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Playbook ExhaustionExhaustion Playbook

Cara membaca penanda Exhaustion di AUREUS Options·GEX: arti empat labelnya, angka kontrak, tingkat tekanan, dan cara mengonfirmasinya dengan order-flow serta level dealer.

How to read the Exhaustion markers in AUREUS Options·GEX: what the four labels mean, the contract count, the pressure level, and how to confirm them with order-flow and dealer levels.

⚠ Peta posisi dealer, bukan sinyal entry. Exhaustion adalah alat bantu diskresi, bukan jaminan pembalikan. Edukasi, bukan nasihat keuangan.
⚠ A dealer positioning map, not an entry signal. Exhaustion is a discretionary aid, not a guaranteed reversal. Education, not financial advice.

01Apa itu Exhaustion?What is Exhaustion?

Exhaustion adalah penanda kotak kecil di chart AUREUS Options·GEX. Kotak ini muncul di titik dorongan harga yang mungkin mulai kehabisan tenaga.

Kotak hanya muncul bila ada transaksi opsi emas yang besar, termasuk yang terbesar di sesi itu, tepat di ujung gerakan:

  • penanda call hanya dihitung saat harga berada di bagian atas rentang beberapa bar terakhir;
  • penanda put hanya dihitung saat harga berada di bagian bawah rentang beberapa bar terakhir.

Artinya, transaksi besar di tengah range tidak ditandai. Yang ditandai hanya transaksi besar saat harga sedang “di pucuk” atau “di dasar”.

Exhaustion is a small box marker on the AUREUS Options·GEX chart. It appears where a price push may be running out of steam.

A box only appears when there is a large gold options trade, one of the largest of that session, right at the end of a move:

  • call markers only count while price is in the upper part of the range of the last few bars;
  • put markers only count while price is in the lower part of the range of the last few bars.

So large trades in the middle of a range are not marked. Only large trades made while price is “at the top” or “at the bottom” are.

bagian atas rentang terbaru → call dihitungupper part of recent range → calls countbagian bawah rentang terbaru → put dihitunglower part of recent range → puts countLONG CALLSHORT CALLLONG PUTSHORT PUTtengah range: tidak ditandaimid-range: not marked
Ilustrasi. Call besar di bagian atas rentang → kotak cyan/magenta di high. Put besar di bagian bawah → kotak merah/hijau di low.Illustration. Large calls in the upper part of the range → cyan/magenta boxes at the high. Large puts in the lower part → red/green boxes at the low.
LONG CALL exhaustion
Di layar: arahkan kursor ke kotak untuk melihat label lengkap, misalnya LONG CALL — exhaustion · 143 kontrak · 14:25.On screen: hover over a box to see the full label, e.g. LONG CALL — exhaustion · 143 contracts · 14:25.

02Empat labelThe four labels

LabelLabelWarnaColourLetakWhereArtinyaMeaningCara bacaHow to read it
LONG CALLcyancyandekat highnear the highpembelian call besarlarge call buyingPengejar/FOMO masuk di pucuk. Bisa jadi pembeli terakhir (buying climax).Chasers/FOMO buying the top. Could be the last buyers (buying climax).
SHORT CALLmagentamagentadekat highnear the highpenjualan call besarlarge call sellingAda pihak yang yakin harga tidak naik lagi. Tanda atap.Someone is confident price won’t go higher. A ceiling sign.
LONG PUTmerahreddekat lownear the lowpembelian put besarlarge put buyingPerlindungan/panik di bawah. Bisa jadi penjual terakhir (selling climax).Protection/panic at the bottom. Could be the last sellers (selling climax).
SHORT PUThijaugreendekat lownear the lowpenjualan put besarlarge put sellingAda pihak yang yakin harga tidak turun lagi. Tanda lantai.Someone is confident price won’t go lower. A floor sign.

LONG/SHORT di sini adalah aksi pelaku pasar opsi (beli atau jual opsi). Ini bukan posisi Anda dan bukan perintah buy/sell. Dua kotak bisa muncul di bar yang sama, misalnya LONG CALL + SHORT CALL; kotaknya ditumpuk agar tetap terbaca.

