Gamma Exposure (GEX) Profile
Net Gamma Exposure
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Put & Call Gamma Exposure
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Delta-Weighted Gamma Exposure
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Understanding Gamma Exposure (GEX)
What is GEX?
Gamma Exposure (GEX) measures the sensitivity of options market makers' portfolios to changes in the underlying asset's price. It quantifies how much Delta hedging they must perform as the price moves. This hedging activity can influence market volatility and price behavior.
How to Interpret the Charts
High positive GEX values often create a stabilizing effect, as dealers hedge by selling into rallies and buying into dips, potentially pinning the price near large strikes. Conversely, when GEX is negative, dealers must buy into rallies and sell into dips, which can accelerate price moves and increase volatility. The "Zero Gamma" level is a key pivot point where this hedging behavior is expected to flip, often acting as a crucial support or resistance level.
Practical Applications
- Identify key price levels where volatility might increase or decrease.
- Gauge overall market sentiment by observing the balance between Call GEX and Put GEX.
- Anticipate potential "pinning" action near large strikes, especially as options expiration approaches.