Gamma Exposure (GEX) measures dealer hedging pressure across options chains. When dealers sell options, they hedge by buying or selling the underlying—this forced activity reveals where price is likely to stabilize or accelerate. Positive GEX means dealers sell rallies and buy dips, dampening volatility. Negative GEX means dealers buy rallies and sell dips, amplifying moves. The gamma flip level marks where positioning transitions between regimes. GEX is calculated using Black-Scholes gamma, open interest, and notional value across the options chain. Data updates throughout the trading day.