LONG/SHORT here is the action of options market participants (buying or selling options). It is not your position and not a buy/sell instruction. Two boxes can appear on the same bar, e.g. LONG CALL + SHORT CALL; they are stacked so both stay readable.

03Angka kontrak & tingkat tekananContract count & pressure level

Angka di label = jumlah kontrak opsi dalam ledakan transaksi itu, ditambah jam bar-nya. Contoh: 143 kontrak · 14:25.

  • Bandingkan angka dengan penanda lain di sesi yang sama. Angka bukan ukuran mutlak antar hari.
  • Makin besar angkanya, makin besar “uang” yang masuk di ujung gerakan itu.

Tingkat Tekanan (Setelan → Umum → Tekanan) menentukan seberapa ketat saringannya. Makin tinggi tekanannya, makin sedikit penandanya dan makin penting tiap penanda.

The number on the label = the number of option contracts in that burst of trading, plus the bar time. Example: 143 contracts · 14:25.

  • Compare the number with other markers in the same session. It is not an absolute size across days.
  • The bigger the number, the more “money” came in at the end of that move.

Pressure (Settings → General → Pressure) sets how strict the filter is. The higher the pressure, the fewer the markers and the more each one matters.

TekananPressureJumlah penandaNumber of markersCocok untukGood for
RendahLowpaling banyakmostbelajar / melihat semua aktivitaslearning / seeing all activity
SedangMediumbanyakmanyscalping aktifactive scalping
Tinggi (bawaan)High (default)sedikitfewpemakaian harianeveryday use
KuatStrongpaling sedikitfewesthanya transaksi paling menonjolonly the most outstanding trades

04Di balik layar: hedging dealerBehind the scenes: dealer hedging

Di sisi lain setiap transaksi opsi biasanya ada dealer (market maker). Dealer tidak ingin menebak arah, jadi ia melindungi diri (hedging) di futures. Aliran hedging inilah yang membuat exhaustion kadang berbalik “tiba-tiba cepat”.

On the other side of most options trades sits a dealer (market maker). The dealer does not want to bet on direction, so they hedge in futures. This hedging flow is why a reversal after exhaustion sometimes feels “suddenly fast”.

LONG CALL di highLONG CALL at the high
1 · pelanggan1 · customerMembeli call besar di pucuk.Buys large calls at the top.
2 · dealer2 · dealerMenjual call itu ke pelanggan.Sells those calls to the customer.
3 · hedging3 · hedgingDealer membeli futures untuk melindungi diri → ikut mendorong pucuk.Dealer buys futures to hedge → adds to the push at the top.
4 · berbalik4 · reversalHarga turun → futures itu dijual lagi → penurunan bisa makin cepat.Price drops → those futures are sold again → the drop can speed up.
LONG PUT di lowLONG PUT at the low
1 · pelanggan1 · customerMembeli put besar di dasar (perlindungan/panik).Buys large puts at the bottom (protection/panic).
2 · dealer2 · dealerMenjual put itu ke pelanggan.Sells those puts to the customer.
3 · hedging3 · hedgingDealer menjual futures untuk melindungi diri.Dealer sells futures to hedge.
4 · berbalik4 · reversalHarga memantul → futures itu dibeli kembali → pantulan bisa makin cepat.Price bounces → those futures are bought back → the bounce can speed up.

SHORT CALL: pelanggan menjual call, dealer memegang call dan cenderung menjual saat harga naik → membentuk atap. SHORT PUT: pelanggan menjual put, dealer memegang put dan cenderung membeli saat harga turun → membentuk lantai.

SHORT CALL: the customer sells calls, the dealer holds calls and tends to sell as price rises → a ceiling. SHORT PUT: the customer sells puts, the dealer holds puts and tends to buy as price falls → a floor.

05Skenario langkah demi langkahStep-by-step scenarios

Contoh: emas naik dari 4120 ke 4140 dalam beberapa bar. Di 4139–4140 muncul kotak cyan: LONG CALL — exhaustion · 250 kontrak. Kotak yang sama bisa berujung dua cerita.

Example: gold rallies from 4120 to 4140 in a few bars. At 4139–4140 a cyan box appears: LONG CALL — exhaustion · 250 contracts. The same box can end in two stories.

