GEX vs vGEX: When Volume-Weighted Gamma Tells a Different Story

Standard gamma exposure (GEX) and volume-weighted gamma exposure (vGEX) are built from the same math, gamma times open interest or volume times spot squared, calls positive and puts negative, but they weight the contracts differently. Knowing when to look at each helps you separate old open interest from where today's flow is concentrated.

Standard GEX

GEX aggregates gamma across the option chain using open interest. It shows, based on all outstanding contracts, which strikes carry the largest net gamma.

Volume-Weighted GEX (vGEX)

vGEX weights gamma by the day's trading volume rather than total open interest. It emphasizes the strikes that are actively being traded right now, which can surface fresh activity that standard GEX, built on older open interest, might understate.

When Each Metric Is More Useful

• Use GEX to see the structural picture from all outstanding positioning, especially into expiration.
• Use vGEX to spot intraday shifts and where new open interest is building during the session.
• Compare both: when vGEX diverges from GEX, that tells you where today's activity differs from the standing position, not what price will do next.

On the analysis page you can toggle between GEX and vGEX on the gamma-by-strike chart to see both views side by side. Open the screener to try it on any ticker.