Gamma exposure estimates where dealer hedging pressure concentrates and whether the market is in a mean-reverting or trending regime. Levels derived from previous day's closing data. Live intraday GEX coming in a future subscription tier.
GEX measures total gamma options market makers hold across all strikes — quantifying how much dealers buy or sell to hedge as price moves. Long gamma (positive GEX) means dealers absorb volatility; short gamma (negative) means they amplify moves.
The Gamma Flip
The flip is the price level where net dealer GEX crosses from positive to negative. Above it: range-bound, low-vol conditions. Below it: trending, higher-vol. Near expiration, the flip becomes an especially powerful pivot as gamma concentration peaks.
Call Wall vs. Put Wall
The call wall is the strike with the highest call gamma — acts as magnetic resistance as dealers must sell into it. The put wall is the mirror support. Price often pins between these walls near expiration in positive gamma environments.
Using GEX in Trading
Before every trade check: (1) Positive or negative gamma regime? (2) Where is the flip vs. current price? (3) Are we near a call/put wall? In positive gamma, sell premium near walls. In negative gamma, buy directional options near the flip for amplified moves.
How to Read This Dashboard
Every chart above is built from one underlying idea: options market makers must hedge the contracts they trade, and that hedging becomes buying and selling pressure in the market itself. The gamma exposure profile shows where that pressure concentrates by strike. Large positive bars mark strikes where dealer hedging stabilizes price — these frequently behave as support and resistance. The gamma flip level marks where the market's character changes: above it, dealer flows dampen volatility and dips tend to get bought mechanically; below it, the same flows amplify moves and selloffs can accelerate. If you're new to these concepts, start with our plain-language guide to what gamma exposure is and the practical walkthrough on reading a GEX chart.
About the Data
GEXDesk calculates gamma exposure from end-of-day options chain data across all listed expirations for each ticker, using the standard dealer-positioning convention. Levels update after each market close and are intended as a pre-market planning tool for the following session: identify the flip point, note the call wall overhead and put wall below, and you have a structural map of where hedging flows should engage before the opening bell rings. End-of-day data is deliberate — it keeps this dashboard free while remaining genuinely useful, since the major walls and the gamma regime rarely transform intraday except around big expirations. Note that all GEX models estimate dealer positioning from open interest; no public data source reveals actual dealer books, so treat levels as high-probability zones rather than exact lines.
About the Sentiment Indicator
The GEXDESK Sentiment Indicator shown above is our proprietary daily composite of multiple independent market signals spanning positioning, volatility conditions, and price behavior. It distills the market's emotional temperature into a single reading from extreme fear to extreme greed. The reading matters most at its extremes, which historically cluster near turning points — extreme fear when selling is exhausting itself, extreme greed when the marginal buyer is getting scarce. Pair the sentiment zone with the gamma regime for the fullest picture: fearful crowd plus stabilizing dealer flows reads very differently from fearful crowd plus amplifying flows. The full interpretation framework, including how to combine each sentiment zone with GEX levels in a two-minute morning routine, is in our guide to using the Sentiment Indicator.
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