4120413041404150LONG CALLgagal high barufailed new highCHoCH ↓delta −A · exhaustion terkonfirmasiA · exhaustion confirmed
4120413041404150LONG CALLdelta +retestB · tembus = dorongan baruB · break = fresh push

A — benar-benar exhaustionA — real exhaustion

  1. Harga naik cepat 4120 → 4140. Kotak LONG CALL muncul di high.
  2. Bar berikutnya gagal membuat high baru di atas 4140.
  3. Di chart utama, delta berbalik negatif atau ada absorption di high (beli besar tapi harga tidak naik).
  4. Struktur di TF entry (M5/M1) membentuk CHoCH/BOS turun.
  5. Baru sekarang exhaustion “terkonfirmasi”. Invalidasi jelas: di atas high exhaustion.
  6. Saat harga turun, hedging dealer ikut berbalik, jadi penurunan bisa cepat.
  1. Price runs 4120 → 4140. A LONG CALL box appears at the high.
  2. The next bars fail to make a new high above 4140.
  3. On the main chart, delta flips negative or there is absorption at the high (heavy buying but price does not rise).
  4. Structure on the entry TF (M5/M1) prints a bearish CHoCH/BOS.
  5. Only now is the exhaustion “confirmed”. Clear invalidation: above the exhaustion high.
  6. As price falls, dealer hedging turns too, so the drop can be fast.

B — bukan exhaustion, dorongan baruB — not exhaustion, a fresh push

  1. Sama: kotak LONG CALL muncul di 4140.
  2. Bar berikutnya menembus 4140 dengan delta positif kuat, tanpa absorption.
  3. Harga bertahan di atas level yang ditembus (retest berhasil).
  4. Kesimpulan: pembeli call tadi bukan pembeli terakhir. Hedging dealer malah menambah bahan bakar. Jangan melawan; tunggu struktur.
  1. Same: a LONG CALL box appears at 4140.
  2. The next bar breaks through 4140 with strong positive delta and no absorption.
  3. Price holds above the broken level (successful retest).
  4. Conclusion: those call buyers were not the last buyers. Dealer hedging adds fuel instead. Don’t fight it; wait for structure.

Pelajarannya: yang menentukan adalah apa yang terjadi sesudah kotak muncul di order-flow dan struktur, bukan kotaknya sendiri.

The lesson: what decides it is what happens after the box appears in order-flow and structure, not the box itself.

Contoh nyata dari layar Options·GEXA real example from the Options·GEX screen

Options GEX exhaustion example
Satu sesi emas (label selalu tampil). Di high ±4220 muncul Long Call 143 kontrak (14:25), tepat di atas Zero Gamma dan dekat Call Wall; bar berikutnya gagal membuat high baru, lalu harga turun ke bawah pita Dynamic Walls. Sebelumnya, di low sesi yang sama, ada Long Put 85 kontrak (13:20) lalu harga memantul tajam. Contoh historis untuk belajar membaca, bukan jaminan pola berulang.One gold session (labels always shown). At the ±4220 high a Long Call 143 contracts (14:25) appeared, just above Zero Gamma and near the Call Wall; the next bars failed to make a new high and price fell below the Dynamic Walls band. Earlier, at the low of the same session, there was a Long Put 85 contracts (13:20), followed by a sharp bounce. A historical example for learning to read, not a guarantee the pattern repeats.

06Checklist konfirmasiConfirmation checklist

Sebelum menganggap sebuah kotak sebagai exhaustion, cek:

  • Kotak ada di ujung gerakan (dekat high/low baru), bukan di tengah range.
  • Ada level penting di dekatnya: Call Wall, Put Wall, Zero Gamma, atau tepi pita Dynamic Walls.
  • Bar berikutnya gagal membuat high/low baru.
  • Di chart utama ada absorption atau delta berbalik.
  • Struktur di TF entry membentuk BOS/CHoCH ke arah berlawanan.
  • Searah konteks besar: cek tren H1 dan rezim di strip MM Sentiment.
  • Bukan tepat menjelang atau sesaat sesudah rilis berita besar.

Makin banyak yang tercentang, makin berbobot penandanya. Kalau hanya kotaknya saja, anggap itu informasi, bukan alasan entry.

