GEX overview
GEX is the actionable centerpiece. Once you know what dealers are positioned in, you know what they're going to do as price moves, and that flow is one of the few signals that reliably propagates into intraday price action. This section is the long-form follow-up to the GEX summary.
Why GEX matters
Most flow signals tell you what speculators have done. Funding tells you the marginal long is paying carry. CVD tells you takers are aggressing. Liquidations tell you a cascade just finished.
GEX is different, it tells you what a specific cohort (option market makers) are going to do mechanically over the next few hours, based on their current option exposure. The mechanics are forced, not discretionary. That predictability is rare in markets, and it's why dealer-flow models drive so much of professional intraday trading in equities and have recently moved into crypto.
Read in this order
What GEX is, and why it works
Sign convention, why dealers hedge, walls and pin behaviour. The mechanics behind the panels.
0DTE vs all-expiry
Why front-of-curve flips behaviour intraday. The bucket switcher, when to read which.
Dealer flow and the Trace
DEALERFLOW projection, the Trace forward chart, premium tape, 0DTE aggression, strike × time heatmap.