GEX overview: regime and quick stats
The overview page turns the computed exposures into one sentence — dampened, amplified, on the edge or unclear — and draws the corridor between the put wall and the call wall with spot inside it. Below the sentence, eight quick-stat cards carry the aggregate exposures, each naming what is missing instead of printing a zero.
Senzoukria · Documentation · Updated September 2026
Where to find it
- Where
- GEX workspace → Overview page
- Near-flip band
- Spot within 0.5% of the gamma flip switches the badge to On the edge
- Thin-greeks warning
- Appended when greek coverage exists but stays under 60% of the legs
- Missing values
- Shown as "not in chain", never as a silent dash or a zero
What it does
A gamma page that only prints billions leaves the reading to you. The regime block does that reading: it places spot against the gamma flip and states, in one sentence, whether dealer hedging is expected to dampen the session or amplify it. The sentence is deduced from figures that are already on the page, so it adds interpretation, not data.
The corridor bar underneath is the part that can be read without knowing what gamma is: the put wall on the left, the call wall on the right, spot positioned between them, the flip marked when it falls inside the drawn range, and the corridor width in percent of spot.
Regime badges
| Badge | Condition | Message |
|---|---|---|
| Dampened | Spot at or above the gamma flip, or, with no flip placed, a positive total gamma | Dealers are long gamma: they sell strength and buy weakness, ranges tend to stick |
| Amplified | Spot below the gamma flip, or, with no flip placed, a negative total gamma | Dealers are short gamma: they hedge with the move, breaks run further |
| On the edge | Spot within 0.5% of the flip, whichever side | The regime is not settled today; crossing the flip reverses it |
| Unclear | No flip and no usable total gamma sign | Not enough of the chain came back to place the flip |
Quick-stat cards
| Card | Unit shown | Notes |
|---|---|---|
| Total DEX | shares | Counted only from legs carrying both a delta and non-zero open interest |
| Total VEX | per vol-pt | Vega exposure — the book's P&L for one volatility point |
| Theta Decay | $/day | Always displayed on the negative side when available |
| Vanna exposure | $ delta per vol-pt | Delta to be re-hedged per volatility point — model output, not published |
| Charm exposure | $ delta per day | Delta to be re-hedged per day elapsed — model output, not published |
| Put/Call OI | ratio, with the two open-interest totals below | Above 1 is put-heavy |
| 25Δ Skew | percent | Sub-label says "put − call IV" when published, or "computed · nD smile" when derived here |
| ATM IV | percent | Sub-label says "front month", or "computed · nD" when derived here |
How to use it
Start with the badge, then check the corridor: a spot sitting in the middle of a wide corridor and a spot pinned against the call wall are two different sessions even under the same badge. When the badge reads On the edge, treat the day as undecided rather than dampened — that is exactly why the state exists.
The cards are there to qualify the badge. Vanna and charm say how much delta has to be re-hedged for a move in volatility or for the day passing; that is not the same question as VEX or theta, which say what the book gains or loses. The labels spell the units out for that reason.
Limits and pitfalls
The regime reading assumes dealers are net short options. Nobody publishes who holds the open interest, so the caveat is printed under the block rather than hidden. The assumptions panel carries that convention and lets it be reversed, but the effect is not the one you would expect: negating every strike leaves the zero gamma where it was — a curve and its opposite cross zero at the same price — and moves the walls instead, because above spot the call-dominant strikes give way to the put-dominant ones. The block itself reads the backend snapshot, so the badge follows the levels the backend published.
When greek coverage exists but falls below 60%, a line is appended saying which share of the legs actually fed vanna and charm. A card that reads "not in chain" is a statement about the chain received, not a verdict on the market, and a computed skew or ATM IV is labelled as computed because a derived value is not a published one.
Related pages
This page in other languages
Frequently asked questions
- Why does the badge say Unclear when the numbers look fine?
- Unclear means no gamma flip could be placed and the total gamma carries no usable sign. The key levels below still stand on their own; only the one-sentence reading is withheld.
- What is the difference between VEX and vanna on these cards?
- VEX is vega exposure — what the book is worth for one volatility point. Vanna is the delta dealers must buy or sell for that same point. The first is a P&L, the second is flow, and it is the second that moves the underlying.
- Why do some cards read "not in chain" instead of a number?
- Because the legs that would have fed that total carried no greek, or no open interest, or both. A zero produced by an empty sum reads like a market statement; naming the absence does not.