A candle is the last print. The options book is a set of obligations around that print. Swell Labs lays the book out by strike so you can see where gamma and delta are concentrated instead of guessing from the candle alone.
Call GEX and put GEX are the model’s gamma for each side. Net GEX is those two combined. Net DEX is the delta side of the same chain. The profile beside the table is there so a large number and a large bar mean the same row.
Traders often treat the largest call gamma as a call wall and the largest put gamma as a put wall: places the book may slow price, not places it must stop. The gamma flip is the strike where the model’s net gamma changes sign. Above and below that line, hedging behavior is commonly described differently. Commonly described is not the same as guaranteed.
When dealers are modeled as long gamma, their hedging is often described as buying dips and selling rips, which can dampen a move. When they are modeled as short gamma, the same hedging can add to a move. That is a framework for reading the screen. It is not a forecast, and the sample chain on this site is not a live book.
