Learn: dealer positioning, term by term

The concepts behind the terminal, in plain language

gex.live reconstructs SPX options dealer positioning from the tape and shows it as it moves. These pages explain what the measurements mean — and just as deliberately, what they do not mean. None of it is investment advice.

What is gamma exposure (GEX)?

Gamma exposure (GEX): how much dealers buy or sell to stay hedged as SPX moves — and why that hedging dampens or amplifies volatility.

The zero-gamma flip line, explained

The zero-gamma flip: the index level where dealers' net gamma changes sign — above it hedging dampens volatility, below it it amplifies moves.

Call resistance and put support

Call walls and put support are the strikes carrying the heaviest dealer gamma — levels where hedging flow concentrates and price often stalls or pins.

Vanna and charm — the second-order flows

Vanna and charm are the second-order greeks behind systematic dealer flows: hedging triggered by implied-vol changes and by the pure passage of time.

How to read a gamma exposure (GEX) chart

How to read a GEX chart: the gamma ladder by strike, the flip line, call and put walls — and what a gamma exposure indicator can and cannot tell you.