Filter Options
| Symbol | Spot | Net GEX | Abs GEX | Flip | Flip Dist % | Regime |
|---|
GEX Screener: Finding Gamma Exposure Regimes Across US Stocks
GEX stands for Gamma Exposure, and it is one of the most important yet underappreciated metrics in modern options trading. While individual option Gamma tells you how much Delta will change for a one-dollar move in the stock, GEX aggregates all the Gamma across every strike and every expiration for a given symbol. The result is a single number that tells you whether market makers are net long or net short Gamma overall — and that distinction determines whether the stock is likely to experience suppressed volatility or amplified moves in the near term. The GEX Screener puts this analysis across every tracked US stock on one screen, so you can instantly find which names are in which Gamma regime.
When net GEX is positive, market makers are generally long Gamma from selling puts. Their natural hedging behavior is to buy the stock when it falls and sell when it rises, which acts as a stabilizing force. These stocks tend to trade in tighter ranges with mean-reverting characteristics. When net GEX is negative, the opposite dynamic takes hold. Market makers are short Gamma from selling calls, and their hedging requires selling into falling markets and buying into rising ones — amplifying moves rather than dampening them. This is the regime where sharp, directional moves are most likely. Understanding which regime each stock is in gives you a significant edge in choosing the right strategy.
What Is a Gamma Flip and Why Does It Matter
The Gamma Flip level is the stock price at which net GEX transitions from positive to negative or vice versa. When the stock approaches this level, the entire volatility regime of the stock is about to change. A stock moving from positive to negative GEX is transitioning from a stable, mean-reverting environment to one where moves can accelerate. This is a critical threshold that many professional traders watch because crossing it often triggers a change in the stock's trading character. The Flip Distance column in our screener tells you how close each stock is to its Gamma Flip — stocks with a small flip distance percentage are the ones closest to a regime change and therefore the most interesting to watch.
Regime Filtering
Filter by positive GEX to find stocks in suppressed volatility regimes — favorable for premium selling strategies. Filter by negative GEX to find stocks prone to sharp moves — favorable for directional buying or hedging. This single filter transforms how you screen for trading opportunities.
Price vs GEX Position
The "Near -GEX" filter finds stocks trading close to their negative Gamma level — these are names where a small move could trigger a regime shift. "Between Levels" shows stocks caught between positive and negative GEX boundaries, where volatility behavior is transitional and unpredictable.
Multi-Symbol Ranking
Sort by absolute GEX, flip distance, or net GEX to rank the entire universe. The highest absolute GEX names have the most Gamma-driven hedging activity and are therefore the most responsive to option positioning changes. This ranking surfaces the most Gamma-sensitive names in the market.
Frequently Asked Questions About GEX
How is GEX calculated?
GEX is calculated by summing the total Gamma exposure across all strikes for both calls and puts, weighted by open interest and contract size. Call Gamma contributes positively to GEX (market makers are typically short calls and thus long Gamma), while put Gamma contributes negatively (market makers are typically long puts and thus short Gamma). The net result reveals the aggregate Gamma positioning of the dealer community.
Should I avoid trading stocks with negative GEX?
Not necessarily. Negative GEX means the stock is in an amplified volatility regime, which is unfavorable for premium sellers but potentially very attractive for directional traders. If you have a strong view on direction, negative GEX stocks can produce larger and faster moves in your favor. The key is matching your strategy to the regime: sell premium in positive GEX environments and trade directionally in negative GEX environments.
Disclaimer: Options trading involves substantial risk. GEX analysis is for educational and informational purposes only and should not be construed as financial advice. Past patterns do not guarantee future results.