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Delta exposure

GEX describes modeled gamma sensitivity. DEX describes delta-weighted option exposure. They come from the same chain and answer different questions.

Per strike, Net DEX is call open interest times call delta, minus put open interest times the absolute value of put delta. Positive means the strike's modeled delta weight is call-heavy. Negative means put-heavy. Neither sign establishes which side dealers own.

• D+ is the strike where positive delta exposure peaks.
• D− is the strike where negative delta exposure peaks.

A deep-ITM option can have substantial delta with relatively little gamma. A near-ATM option can be much more gamma-sensitive. Comparing DEX and GEX helps separate these effects; neither alone identifies an upcoming hedge order.

Exposure sign and change are separate

A positive exposure can have a negative day-over-day change: it remains positive but has decreased. Read the current sign, the comparison snapshot, and the change separately. Neither the DEX sign nor its change identifies a dealer’s hedge direction without ownership assumptions.

The signed per-contract delta convention and the model’s call-versus-put exposure convention should not be confused with the delta of a specific portfolio. Position quantities and contract multipliers matter when moving from a chain statistic to an actual position.

Where you see it

• Column metrics (Net DEX)
• GEX Matrix DEX and day-over-day change
• Options Overlay PRO

TanukiTrade documentation. Levels are context, not a recommendation. tanukitrade.com