“GEX” gets used for two different things — a single headline number and a whole profile across strikes. They answer different questions, and you want both.
Gamma exposure shows up in two forms on a dealer map, and confusing them costs you information. One is a single number; the other is a shape.
Net GEX: the regime in one number
Net GEX is the whole book summed into one figure. Its sign is the headline: strongly positive means dealers are net long gamma and the tape should dampen and mean-revert; negative means short gamma and moves amplify. It's the weather report — which market you're in today — and it's the first thing to read before any trade.
GEX by strike: the map
GEX by strike is the profile — how gamma is distributed across prices. That shape is where the structure lives: the peaks are the call and put walls, the zero-crossing is the gamma flip, and the clustering shows whether a wall is a single line or a stacked zone. The net number tells you the regime; the profile tells you where in price the regime acts.
Net GEX is the weather. GEX by strike is the terrain. You trade the terrain, but only after you've checked the weather.
Using them together
Read them in order. First net GEX for the regime — fade-or-chase, pin-or-run. Then the by-strike profile for the levels — where the walls and flip sit so you know your targets and invalidations. A negative net GEX with price sitting under a broken put wall is a very different trade than a positive net GEX pinned between two walls. NoVo's map shows both the headline regime and the full profile so you're never reading one without the other.
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NoVo is a software tool for market analysis, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.
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