Reference · Gamma exposure terms

GEX Glossary: Gamma Exposure Terms, Explained

Every core term behind gamma exposure and GEX levels, defined in plain language. Each entry links to a deeper guide, so you can move from a one-line definition to the full mechanism whenever a term matters. Educational reference only — nothing here is a signal.

Start with: What is GEX? See the Indicator

Core GEX terms

GEX (Gamma Exposure): How much option gamma dealers hold across strikes, expressed as the dollar change in aggregate dealer delta per one-point move in the underlying. GEX is the footprint that turns option positioning into levels on a chart. Read: What is GEX? →
Gamma Exposure: The full name for GEX. It captures where dealer hedging concentrates and whether that hedging will dampen or amplify moves. Read: Gamma exposure explained →
Gamma Flip: The price where net dealer gamma crosses zero — the border between the long-gamma regime above (moves dampened) and the short-gamma regime below (moves amplified). Often the single most important line on the map. Read: The gamma flip →
Zero Gamma: Another name for the gamma flip: the underlying price at which aggregate dealer gamma nets to zero. Read: The gamma flip →
GEX Profile: The shape of dealer gamma plotted across strikes. A sharply peaked profile means a strong centre of gravity and likely pinning; a flat profile means a market free to travel. Read: The GEX profile →

Levels & zones

Call Wall: The strike above spot with the heaviest dealer gamma from calls. In a long-gamma regime, hedging tends to slow and fade pushes into it, which is why it often acts as resistance. Read: The call wall →
Put Wall: The strike below spot with the heaviest dealer gamma from puts. In a long-gamma regime, hedging tends to support declines into it; in a short-gamma regime it can give way and accelerate. Read: The put wall →
Gamma Cluster: A tight band of adjacent strikes that together hold heavy gamma, behaving as one thick reaction zone rather than a single precise line. Trade its edges, not its interior. Read: Gamma levels →
Gamma Void: A region between levels with little dealer gamma, where hedging offers little resistance and price can move quickly across the gap. Read: The GEX profile →
Expected Move: The one-standard-deviation range the options market implies for a session or period. Used to judge whether a move is ordinary or has become statistically large. Read: The expected move →

Dealers & regime

Dealer Gamma: The gamma inventory held by options market makers. Their delta-hedging of that inventory is the mechanical force that makes GEX levels matter at all. Read: Dealer positioning →
Dealer Positioning: The overall shape of market-maker exposure across gamma, delta, vanna and charm — the thing that determines whether hedging dampens or amplifies the tape today. Read: Dealer positioning →
Positive Gamma: A regime where dealers are net long gamma, so their hedging leans against price. Moves tend to be dampened and mean-reverting. Read: Positive vs negative gamma →
Negative Gamma: A regime where dealers are net short gamma, so their hedging chases price. Moves tend to be amplified and can accelerate — the condition behind many sharp trends. Read: Positive vs negative gamma →
Options Flow: The stream of executed option orders — especially aggressive premium — that shows where participants are paying up relative to the standing structure. Flow tests the map; positioning draws it. Read: How to read options flow →

The Greeks behind GEX

Delta: The sensitivity of an option's price to a one-point move in the underlying — and the quantity dealers hedge to stay neutral. Gamma is how fast delta itself changes. Read: Delta explained →
Vanna: The sensitivity of delta to a change in implied volatility. Vanna links volatility shifts to directional dealer hedging — the fuel behind some of the sharpest moves on vol-shift days. Read: Vanna →
Charm: The sensitivity of delta to the passage of time. Charm drives mechanical hedge unwinding, especially into the afternoon and toward expiry — one ingredient of late-day drift. Read: Charm →
Vega: The sensitivity of an option's price to a change in implied volatility, marking where the dealer book is most exposed to volatility moves. Read: Vega →
Open Interest: The number of option contracts outstanding at a strike — a standing-inventory input that complements the flow-based view of positioning. Read: Open interest explained →

Where to go next

Definitions are the map legend; the guides are the map. Start with What is GEX? for the full picture, learn the regime with positive vs negative gamma, then see the whole structure drawn live on your chart with the GEX Levels indicator — on TradingView and native platforms. For today's levels by symbol, use the GEX levels by ticker pages and the free Morning Map.

See the levels live — free trial Levels by ticker

Educational reference only. Nothing here is a signal, a prediction or financial advice. Options and futures trading involves substantial risk of loss.