Options Gamma Study For ThinkOrSwim

[FuturesTrader2022]

Would it be possible to take the code below that I have on the options chain and build a lower study that would show the change in gamma for the highlighted Strikes for 0DTE? Even if I had to change the date each day in the code to get it to pull the data? I would want this for SPX and SPY so I could see change in gamma on the chart without having to open up the options chain. I view this every day to get an idea of the gamma wall that may be support or resistance. What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY and a direction on SPX. But only 0DTE matters.

CODE
# Gamma Exposure at each strike is calculated by the formula option gamma * open interest * 100 (calls, x-100 for puts)

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then createcolor(250,150,100) else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current);
15176[/ATTACH]']

 

[Focus]

I have done this process of sharing links 100's of times and never had any issues. The newest link you sent does not work for me. Thanks for trying again. I'm done. Take care P.S. I tried it on another computer to see if it would help but it failed there too

I don't know why it's not working since it's the same script that I copied here from thread #64.

 

[3AMBH]

FOCUS: I am seeking help with this at https://usethinkscript.com/threads/need-help-to-see-why-script-does-not-work-on-my-platform.14346/

 

[Focus]

@halcyonguy Can this code be made as a lower study chart and label?
plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);

 

[Focus]

@samer800 Can you covert the code to a lower study on a chart?

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);

 

[turfnerd6300]

thank you for pointing out the uselessness of the highestall line in the code. also, I added gray background for spx options on any reading 1000+ .


plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();




assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else if AbsValue(data) > 999 then color.light_gray else color.black);










data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 999 then color.black else color.current);

 

[yoloing101]

Hi I was able to add this to my Thinkorswim. But I want to understand more about what the highlighted numbers mean. For example of SPX, there are highlighted values on each side of the options. The one is negative and other positive, which one implies a potential market move? Can you provide some info on it? Your help is much appreciated, thanks!

 

[ronj007]

GEX works amazingly on the trade section of TOS but is there any way to plot it on the graph? I have a code that highlights levels on the chart but I'm having issues adding the gex on it

 

[Earthian]

GEX works amazingly on the trade section of TOS but is there any way to plot it on the graph? I have a code that highlights levels on the chart but I'm having issues adding the gex on it

I have been exploring GEX and observing it in the SPY 0DTE options chain. It's fascinating how market gets repelled and attracted at net positive and net negative gex. Do you still trade using gex? Mind sharing the type of trades you jam on and how you go about entering and exit your trades?

 

[DudeDastic]

I have been exploring GEX and observing it in the SPY 0DTE options chain. It's fascinating how market gets repelled and attracted at net positive and net negative gex. Do you still trade using gex? Mind sharing the type of trades you jam on and how you go about entering and exit your trades?

What do you mean "gets repelled and attracted at net positive and net negative gex"?

 

[Malpal01]

Hi I was able to add this to my Thinkorswim. But I want to understand more about what the highlighted numbers mean. For example of SPX, there are highlighted values on each side of the options. The one is negative and other positive, which one implies a potential market move? Can you provide some info on it? Your help is much appreciated, thanks!

Curious if anyone has any further insight on this question.

 

[luiscervantes30]

can't get the diff color tabs can someone help with this?

this is what I am putting in and nothing

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);

see I just have the regular one. thanks