GEX（Gamma 敞口）

中文解释

GEX 用来估计标的价格变化时，期权做市商对冲需求可能如何变化。交易者通常用它观察哪些价位附近更容易被压制、加速或反复测试。Nightwatch 会按 strike 展示 GEX 分布，并把当前价格与 Call Wall、Put Wall、Gamma Flip 等关键区域放在同一视图里。GEX 是市场结构参考，不等于直接交易建议。

English definition

Gamma Exposure (GEX) estimates how much dealer hedge demand may change when the underlying price moves. In practical trading workflows, positive and negative GEX zones are used to frame where price may feel more pinned, more unstable, or more sensitive to flow. Nightwatch visualizes GEX by strike so traders can compare the current spot price with call walls, put walls, and gamma flip zones. GEX is a market-structure input, not a standalone buy or sell signal.

在 Nightwatch 里怎么看

Dealer GEX Chart 用 Pulse 把对冲最集中的价位画在 K 线上；GEX 结构图按行权价展示 GEX 分布，并标出 Call Wall、Put Wall 与 Gamma Flip；Dealer Heatmap 把同一个问题延伸到未来 90 天的各个到期日。仅作市场结构参考，不构成买卖建议。

Dealer GEX Chart draws the most concentrated hedging levels on the price chart as Pulse lines; the GEX structure view shows GEX by strike with Call Wall, Put Wall and Gamma Flip; Dealer Heatmap extends the same question across expiries over the next 90 days. It is market-structure context, not financial advice.