Dealer Positioning
All four dealer greek exposures on one dashboard. GEX for the volatility regime, DEX for direction, VEX for vol sensitivity, CHEX for time drift - live, for any ticker.
Enter a symbol to see net dealer gamma, delta, vanna and charm exposure with per-strike profiles, walls and the gamma flip - the same data the GEX, DEX, VEX and CHEX tools show, combined.
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Uses 2 API requests per refresh, 4 when the panels load. Auto-refresh: every 60s, paused while this tab is in the background.
Uses 4 API requests per refresh. DEX, VEX and CHEX unlock on Basic; auto-refresh on Growth.
Profile by Strike TRIPLE WITCHING OPEX WEEK
Bars: calls (right) vs puts (left, mirrored) · dark line: net per strike · GEX tab marks flip, walls, ranked gamma peaks and the Line-in-the-Sand
Settled vs Live intraday dealer shift
0DTE same-day expiry
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Dealer positioning is the aggregate risk options market makers carry on their books, measured through four greek exposures: GEX (gamma - how fast dealer delta changes as price moves), DEX (delta - where dealers are directionally positioned now), VEX (vanna - how dealer delta shifts with implied volatility) and CHEX (charm - how dealer delta drifts with time). Because dealers hedge mechanically, large exposures translate into real buying and selling pressure: long-gamma dealers dampen moves, short-gamma dealers amplify them, and vanna/charm flows drive vol-driven and end-of-day drift.
The four dealer exposures
The volatility regime. Long-gamma dealers sell rallies and buy dips (dampening); short-gamma dealers do the opposite (amplifying). Watch the gamma flip, call wall and put wall.
GEX tool →The directional level. Positive net DEX means dealers are long delta and sell into rallies; negative means they must chase moves. DEX is where dealers stand, GEX is how fast that changes.
DEX tool →The volatility linkage. Large VEX means a change in implied volatility forces dealer delta hedging - the engine behind vol-up/spot-down spirals and vol-crush rallies.
VEX tool →The time drift. Charm measures how dealer delta decays as expiration approaches, creating predictable end-of-day and OPEX-week flows even when price and vol sit still.
CHEX tool →Get this via API
curl -H "X-Api-Key: YOUR_API_KEY" \
"https://lab.flashalpha.com/v1/exposure/gex/SPY"
curl -H "X-Api-Key: YOUR_API_KEY" \
"https://lab.flashalpha.com/v1/exposure/dex/SPY"
# also: /v1/exposure/vex/SPY, /v1/exposure/chex/SPYimport requests
r = requests.get(
"https://lab.flashalpha.com/v1/exposure/summary/SPY",
headers={"X-Api-Key": "YOUR_API_KEY"}
)
d = r.json()
print(d["regime"], d["net_gex"], d["net_dex"],
d["net_vex"], d["net_chex"])Get dealer positioning via API
Single-expiry GEX is on the Free plan (5 requests/day). DEX, VEX and CHEX unlock on Basic; the one-call /v1/exposure/summary composite with regime and hedging estimates unlocks on Growth.
How to read dealer positioning
Options dealers take the other side of most retail and institutional options flow and hedge the resulting risk mechanically in the underlying. That hedging is not discretionary: when the book's greeks move, dealers trade. Reading their aggregate positioning therefore tells you where mechanical buying and selling pressure sits, before it happens.
A practical reading order:
- Start with GEX for the regime. Positive net gamma means moves get dampened (dealers fade price); negative net gamma means moves get amplified (dealers chase price). The gamma flip level separates the two regimes.
- Check DEX for the direction. Net dealer delta tells you which side dealers must trade to stay flat. Combined with GEX it distinguishes "stable and pinned" from "unstable and trending".
- Use VEX for volatility events. Ahead of CPI, FOMC or earnings, large vanna exposure means an IV move alone can force meaningful hedging in the underlying - even at an unchanged price.
- Use CHEX for the clock. Charm flows concentrate into the close and into expiration weeks, producing the well-known late-day drift when dealer books are large and one-sided.
Sign convention
All exposures on this dashboard are stated from the dealer's side of the book, using the standard convention: dealers are treated as short customer-bought options and long customer-sold options. Per-strike values multiply the greek by open interest and contract size; net values sum across strikes. The same convention is used across the GEX, DEX, VEX and CHEX single-greek tools and the exposure summary API, so numbers match everywhere.
Where to go deeper
- Per-symbol dashboards with all of this pre-rendered: SPY, SPX, QQQ, TSLA, NVDA - or any of 560+ tickers at
/stock/{symbol}. - Futures dealer positioning: ES and NQ options-on-futures.
- Concepts: GEX, vanna, charm, call wall, put wall.
- Intraday, flow-adjusted dealer risk (settled vs live): the flow API.