In simple English
This tool helps traders study how options markets are structured and where major price walls sit. It calculates gamma exposure (a measure of how market makers might need to buy or sell stock as prices move). You can use it in your terminal as a text dashboard or open its browser workbench to test different pricing assumptions. It runs completely offline using built-in sample data so you do not need a live market feed to start. It costs nothing to run, but you need a basic understanding of options pricing to make sense of the charts.
What it is
An open-source Python application with a terminal interface and a local browser workbench for analyzing options market structure and gamma exposure. It uses mathematical models like Black-76 and early-exercise lattices to calculate risk proxies from session data.
What it is good for
Quantitative researchers and options traders who want a local, inspectable tool to replay trading days, test price scenarios, and analyze dealer positioning without relying on hosted commercial platforms.
- Works completely offline with bundled sample data, needing no external API keys for initial testing.
- Provides two interfaces, a text-based terminal view and a browser-based research workbench.
- Includes reproducible scenario testing to see how market structure changes when volatility or price shifts.
- Requires familiarity with advanced financial derivatives and quantitative finance terminology.
- Setup on Linux or macOS involves shell scripts and Python virtual environments rather than a simple click-to-install desktop app.
- Live data adapters for brokers like Tradovate and Interactive Brokers are still early scaffolds and not fully production-ready.
commercial options flow platforms and proprietary gamma exposure calculators
python
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git clone https://github.com/zrack/gex-terminal.git cd gex-terminal python3 -m venv venv source venv/bin/activate pip install .