Option Summary Gex displays the net gamma exposure (GEX) for the session as an oscillator, using real CBOE market maker data instead of the standard assumption used by Option Summary. It shows whether the market is in a positive or negative gamma regime at any given moment, based on actual reported dealer positioning. It also includes an optional marker feature that colors the indicator background with the regime color, making regime shifts easy to spot at a glance.

Note: Option Summary Gex uses CBOE data and shows values on SPX charts only.

How to Add Option Summary Gex

1. Open an SPX chart in DeepGamma Web

2. Click Indicators in the Menu Bar

3. Click the green Add indicator button at the bottom of the panel

4. Open the Options (Cboe) tab and search for Option Summary Gex

5. The indicator is added to your chart and appears in the Indicators panel

6. Click the gear icon next to Option Summary Gex to open its settings

   

Understanding Key Terms

Before choosing a data source, it helps to understand a few core options concepts:

• Call - An option that gives the buyer the right to buy the underlying at a set price. Traders buy calls when they expect price to go up

• Put - An option that gives the buyer the right to sell the underlying at a set price. Traders buy puts when they expect price to go down

• Gamma - A measure of how much an option’s delta changes as price moves. High gamma means dealers need to hedge more aggressively as price approaches a strike

• GEX (Gamma Exposure) - An estimate of the gamma exposure dealers are carrying at a given strike, combining volume with the gamma greek

• DEX (Delta Exposure) - An estimate of the delta exposure dealers are carrying at a given strike, showing directional hedging pressure rather than gamma sensitivity

• OI (Open Interest) - The total number of option contracts currently open and not yet closed or expired

• OI-R (Real-Time Open Interest) - Since official exchange open interest is only released at end of day, DeepChart calculates open interest in real time from live CBOE buy and sell flow

Settings

The settings window has two tabs: Parameters and Series. After making changes, click Apply to update the chart.

Parameters

General

• Data Source - Choose what data is used to calculate the net regime. Options available:

  • Gex (market maker) (default) - Uses real CBOE reported market maker gamma exposure, netted across all strikes.
    Use this when : you want the most reliable read on the overall dealer gamma regime for the session

    
    

  • Gex (OI R.T.) - Calculates net gamma exposure using real time open interest as the base instead of session volume.
    Use this when : you want a structural view of the regime based on live positioning rather than today’s volume

    
    

  • Dex (market maker) - Uses real CBOE reported market maker delta exposure, netted across all strikes.
    Use this when : you want to see the overall dealer directional hedging pressure rather than the gamma regime

    
    

  • Market maker δ - Shows the net delta flow generated by market maker buy and sell activity.
    Use this when : you want to isolate dealer side flow specifically, separate from overall market activity

    
    

• Expiration - Filter the calculation by expiration. Options available: Default, 0 DTE, <= 1d, <= 7d, <= 31d, <= 91d, All expirations

Note: When Expiration is set to Default, it uses the expiration selected under Expirations in the Settings quick bar.

• Include Carry or Open interest - When enabled, includes open interest carried over from previous sessions in the calculation, giving you a broader view of total positioning. When disabled, only current session data is considered. Default is disabled

Marker

The Marker feature colors the background of the indicator panel to highlight regime shifts.

• Enable - Show or hide the background color on the indicator panel. Default is disabled

• Positive color - Set the background color for positive regime periods. Default is dark green

• Negative color - Set the background color for negative regime periods. Default is purple

• Value - Set the threshold value that triggers the marker to change color. Default is 0

• Opacity - Set the transparency of the background color. Default is 20
  
  

  

Series

Color

• Color - Set the color for positive values. Default is green

• 2° Color - Set the color for negative values. Default is purple

Line style

• Type - Choose between Line, Bars, or Ignore. Default is Bars

• Line style - Choose between Solid or Dash. Default is Solid

• Line width - Set the thickness of the bars or line. Default is 4

• Auto color - Options available: None, Slope, +/-. Default is +/-

Marker

• Name label - Show or hide the series name label. Default is disabled

• Name background - Show or hide the background behind the name label. Default is disabled

• Value label - Show or hide the value label. Default is enabled

• Value background - Show or hide the background behind the value label. Default is enabled

• Use chart color - When enabled, the marker uses the chart color. Default is disabled

• Show line - When enabled, the current value is extended as a line to the right edge of the chart. Default is disabled

• Name - Set a custom label for this series

  

Example - How to Use Option Summary Gex

Once added, Option Summary Gex appears as a bar oscillator below the price chart. In the example above, the regime stays negative for most of the session and flips back to positive near the end.

• Green bars show a positive gamma regime, where price action tends to be more compressed

• Purple bars show a negative gamma regime, where price action tends to be more directional

• Watch for the shift between positive and negative, as it often lines up with a change in market behavior

• Compare it with Option Summary to see where the real and naive regime readings agree or differ

Combining with Other Indicators

The example chart also shows how Option Summary Gex can be read alongside other indicators:

• Option Levels Advanced - Shows the key strike levels, while the regime helps you judge how price may react at them

• Option Gex Heatmap - Shows where market maker exposure is concentrated across price

• Option Gex Profile (GEX (MM)) - Shows real market maker gamma exposure at each strike

• Option Profile (G. (Vol)) - Shows classic volume based gamma exposure for comparison

• Option Gex Profile Hedging (H - GEX) - Shows whether hedging at each strike may amplify or attenuate a move

  

Use these as context and confirm with price action and order flow before acting on any level.

Any Questions?

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