Before treating a box as exhaustion, check:

  • The box is at the end of a move (near a new high/low), not mid-range.
  • There is a key level nearby: Call Wall, Put Wall, Zero Gamma, or the edge of the Dynamic Walls band.
  • The next bars fail to make a new high/low.
  • The main chart shows absorption or a delta flip.
  • Structure on the entry TF prints a BOS/CHoCH the other way.
  • It agrees with the bigger context: check the H1 trend and the regime on the MM Sentiment strip.
  • It is not right before or right after a major news release.

The more boxes you tick, the more weight the marker carries. If you only have the box itself, treat it as information, not a reason to enter.

07Kombinasi dengan levelCombining with levels

Call WallZero GammaPut WallDynamic Wallscall besar di Call Wall = atap lebih kuatbig calls at the Call Wall = stronger ceilingput besar di Put Wall = lantai lebih kuatbig puts at the Put Wall = stronger floor
Ilustrasi. Exhaustion paling berbobot saat bertemu level dealer: Call Wall, Put Wall, Zero Gamma, dan tepi pita Dynamic Walls.Illustration. Exhaustion carries the most weight when it meets a dealer level: Call Wall, Put Wall, Zero Gamma and the edge of the Dynamic Walls band.
SituasiSituationCara bacaHow to read it
LONG CALL / SHORT CALL di dekat Call WallLONG CALL / SHORT CALL near the Call WallAtap lebih kuat. Dorongan naik bertemu dinding dealer.Stronger ceiling. The rally meets a dealer wall.
LONG PUT / SHORT PUT di dekat Put WallLONG PUT / SHORT PUT near the Put WallLantai lebih kuat. Dorongan turun bertemu dinding dealer.Stronger floor. The drop meets a dealer wall.
Penanda di dekat Zero GammaMarker near Zero GammaDaerah peralihan rezim. Bila harga tembus dan bertahan, sifat pasar bisa berganti.Regime transition zone. If price breaks and holds, market behaviour can change.
Harga jauh di luar pita Dynamic Walls + penanda searahPrice far outside the Dynamic Walls band + marker in the same directionGerak sudah meregang. Peluang balik ke arah pita lebih layak diperhatikan.The move is stretched. A move back toward the band deserves more attention.
Rezim gamma positif (MM Sentiment teal)Positive gamma regime (MM Sentiment teal)Pasar cenderung meredam/memantul. Exhaustion lebih berbobot.Market tends to dampen/bounce. Exhaustion carries more weight.
Rezim gamma negatif (MM Sentiment ungu muda)Negative gamma regime (MM Sentiment light purple)Pasar cenderung memperkuat gerakan. Penanda lebih mudah ditembus; tunggu konfirmasi lebih ketat.Market tends to amplify moves. Markers are broken more easily; demand stricter confirmation.

08Kesalahan umumCommon mistakes

  1. Entry begitu kotak muncul. Kotak adalah peringatan, bukan pemicu.
  2. Menganggap semua kotak = pembalikan. Lihat Skenario B.
  3. Melawan tren H1 yang kuat hanya karena satu kotak.
  4. Membandingkan angka kontrak antar hari. Ukurannya relatif terhadap sesi.
  5. Memakai penanda di tengah range tanpa level di dekatnya.
  6. Lupa bar belum tutup. Selama bar berjalan, penanda bisa muncul atau hilang. Di awal sesi, saat transaksi yang lebih besar datang, penanda lama juga bisa hilang.
  7. Tekanan terlalu rendah → chart penuh kotak dan sulit dibaca.
  8. Bingung harga futures vs CFD. Nyalakan saklar Harga CFD bila ingin angka sama dengan broker Anda.
  1. Entering as soon as a box appears. A box is a warning, not a trigger.
  2. Treating every box as a reversal. See Scenario B.
  3. Fighting a strong H1 trend because of a single box.
  4. Comparing contract counts across days. The size is relative to the session.
  5. Using markers mid-range with no level nearby.
  6. Forgetting the bar has not closed. While a bar is running, a marker can appear or disappear. Early in a session, older markers can also drop off as bigger trades arrive.
  7. Pressure set too low → the chart fills with boxes and becomes hard to read.
  8. Mixing up futures vs CFD prices. Turn on the CFD price switch if you want the numbers to match your broker.

