GEX summary
The /gex summary tells you what dealers are mechanically going to do as price moves. It's the most actionable summary on the terminal, gamma positioning is one of the few flow signals that reliably propagates into intraday price action.
What GEX is, briefly
Dealers (the option market makers) hedge their option positions by trading the underlying. When they're net long gamma (call dealer delta increases as spot rises), they sell into rallies and buy into dips to keep delta-neutral, that flow stabilises price. When they're net short gamma, the math reverses: they buy into rallies and sell into dips, which amplifies moves.
The summary card aggregates this exposure across the chain into a single number for the selected expiry bucket, 0DTE (today), end-of-week, end-of-month, or all expiries. The bucket switcher sits inside the card; the headline tag updates instantly.
- LONG GAMMANet dealer gamma is positive in the selected expiry bucket. Dealers will buy dips and sell rips to stay hedged. Effect: pinning, compressed ranges, mean-reverting price action. Trend continuation is harder.
- FLATNet gamma is small relative to typical magnitudes for this bucket. Dealer hedging won't meaningfully drive flow. The tape will be moved by other inputs (perp speculators, macro, news).
- SHORT GAMMANet dealer gamma is negative. Dealers will sell dips and buy rips to stay hedged. Effect: amplified moves, breakout-friendly tape, cascades. Trend continuation is easier.
The supporting tiles
- Net GEX (notional), total dealer gamma in dollar terms for the bucket. The sign determines the headline tag; the magnitude tells you how much hedging flow to expect. Big numbers move spot.
- Max pain, the strike at which the total payout to option holders is minimized at expiry. Often acts as a magnet into expiry, especially when nearby OI is concentrated and dealers are long gamma.
- Top wall, the strike with the largest absolute GEX in the bucket. Acts as support if positive (call wall above / put wall below) or resistance / accelerant if negative.
- Expected move (1σ), straddle-derived expected range from now to the bucket's next expiry, scaled by
σ × √t. Tells you how much room the chain is pricing in before you hit the next concentration of dealer hedging. - Time to expiry, countdown for the bucket's next expiry. Anchors the expected-move calculation.
How to use it
The headline tag answers what kind of day is it:
- Long-gamma days favour mean-reversion strategies. Sell rips into walls, buy dips into walls. Tight stops work because moves don't extend.
- Short-gamma days favour breakout / momentum strategies. Once price breaks a wall, dealer hedging amplifies the move. Stops need more room because moves extend.
- Flat-gamma days are choppy and signal-poor; dealer hedging won't carry your trade for you.
Where to drill in
Below the summary on /gex the dashboard surfaces the full strike profile, expiry-by-expiry GEX, the wall significance chart, the strike × time heatmap, and the forward Trace projection. If the headline tag flips during the day, drill into the strike profile to see which strikes' OI changed.
For a deeper conceptual read of GEX itself, sign convention, why dealer hedging works, walls and pin behaviour, see the "What GEX is and why it works" doc (coming soon under the GEX & dealer flow section). The summary is a fast read for traders who already understand the concept.
See also the related: Options summary for what the chain is pricing, and Perps summary for what speculators are doing on the futures side.