Definition. Total Gamma Exposure (GEX) is the net gamma positioning of dealers aggregated across all strikes over time, indicating whether the overall market is in a long gamma (stabilizing) or short gamma (volatile) regime.

Interpretation. Positive values indicate dealers are net long gamma, meaning their hedging activity dampens price moves. Negative values indicate dealers are net short gamma, meaning their hedging amplifies price moves. Use this metric to identify regime shifts between low and high volatility environments and to understand the structural flows that influence price dynamics.