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Gamma Exposure (GEX): the metric predicting S&P phantom crashes

October 2024: S&P drops 2% in 10 min while rising. Why? Gamma move from over-hedged dealers.

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GEX in 1 minute

GEX measures dealers' net delta sensitivity to spot. Positive GEX = dealers sell on rallies, buy on dips → stabilizing. Negative GEX = the opposite → amplifying. The 'GEX flip' = the strike where regime switches.

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