GEX Upside/Downside
Hedging pressure balance relative to current price. Ranges −1 to +1. Shows where dealer hedging activity concentrates.
GEX Upside/Downside = (Upside GEX − Downside GEX) ÷ (Upside GEX + Downside GEX), producing a value between −1 and +1.
- +1 — All hedging pressure above price
- 0 — Balanced distribution around price
- −1 — All hedging pressure below price
Upside GEX = absolute gamma at strikes above current price. Downside GEX = absolute gamma at strikes below current price.
Bar direction matches spatial meaning: bars pointing up = pressure above, bars pointing down = pressure below. This metric shows where hedging activity concentrates, not direction. Use alongside GEX C/P for directional context — C/P tells you what kind of gamma (calls vs puts), U/D tells you where it sits.
See also: GEX Call/Put (C/P), GEX Upside/Downside Panel