Nightwatch Glossary

Gamma Exposure

GEX measures how option dealer hedging pressure may change as the underlying price moves.

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.

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。

How Nightwatch uses this term

Nightwatch uses GEX as one market-structure input alongside price, implied volatility, options flow, and dealer-positioning context. It should be read as analytical context, not financial advice.