What Is GEX Metrix?
GEX Metrix is an options analytics dashboard that calculates and visualises dealer positioning from options data. It estimates where market makers are concentrated, and what that concentration means for price behavior in the major US indices and liquid stocks. The kind of positioning analysis that used to live on institutional desks, in a form an independent trader can actually use before the open.
Who Runs This?
A small team of people who have spent their working lives on the practical side of markets: a trader with over 20 years of active experience across derivatives, options, and equities, alongside a risk manager, software developers, and a tester, with more than 10 years of financial risk-management software development between them. The team builds, tests, and runs the platform. The writing is a different matter: every article on this site is written by the trader personally. No content team, no ghostwriters, no outsourced "quant research". The person whose judgment you're reading is the person who trades off this data.
The background covers gamma exposure and dealer positioning research, 0DTE and short-dated options flow, Greek-based risk management (Delta, Gamma, Vanna, Charm), SPX and NDX market structure, and years of building quantitative tooling for trading desks. If you want to check whether that shows in the work, read the intraday OI essay and judge for yourself. It holds this site to the same standard it demands from every other data vendor.
GEX Metrix is independent: unaffiliated with any brokerage, exchange, or market maker. No name on the door for now. When the platform incorporates, the brand will carry the identity; until then, the work has to speak for itself, which I consider a feature.
What the Dashboard Calculates
All metrics are derived from options open interest and volume data, using Black-Scholes Greek formulas and a proprietary Hybrid Gaussian convolution method to estimate dealer exposure across the price spectrum.
- Gamma Exposure (GEX): the rate of change of delta per 1% move in the underlying. Shows where market makers must buy or sell to stay delta-neutral.
- Zero Gamma Level: the price where total net gamma crosses zero. Above it, range-bound and stable. Below it, trending and volatile.
- Intraday OI Model: an estimate of how open interest has shifted since the morning snapshot, with a one-click toggle back to the naive view so you can see the difference yourself.
- Delta Exposure (Plus): directional market-maker exposure across strikes.
- Vanna Exposure (Pro): sensitivity of delta to implied volatility changes (∂Δ/∂σ).
- Charm Exposure (Pro): time decay of delta, how dealer exposure shifts as expiration approaches (∂Δ/∂t).
- Max Pain: the price at which options buyers collectively lose the most at expiration.
- Open Interest & Volume: call/put breakdown by strike and expiry.
Data Source & Methodology
Options data is delayed by approximately 15 minutes. Data is collected every 15 minutes during market hours and stored for historical analysis.
The Hybrid Gaussian convolution method behind the zero gamma calculation uses per-option implied volatility and time-to-expiry to simulate gamma influence across a ±15% price range, which produces a more precise gamma flip level than simple bar-chart analysis.
One principle runs through everything here: measured numbers and modeled numbers are labeled as what they are. Open interest is verified end-of-day data from the OCC pipeline; everything estimated on top of it says so on the chart. The blog explains why that distinction matters more than most vendors want you to know.
Not Financial Advice
GEX-Metrix is not a financial services firm, broker-dealer, registered investment adviser, or licensed financial planner. All data, calculations, and charts are provided for informational and educational purposes only. Nothing on this site constitutes financial advice, investment recommendations, or an offer to buy or sell securities.
Always consult a qualified, licensed financial professional before making investment or trading decisions.
Contact
Questions, data corrections, GDPR requests, or partnership inquiries: [email protected]