GEX Profile - Gamma Exposure

The GEX Profile (Gamma Exposure) is an indicator designed to identify price levels that act as support and resistance, derived directly from the options market structure.

Unlike traditional technical levels, these levels are not the result of formulas applied to past price data. Instead, they originate from areas where option Gamma concentrates stabilizing or accelerating forces in the market.

Gamma-Driven Support and Resistance

Gamma Exposure describes how market makers react to price movements based on open option positions:

• Positive Gamma: price tends to be contained and stabilized

• Negative Gamma: price tends to move faster and accelerate

The GEX Profile translates this information into key price levels, which often behave as:

• Support / Resistance levels

• Price containment zones

• Acceleration areas after a breakout

These levels represent points where the market is statistically more likely to pause, react, or change regime.

Net GEX, Call GEX and Put GEX

The indicator allows separate analysis of:

• Call GEX: structural pressure from the Call side

• Put GEX: structural pressure from the Put side

• Net GEX: overall balance between Calls and Puts

Totals and the Call / Put Ratio further help assess the market’s structural bias.

DEX Profile (Delta Exposure)

The DEX Profile (Delta Exposure) is an extension of the GEX Profile that introduces a view of the actual directional pressure in the market.

DEX measures how options impact buying and selling flows in terms of delta, highlighting where the market is actively applying upward or downward pressure.

When combined with GEX, it allows a clearer distinction between:

• levels that are purely structural (GEX)
• and levels that are actively defended or attacked (DEX)

Combined GEX + DEX interpretation

Together, the two indicators provide a more complete view:

• GEX: where structural barriers are located
• DEX: who is winning the short-term pressure

This improves the interpretation of:

• level holding probability
• false breakouts
• post-breakout acceleration
• real quality of support and resistance

The GEX Profile (together with the DEX Profile) is ideal for traders who want to:

• Identify options-based support and resistance levels
• Improve entry and exit timing
• Understand where price is most “anchored” or pressured
• Anticipate breakouts and accelerations

It is particularly effective when combined with:

• Price Action

• Volume Profile

• Order Flow