Net GEX (Hedging Pressure)

Net GEX = Call GEX − Put GEX — the directional balance of dealer gamma exposure. It tells you which way hedging flows are tilted, and therefore whether dealers are stabilizing or amplifying price moves.

• Positive Net GEX — dealers are net long gamma. They sell into rallies and buy dips, dampening moves. The market enters a Sticky regime: ranges, mean-reversion, volatility crush.
• Negative Net GEX — dealers are net short gamma. They buy rallies and sell dips, amplifying moves. The market enters a Jumpy regime: trends, breakouts, vol expansion.

The Dealer Pulse rail shows the 24-hour line of Net GEX. Watch for sign flips — they mark regime changes that are usually more important than the absolute level. The Flip Point is the strike where, at current positioning, Net GEX would cross zero if spot moved there.

How to use it: use Net GEX direction to set your default trading bias (fade extremes in Sticky, trail breakouts in Jumpy), and use the magnitude — read it next to Absolute GEX — to judge how strong that bias actually is.