Steamroom Levels V3 - Dynamic IV

Options flow visualization tool displaying Gamma Exposure (GEX) levels and IV-derived pivot levels with intelligent auto-timeframe selection.

Overview
Steamroom Levels V3 visualizes two components of options market structure on your chart: Gamma Exposure (GEX) levels and Steamroom Pivots. These levels are derived from derivatives market data and help traders identify potential support, resistance, and expected price ranges based on options positioning and implied volatility.

Core Components

Gamma Exposure (GEX) Levels
Gamma Exposure represents aggregate options positioning at various strike prices. When market makers sell options, they hedge their exposure by buying or selling the underlying asset. This hedging activity can create predictable price behavior around key strike levels.
Four GEX level types are displayed:
Put Wall (Major): The strike with the highest concentration of put gamma. As price approaches, dealer hedging may create buying pressure, often acting as support.
Put Wall Minor: Secondary put gamma concentrations providing interim support zones.
Call Wall (Major): The strike with the highest concentration of call gamma. Dealer hedging may create selling pressure as price rises toward this level, often acting as resistance.
Call Wall Minor: Secondary call gamma concentrations providing interim resistance zones.

Steamroom Pivots
Steamroom Pivots are support and resistance levels calculated using implied volatility data from the options market. The calculation method works as follows:

Methodology:

• The indicator takes the selected IV timeframe value (1-day, 5-day, 30-day, or 90-day implied volatility expressed as a decimal)
  
• Three proprietary multipliers are applied to this IV value to create bands above and below the anchor price
  
• The previous daily close serves as the anchor point
  
• This produces three resistance levels (R1, R2, R3) above the anchor and three support levels (S1, S2, S3) below
  

The Six Pivot Levels:

• R1 / S1 – Nearest pivot levels; represent the first reaction zones
  
• R2 / S2 – Extended pivot levels; secondary targets
  
• R3 / S3 – Outer pivot levels; represent significant price extensions
  

The specific multipliers used are calibrated based on observed market behavior and are not disclosed, but the general approach uses implied volatility as a measure of expected price movement scaled to create meaningful intraday and swing trading levels.

Auto IV Timeframe Selection
The indicator automatically selects the appropriate implied volatility timeframe based on your chart's timeframe. This ensures pivot levels remain relevant to your trading horizon.

Default Auto Behavior:
Chart Timeframe IV Selected
Up to 30 minutes 1-day IV
31 minutes to 4 hours 5-day IV
4 hours to 1 week 30-day IV
Above 1 week 90-day IV

Customizable Thresholds:
You can adjust these cutoffs in the settings:

• "Auto: 1-day IV up to (min)" – Default: 30
  
• "Auto: 5-day IV up to (min)" – Default: 240 (4 hours)
  
• "Auto: 30-day IV up to (min)" – Default: 10080 (1 week)
  

Manual Override:
Select 1-day, 5-day, 30-day, or 90-day directly to lock in a specific IV timeframe regardless of chart timeframe.

Info Table
An on-chart table displays the currently active IV timeframe. When using Auto mode, it shows which IV was selected (e.g., "IV: 1-day IV (Auto)").
Table Settings:

• Show/Hide toggle
  
• Position: Top Left (default), Top Right, Bottom Left, Bottom Right, Top Center, or Bottom Center
  
• Text size: Tiny, Small, Normal, Large, Huge
  
• Text and background color customization
  

Data Input
This indicator requires external data input. Paste your formatted data string into the "Paste V3 Data" field in settings. The indicator automatically matches data to the current chart symbol.
The data format supports multiple symbols simultaneously. Only levels matching the active chart are displayed.

How To Use

GEX Levels

• Put Wall levels may act as support; Call Wall levels may act as resistance
  
• Minor walls provide interim reaction zones
  
• Breaks through major walls may indicate momentum shifts
  

Steamroom Pivots

• R1/S1 are the nearest pivot levels – common intraday reaction points
  
• R2/S2 serve as extended targets
  
• R3/S3 mark outer boundaries for significant moves
  
• Confluence between GEX levels and pivots strengthens a price zone's significance
  

Customization Options

GEX Settings

• Toggle visibility for levels and labels
  
• Show/hide prices in labels
  
• Line extension direction
  
• Label size and offset
  

Pivot Settings

• Toggle visibility for levels and labels
  
• Show/hide prices in labels
  
• IV timeframe selection (Auto or manual)
  
• Auto threshold customization
  
• Line extension direction
  
• Label size and offset
  

Styling

• Independent colors for Put Wall, Put Minor, Call Wall, Call Minor
  
• Line styles: Solid, Dotted, Dashed
  
• Line width: 1-4 pixels
  
• Pivot color with independent styles per level pair (R1/S1, R2/S2, R3/S3)
  

Technical Notes

• Multi-symbol data supported; only matching symbol levels are displayed
  
• Pivots anchor to the confirmed daily close
  
• Auto IV selection uses native TradingView timeframe detection
  
• Visual elements are efficiently managed and cleaned up on each update
  

Disclaimer
This indicator is for informational and educational purposes only. Displayed levels are based on options market data and do not guarantee future price behavior. Past performance is not indicative of future results. Always conduct your own analysis and manage risk appropriately. Trading involves substantial risk of loss.