What Is GEX-Metrix?
GEX-Metrix is a professional-grade options analytics dashboard that calculates and visualises dealer positioning metrics derived from CBOE options data. We estimate where market makers are concentrated — and what that means for price dynamics in major US equity indices and stocks.
Who Runs This?
GEX-Metrix was built by practitioners with over 20 years of active trading experience across derivatives, options, and equities, and more than 10 years of financial risk management software development. Our background spans:
- Gamma exposure (GEX) analysis and dealer positioning research
- 0DTE and short-dated options flow and risk dynamics
- Greek-based risk management: Delta, Vanna, Charm, and Gamma
- SPX and NDX options market structure
- Quantitative tools and analytics infrastructure for trading desks
This is not an anonymous tool farm. GEX-Metrix is an independent analytics platform, unaffiliated with any brokerage, exchange, or market maker.
What We Calculate
All metrics are derived from CBOE options open interest and volume data. We apply 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: range-bound, stable. Below: trending, volatile.
- 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 sourced from CBOE Global Markets and is delayed by approximately 15 minutes. GEX-Metrix is not affiliated with CBOE. Data is collected every 15 minutes during market hours and stored for historical analysis.
Our Hybrid Gaussian convolution method for zero gamma calculation uses per-option implied volatility and time-to-expiry to simulate gamma influence across a ±15% price range — providing a more precise gamma flip level than simple bar-chart analysis.
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]