Delta Exposure (DEX) Profile
Net Delta Exposure
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Put & Call Delta Exposure
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Notional Delta Exposure ($)
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Understanding Delta Exposure (DEX)
What is DEX?
Delta Exposure (DEX) measures the net directional exposure of options dealers. It represents the total stock-equivalent position market makers must hold to hedge their books. It provides insight into the aggregate directional bias of the options market.
How to Interpret It
A high positive DEX value suggests that market makers are net short delta (i.e., they have sold more calls than puts on a delta-adjusted basis). To hedge, they must buy the underlying asset as its price rises, which can accelerate a rally. Conversely, a large negative DEX indicates dealers are net long delta and will sell as the price rises, potentially dampening a rally and accelerating a sell-off.
Practical Applications
- Gauge the market's overall directional bias based on options positioning.
- Identify price levels where hedging flows could either accelerate or decelerate trends.
- Use in conjunction with GEX to build a more complete picture of dealer positioning and potential volatility regimes.