What Is GEX in Futures Trading?

GEX stands for gamma exposure. It measures how much delta dealers must hedge as the underlying price moves. When dealers are short gamma, they buy high and sell low, which amplifies moves. When they are long gamma, they dampen them.

Call walls and put walls

A call wall is a large open-interest strike where short-gamma dealers will be forced to sell as price rises — creating resistance. A put wall is the same dynamic below the market, creating support. FTS publishes these as explicit levels so you do not have to read the options chain yourself.

Gamma flip

The gamma flip is the price where the market switches from net long gamma to net short gamma. Above it, moves are calmer and mean-reverting; below it, volatility can accelerate. Trading with the flip on your side means you are trading with the current market character.

Whale positioning

Large options activity can leave unusual concentration at specific strikes. FTS GEXSync Elite identifies these as whale zones and grades them by confidence, so you can see where institutional positioning may act as a magnet or a volatility trigger.

What Is GEX in Futures Trading?

Call walls and put walls

Gamma flip

Whale positioning

Related articles