GEX vs DEX: What Is the Difference?

What GEX asks

GEX organizes estimated gamma exposure by strike. It helps describe whether the structure appears more balanced or more exposed to expansion, and where concentration is visible on the map.

What DEX asks

DEX focuses on the directional component of dealer hedging pressure. It is a confirmation layer: useful for comparing the directional read with the broader GEX structure, but not a substitute for price context or risk management.

Reading the two together

Start with GEX to understand the regime and concentration, then use DEX to check whether the directional layer is consistent or divergent. Agreement can make the description clearer; disagreement is a reason to stay descriptive rather than force a conclusion.

• GEX describes the volatility regime.
• DEX describes the directional layer.
• Neither one is a standalone trade signal.