GEX is calculated by aggregating, for each strike in an options chain, each contract's gamma weighted by its open interest, typically for expirations under 45 days:
GEX = Σ (Gamma_strike × Open Interest_strike × 100 × Spot²)
The result is expressed in dollars per point of move in the underlying (often in millions or billions of dollars), and can be positive or negative depending on the net structure of positions held.
The Gamma Flip (or Zero Gamma Level) is the price level at which net GEX switches from positive to negative, or vice versa. Crossing this level fundamentally changes the market's expected structural behavior — a price level closely watched by traders who use options structure as a context indicator.
| Indicator | What It Measures | Key Interpretation |
|---|---|---|
| GEX (Gamma Exposure) | Likely intensity of moves | Positive = dampened; Negative = amplified |
| DEX (Delta Exposure) | Dealers' structural directional flow | Positive = buying support; Negative = selling pressure |
| Gamma Flip | Tipping point between regimes | Transition zone to watch |
On the Yuka Finance cockpit, the GEX/DEX indicator is calculated continuously for major indices and highly liquid options stocks, with the gamma flip level and 7/30/90-day history displayed directly — no manual calculation from raw options chains required.
No. GEX indicates the likely intensity of moves (amplified or contained), not their direction. It must be combined with price structure analysis to become actionable.
GEX measures the expected intensity of moves (amplifying or dampening regime). DEX measures dealers' structural directional flow (net buyer or net seller).
No. It is mainly reliable on indices and highly liquid options names. On thinly traded stocks, the calculation loses relevance due to insufficient depth across the options chain.
Yuka Finance calculates Gamma Exposure, Delta Exposure, and the gamma flip continuously for major indices and liquid stocks — for free.
See GEX/DEX on Yuka Finance →