GEX (Gamma Exposure)
GEX = Gamma × Open Interest × Spot² × 0.01. Aggregate gamma position of market makers.
Gamma Exposure (GEX) represents the aggregate gamma position of options market makers at each strike price. It reveals where dealers are positioned and how they must hedge.
Formula: GEX = Gamma × Open Interest × Spot Price² × 0.01
GEX is the industry-standard abbreviation with 90%+ adoption across retail platforms, institutional systems, and academic research.
See also: Gamma, Dealer Hedging