Video lesson · OptionsOptions levels: max pain, call and put walls, gamma flip
Options levels: max pain, call and put walls — options levels on the price chart: max pain, walls, gamma zones, expected move. The lesson takes 2:23; its full text is below the video.
Narrated in Russian. English subtitles are on by default.
Options Levels in short
What does Options Levels show?
Levels set by the options market, drawn on the price chart: max pain for the nearest Friday and monthly expiries, call and put walls, the gamma flip line, the expected-move bounds and gamma-based support and resistance zones for the day or the week. An open-interest-by-strike profile sits at the right edge.
How to read Options Levels?
- Stepped max pain lines: amber for the Friday expiry, lilac for the monthly. The white line is the gamma flip.
- Green dashes mark the call wall above price, red dashes the put wall below; the percentages next to them are the odds of settling beyond the wall at the monthly expiry.
- Dashed lines labelled like '09.10 +4.6% · 88,903' are the bounds of a normal move into expiry.
- 'Resistance' and 'Support' zones are numbered by distance from price; the brighter the fill, the more gamma at the level. '✓ touched' means price has already reached it; 'NN% to reach …' shows how often price has reached a level that far within the period.
- The right-edge profile: calls in green on top, puts in red below; the largest strikes are labelled with their open interest.
How to use Options Levels?
- Treat the levels as reference points, not walls that must hold: look for confirmation in the order book with Liquidity Map and Wall Pressure.
- Allow wider stops below the gamma flip; keep Gamma Exposure alongside.
- Expected-move bounds help size targets to current volatility; ATM IV shows whether that volatility is rising.
- Daily zones read best on 15m–1h, weekly ones on 1h–4h. Levels are built for BTC and ETH.
What do you often see on Options Levels?
- The levels carry no direction on their own: price reacts to walls and gamma zones about as often as to any line at the same distance.
- Below the gamma flip line price swings are usually wider than above it.
- Price crosses the expected-move bounds less often than the options themselves imply.
- Max pain is not a magnet: price often runs straight through it.
Where can I find Options Levels?
In the Liqwall terminal: the Indicators button, the Options section, Options Levels. The “Open in the terminal” button on this page opens the chart with it already added.
Lesson text
0:00What Options Levels is
The options market has its own levels, and you can see them right on the price chart. This is Options Levels, a map of the options market.
0:09How to add Options Levels to the chart
Open the indicator list, the Options section, and add Options Levels. The indicator is drawn over the price chart, and a profile appears at the right edge.
0:20How to read Options Levels
The green dotted line above the price. The call wall, the largest call strike. The red dotted line below the price. The put wall.
The percentage at a wall estimates the chance of closing beyond it by the monthly expiry. The white line is the gamma flip level. The amber line is max pain for the Friday expiry. The lilac one is for the monthly expiry.
Dotted lines with a date show the usual price move until expiry. On the right is the open interest profile by strike. Each layer is switched on separately. Max pain lines, Call and put walls, Gamma flip, Expected move, Probabilities.
And OI by strike. Strikes to label sets how many of the largest strikes to label on the profile.
1:05An example on a real chart
An example. On October 7 the bitcoin put wall stood at 80 thousand dollars, the call wall at 90 thousand. On the evening of October 8 the price dropped to 80,345, right to the put wall, and stopped above it. The next day bitcoin returned to 83 and a half thousand.
A week later the picture repeated. On the night of October 15 the price approached the wall again, the low was 80,808, and again a reversal above the wall. In those days the white gamma flip line stood nearby, a little above 80 thousand. And by the Friday expiry on October 16 the price rose to 82.5 thousand.
Closer to this week's max pain, 83 thousand.
1:55What to pair Options Levels with
Options Levels is handy to watch together with Gamma Exposure, to understand the white line, and with ATM IV, where the bounds of the expected move come from. Options OI shows how much interest there is in the market overall. The indicator is most useful when the price approaches a large wall or an expiry.
2:16The takeaway
Options Levels is a map of the options market right on the price.
Add the indicator to the chart and look at it on your own coin.Free account — no card needed.