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 highlights the price chart itself with colored bands, making regime shifts easy to spot without switching between panels.

Note: Option Summary Gex is available on SPX only, as it requires CBOE data.

How to Add Option Summary Gex

1. Go to New in the top menu

2. Click on Option Chart

   

   
   

3. A Select Instrument dialog will appear. Since Option Summary Gex requires CBOE data, select SPX - Symbol: ES-CME, Exchange: CME

   

   
   

4. Click to open the chart

5. Once the Option Chart is loaded, click the Indicator Add button on the chart toolbar

6. Search for Option Summary Gex and click + to add it

7. Click the settings icon to open the configuration window

   

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

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: 0 DTE, <= 1d, <= 7d, <= 31d, <= 91d, All expirations. Default is All expirations

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

  

Marker

The Marker feature paints colored background bands directly on the price chart to highlight regime shifts, separate from the oscillator panel below the chart.

• Enable - Toggle to show or hide the marker bands on the price chart. Default is disabled

• Positive color - Set the background color for positive regime periods. Default is 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 marker bands. Default is 20

  

Subgraphs

Regime (1)

• Color - Default is green

• 2° Color - Default is purple

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

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

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

• Line Width - Default is 4

• Short Name - Set a custom label for this series

• Name Label - Toggle visibility of the name label. Default is disabled

• Value Label - Toggle visibility of the value label. Default is enabled

• Name Background - Toggle the name label background. Default is disabled

• Value Background - Toggle the value label background. Default is enabled

• Chart color for marker - Enable to use chart color for markers. Default is disabled

• Include on Auto Center - Enable to include this series in auto centering. Default is enabled

  

Example - How to Use Option Summary Gex

Once added to your chart, you will see a bar oscillator plotted below the price chart, along with optional colored bands on the price chart itself if the Marker feature is enabled. Here is a simple way to use it:

• When the oscillator is green and the market is in a positive gamma regime, expect price action to be more compressed, since real dealer positioning confirms this is likely to hold

• When the oscillator turns purple and the market shifts into a negative gamma regime, expect more volatile and directional price action

• Since this version uses real CBOE market maker data, it can be more reliable than Option Summary during 0DTE and OPEX sessions, when the naive assumption used by Option Summary tends to break down

• Compare Option Summary Gex against Option Summary to see where the naive and real regime readings agree or diverge

  

Any Questions?

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