count) and GEX bars (gamma exposure in dollars per 1% move). OI is the size of the position; GEX is its hedging reactivity. Read the OI-vs-GEX page for the full distinction.

Underneath the controls, a compact row of context numbers:

spot — last Deribit-index price.
gex total — sum of GEX across all strikes for the selected expiry, in millions of USD per 1% move.
last — timestamp of the snapshot. Should never be more than 5–6 minutes old.

Five tiles, one for each indicator that historically acts as a magnet for spot. The tile closest to current spot is highlighted blue — that's the "active magnet" by simple distance, the level price is most likely heading toward right now.

Max Pain — strike that minimizes dealer payout if everything expired now. OI-distribution-based; slow to move. See max-pain.
γ-flip — price level where dealer gamma crosses zero. The regime boundary, not a destination. See gamma-flip.
Max |γex| strike — strike with the largest absolute GEX. Where the most dealer hedging is concentrated; flips between adjacent strikes daily.
Largest call wall — strike with the heaviest raw call OI. Common resistance / pinning level near expiry.
Largest put wall — strike with the heaviest raw put OI. Common support / pinning level near expiry.

Each tile also shows the strike's distance from spot in %. Max-pain and a wall both 0.5% away is a much stronger pin signal than either one alone. The full breakdown of all five is in pin-candidates.

Strike bars (middle chart)

A bar for each active strike. In OI mode, the bar height is contract count (stacked: calls above zero, puts below). In GEX mode, it's gamma exposure (a positive bar = strike where dealers are net long gamma, hedging dampens moves; negative = short gamma, hedging amplifies).

OI mode — fresh-flow signal. Bar opacity scales with |24h OI change|: strikes where OI moved the most over the last 24 hours render at full saturation, "frozen" strikes fade toward 25%. Brand-new strikes (listed since 24h ago) get a thin gold border. The static OI snapshot becomes a "what's the desk doing today" view.

GEX mode — cumulative line. A purple line on a secondary right-side axis plots the running sum of GEX from leftmost strike to rightmost. The strike where it crosses zero is the gamma flip — same number as the dashed marker, but you can see the curve building up to it.

Vertical markers on the bars:

Spot (solid blue) — current price
Max Pain (solid yellow) — OI min-pain strike
Gamma Flip (dashed purple) — dealer-γ zero-crossing
Max |γex| (dotted pink) — strike of biggest concentrated hedging

Hover any bar for exact values.

The pattern to look for: a tall negative-GEX cluster just above spot is a "trapdoor" — if price ticks up there, dealers have to chase, which feeds the move. A tall positive-GEX cluster at the money is the opposite: a damper.

Timeline (bottom chart)

The bottom chart plots how the headline metrics have evolved over the last 7 days. Four lines:

Spot (solid blue)
Max Pain (solid yellow, stepped)
Gamma Flip (dashed purple)
γex centroid (dotted pink) — |γex|-weighted center-of-mass of all strikes. Continuous version of "Max |γex|" — doesn't jitter when the argmax rotates between adjacent strikes with similar weight.

Background tinting shows the dealer-γ regime over time:

Green band — spot was above γ-flip in that window. Dealers long gamma, hedging dampens moves, market "stuck".
Red band — spot was below γ-flip. Dealers short gamma, hedging amplifies, ranges expand.

When max-pain converges toward spot, expiry pinning is in play. When the γ-flip line crosses spot — visible as the background color flipping green↔red — that's a regime change worth knowing about before realized vol confirms it.

What you don't see (yet)

IV-skew curves
Term-structure plot across expiries
Liquidation pulse overlay

These are accessible via the MCP tools for now (your AI can pull them on demand). They'll move into the dashboard UI in a future iteration.

Refresh cadence