Gamma exposure explained: how dealer positioning creates support

Gamma exposure (GEX) measures how options dealers must adjust their hedges as price moves. When a dealer is net long gamma, they have to buy dips and sell rips to stay hedged, a mechanical force that tends to stabilize price around certain levels.

The best known is the “put wall”: the largest concentration of dealer gamma below price, which tends to act as support. It isn't magic or a chart pattern; it's the direct consequence of how the people who must hedge actually hedge.

Cortex computes these levels and integrates them with the session regime and confluence score, so you understand not just where the wall is, but under what conditions it's most likely to hold.