GEX Call/Put (C/P)

GEX Call/Put (C/P) = (Call GEX − Put GEX) ÷ (Call GEX + Put GEX), producing a value between −1 and +1.

• +1 (green) — Entirely call-dominated gamma (maximum stabilization)
• 0 — Balanced gamma
• −1 (red) — Entirely put-dominated gamma (maximum amplification)

The key advantage over raw Net GEX: normalization makes expirations directly comparable. A small expiration with $1M net GEX and a large one with $100M net GEX could both show +0.6 — meaning the same directional character despite vastly different notional sizes.

Call-dominated (positive) = dealers buy dips and sell rallies → stabilizing, bullish. Put-dominated (negative) = dealers sell into drops → amplifying, bearish.