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Definition · updated 2026-10-21
DEX (delta exposure)
DEX, or delta exposure, is the net directional position options dealers carry: open interest × delta × 100 summed across the chain, signed by calls and puts. Where GEX measures how hedging will react to a move, DEX measures how much stock dealers already hold against the options they have sold.
See it live: today's GEX levels by ticker.
GEX and DEX together
GEX is the second derivative, DEX the first. A chain with large positive DEX means dealers are long a lot of stock as a hedge, which has to be sold if those options are closed or expire; large GEX near spot means the hedge changes quickly as price moves. Both are maps of positioning, not forecasts.
Frequently asked questions
- Are GEX and DEX the same thing?
- No. GEX is gamma-weighted and tells you how dealer hedging reacts to a move; DEX is delta-weighted and tells you the size of the hedge already in place.
- Does OptionScout show DEX?
- OptionScout publishes GEX levels; DEX is not shown. The dealer hedging explainer covers how the two relate.