# What is GEX?

> Also called: Gamma exposure, Dealer gamma, Net gamma, Gamma levels, Zero gamma, Gamma flip

**In short.** GEX, gamma exposure, is an estimate of how much the options market makers must buy or sell in the underlying as its price moves, summed over the open options. Positive GEX means dealers sell rallies and buy dips, which dampens moves; negative GEX means they buy rallies and sell dips, which amplifies them. The zero-gamma level is where the regime flips.

Levels derived from GEX (call wall, put wall, zero gamma) are drawn on NQ and ES because the index options (SPX, NDX, and 0DTE in particular) are hedged with the futures. A large call wall above price is a level where rallies tend to stall; a put wall below is where dips tend to be bought, as long as the regime is positive.

GEX is a map, not a signal: a level holds when the order flow confirms it (absorption at the call wall), and breaks when it does not. [DeepGamma](https://www.deepcharts.com/pricing/deepgamma-web?affCode=OFF&utm_source=fillprint&utm_medium=affiliate), the DeepCharts options module, plots those levels from live open interest.

- Guides on this term: [GEX for futures traders: gamma levels on NQ and ES](https://fillprint.io/en/journal/gex-for-futures-traders)
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- Read next: [E-mini futures](https://fillprint.io/en/glossary/e-mini-futures)
- Read next: [Liquidity heatmap](https://fillprint.io/en/glossary/liquidity-heatmap)

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