09Setelan pentingKey settings

Buka lewat ikon ⚙ di baris lapisan Exhaustion. Bila ragu, tekan Bawaan.

Open via the ⚙ icon on the Exhaustion layer row. If unsure, press Defaults.

OpsiOptionArtinyaWhat it does
TekananPressureRendah / Sedang / Tinggi (bawaan) / Kuat. Makin kuat, makin sedikit penanda.Low / Medium / High (default) / Strong. Stronger = fewer markers.
Filter harga · AktifPrice filter · EnabledNyala (bawaan): call hanya dihitung di bagian atas rentang terbaru, put di bagian bawah. Mati = semua transaksi besar ditandai.On (default): calls only count in the upper part of the recent range, puts in the lower part. Off = all large trades are marked.
Filter harga · Periode, Rentang atas/bawahPrice filter · Period, Upper/Lower zoneBerapa bar yang membentuk “rentang terbaru” dan seberapa dekat ke ujung yang dihitung. Biarkan bawaan bila ragu.How many bars form the “recent range” and how close to its edge counts. Keep the defaults if unsure.
Mode tampilanDisplay modePenanda (kotak, bawaan) atau Latar (bar diwarnai).Markers (boxes, default) or Background (bars tinted).
Warna Call beli/jual, Put beli/jualCall buy/sell, Put buy/sell coloursWarna empat label.The four label colours.
Warna & ukuran teks, ukuran penanda, opasitas latar label, beronggaText colour & size, marker size, label background opacity, hollowTampilan kotak dan label.Box and label appearance.
Label selalu tampilAlways show labelsLabel tampil tanpa perlu mengarahkan kursor.Labels show without hovering.

10FAQ singkatQuick FAQ

Apakah Exhaustion sinyal entry?Is Exhaustion an entry signal?

Bukan. Ini peta aktivitas opsi di ujung gerakan. Keputusan tetap dari konfirmasi order-flow dan struktur.No. It is a map of options activity at the end of a move. Decisions still come from order-flow and structure confirmation.

Apa beda LONG dan SHORT di label?What is the difference between LONG and SHORT on the label?

LONG = opsi dibeli, SHORT = opsi dijual oleh pelaku pasar. Bukan posisi Anda.LONG = options bought, SHORT = options sold by market participants. Not your position.

Kenapa kotaknya ditumpuk dua?Why are two boxes stacked?

Ada lebih dari satu jenis transaksi besar di bar yang sama.There was more than one type of large trade on the same bar.

Kenapa penanda kadang muncul belakangan atau hilang?Why does a marker sometimes appear late or disappear?

Penanda muncul sesudah transaksi opsinya tercatat, jadi bisa sedikit tertinggal dari harga. Ukuran “besar” dinilai terhadap sesi berjalan, sehingga di awal sesi daftar penanda masih bisa berubah.A marker appears after the options trade is recorded, so it can lag price slightly. “Large” is judged against the running session, so early in a session the list of markers can still change.

Bagaimana melihat label tanpa mengarahkan kursor?How do I see labels without hovering?

Setelan → Plot → nyalakan Label selalu tampil.Settings → Plot settings → turn on Always show labels.

Bisa diganti jadi warna latar?Can it be shown as a background colour instead?

Bisa. Setelan → Plot → Mode tampilan → Latar.Yes. Settings → Plot settings → Display mode → Background.

TF apa yang cocok?Which timeframe fits?

Options·GEX menyediakan M1, M5, dan M15. Untuk membaca konteks, lihat juga tren H1 di chart utama.Options·GEX offers M1, M5 and M15. For context, also check the H1 trend on the main chart.

‹ SebelumnyaPreviousMM PressureMM Pressure
Edukasi, bukan nasihat keuangan. Peta posisi dealer, bukan sinyal entry. Tidak ada jaminan arah maupun hasil. © AUREUS · Arus Labs
Education, not financial advice. A dealer positioning map, not an entry signal. No guarantee of direction or results. © AUREUS · Arus Labs