Real-Time GEX / Gamma Exposure
Two GEX tools — on open interest and on volume — for SPX, NDX, ETFs and stocks with options, plus the proprietary GEX Gaudio for intraday trading.
What is Gamma Exposure (GEX)
Gamma Exposure, or GEX, measures how sensitive market-maker hedging is to moves in the underlying. When dealers are long gamma they tend to dampen volatility by buying dips and selling rips; when they are short gamma they amplify it, accelerating moves in the direction of price.
Translating options open interest and volume into gamma exposure reveals the price levels where hedging flow becomes strongest: the magnet levels that pull price in, the gamma walls that act as support or resistance, and the gamma flip, the threshold where the regime turns from stabilizing to destabilizing.
Gaudio OTT offers two distinct GEX tools — one based on open interest and one on intraday volume — computed on SPX, NDX, ETFs and every stock that has options. Alongside them sits GEX Gaudio, a proprietary indicator built with a formula dedicated to intraday trading, based on SPX and converted for ES as well.
How GEX is calculated
GEX is computed by multiplying each option's gamma (how sensitive its delta is to moves in the underlying) by the market-maker position size and by the underlying price, then summing the contributions across all strikes. By convention dealers are assumed short the calls clients buy and long the puts clients buy, though the exact estimation signature can vary.
The result is a gamma exposure profile by price: positive peaks mark zones where dealers dampen moves (potential supports/walls), negative peaks mark zones where they amplify them (potential accelerations). The point where the sum crosses zero is the gamma flip, the regime-change threshold between mean-reversion and trend.
Gaudio OTT's two tools start from the same theory but different inputs: GEX on open interest uses established positioning, ideal for reading structural levels the market defends over time; GEX on volume uses session flow, ideal for catching rebalancing and real-time shifts. GEX Gaudio instead applies a proprietary formula that combines and weights the signals into a more readable intraday indication.
The GEX profile by strike: gamma walls and the gamma flip
How Gaudio OTT helps
Two GEX tools: OI and volume
GEX on open interest reflects established positioning; GEX on volume captures flows forming during the session. Distinct tools for different reads.
On SPX, NDX, ETFs and stocks with options
Broad coverage across indices, ETFs and single names, not just futures: read positioning where the options market is most liquid.
Proprietary GEX Gaudio for intraday
An exclusive indicator based on SPX and converted for ES, designed for intraday trading, that complements traditional GEX with a proprietary read.
Gamma flip and volatility regime
Spot the threshold where the market turns from mean-reverting to accelerated, to calibrate expectations and risk.
How to use GEX in trading
Gamma flip as regime change
If price is above the gamma flip (dealers long) expect mean-reversion and compression; if below (dealers short) expect acceleration and wider moves. Size positions accordingly.
Gamma walls as targets and supports
Large positive GEX peaks tend to repel price: use them as take-profit targets or expected support. Negative peaks signal where price can accelerate if reached.
Compare OI and volume
If GEX on open interest shows a wall but the day's GEX on volume is eroding it, the level is losing relevance. Using both tools together filters solid levels from ones being unwound.
GEX Gaudio for intraday
For same-day decisions use GEX Gaudio as a synthetic guide: it combines the signals into a readable indication, meant for entering and exiting without manually interpreting the raw gamma profile.
What makes Gaudio OTT's GEX different
Many tools show a single aggregated GEX, often only on SPX or only on futures. Gaudio OTT separates GEX on open interest from GEX on volume because they answer different questions — established positioning vs forming flow — and computes them on SPX, NDX, ETFs and every stock with options, not just one index.
On top of that it offers GEX Gaudio, a proprietary indicator you won't find elsewhere: based on SPX and converted for ES, it turns gamma into a directly usable intraday signal, instead of leaving the user to interpret the raw profile. It's built for intraday traders who want a ready read, not just the data.
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