Net GEX Magnitude Tier: How to Read the Per-Ticker Classification

Reading the Panel

The Net GEX Exposure card on the dashboard shows three pieces of information stacked vertically: the value, the tier badge, and a mini-scale with a plain-language label.

• The value — for example "+$30B". This is the aggregate dealer net gamma across the chain (positive = Long Gamma regime, negative = Short Gamma regime).
• The tier badge — for example "[LOW for SPX]". A colored pill that classifies the current magnitude into one of five tiers, calibrated to that specific ticker.
• The mini-scale — five small horizontal segments. The number of filled segments shows where the current value sits across the five tiers, with a plain-language label below ("20–50% range of last 60d").

The badge color matches the tier: gray (Very Low), blue (Low), amber (Moderate), orange (High), red (Extreme). The mini-scale uses the same color for filled segments, with empty segments shown in faded gray.

The Five Tiers Explained

Every Net GEX magnitude on the dashboard is classified into one of five tiers. The classification is built by ranking all of the ticker's |Net GEX| readings from the last 60 days and locating where the current value falls within that ranked distribution. The labels describe how the current reading compares to the ticker's own recent history — not to other tickers, and not to an absolute scale.

• Very Low — the current reading is among the smallest 20% of observations for this ticker over the last 60 days. Dealer positioning is unusually thin relative to the ticker's recent baseline.
• Low — the reading sits between the 20% and 50% marks. Smaller than the median for this ticker, but within the typical range.
• Moderate — the reading sits between the 50% and 80% marks. Above the median, but not yet in the top quintile.
• High — the reading sits between the 80% and 95% marks. Among the largest 20% of recent observations, though not yet at extreme levels.
• Extreme — the reading is among the largest 5% of observations for this ticker over the last 60 days. A level reached only a handful of times in the recent window.

Why Per-Ticker Matters

The absolute magnitude of |Net GEX| varies enormously across tickers. SPX routinely shows tens of billions in either direction. NVDA typically runs in single billions. Small-cap names may show only millions. A single fixed scale across all tickers would label the vast majority of small-cap observations as "Very Low" while putting nearly every SPX reading in "High" or "Extreme" — making the labels nearly useless.

The per-ticker, relative-to-self approach resolves this. "Extreme for SPX" and "Extreme for NVDA" both indicate historically rare positioning for that specific ticker — the labels carry the same semantic meaning across instruments, even though the absolute numbers behind them differ by orders of magnitude.

How the Classification Works

The methodology is, conceptually, equivalent to a curve grade. For each ticker, the platform maintains the rolling distribution of its |Net GEX| readings over the last 60 days — every reading the ticker has shown, ordered from smallest to largest. Direction (positive or negative) is set aside for this calculation: what is being measured is the size of dealer positioning, not its sign.

Four reference points are extracted from that distribution. They mark, respectively, the boundary of the smallest 20% of readings, the median, the threshold of the largest 20%, and the threshold of the largest 5%. Together, those four reference points define the five tier boundaries.

When the live |Net GEX| value updates on the dashboard, it is compared against those reference points and assigned the appropriate tier. The reference points themselves are recomputed every hour from the rolling 60-day window, so the classification continuously adapts to changes in the ticker's typical range without any manual intervention.

How It Auto-Updates

Two layers of automatic adjustment keep the classification current:

• Tier label refreshes with every dashboard update. As Net GEX magnitude moves throughout the session and crosses a boundary, the tier label and mini-scale update on the next refresh cycle (typically every several seconds). No page reload required.
• Reference boundaries refresh every hour. The four values that separate the tiers are continuously recomputed from the rolling 60-day window, allowing the classification to track shifts in the ticker's typical range. If a ticker's activity profile changes over weeks — for example, a sustained increase or decrease in positioning — the boundaries drift accordingly.

Because the comparison window is rolling, readings that were extreme months ago gradually leave the reference set. The classification reflects "unusual against the recent baseline," not "unusual against all-time history" — which is generally the framing traders use when assessing whether a current market structure is noteworthy.

Reading Examples

The following examples illustrate how the same dashboard might display different tiers for different tickers on the same day. Numbers are representative; live values vary continuously.

• SPY +$0.21B → "Very Low for SPY" — one segment filled. The reading is well below the boundary that separates the smallest 20% of recent SPY observations from the rest, placing it firmly in the bottom tier.
• SPX +$30B → "Low for SPX" — two segments filled. The reading sits just below the median of SPX's recent distribution. While the absolute dollar figure is large, it is unremarkable for SPX.
• QQQ +$2.66B → "Moderate for QQQ" — three segments filled. The reading falls comfortably within the middle of QQQ's recent range — above the median, but not yet near the top of the distribution.
• SPX +$120B → "Extreme for SPX" — all five segments filled. The reading exceeds the threshold that separates the largest 5% of SPX observations from the rest — a level reached only a handful of times in the recent window.

What the Tier Does Not Tell You

The tier classifies magnitude only. It is independent of:

• Sign / regime. Long Gamma versus Short Gamma is a separate dimension shown by the regime badge. A "Moderate for SPY" reading can be in either regime depending on the sign of Net GEX.
• Spatial distribution. A Net GEX magnitude can be concentrated at one strike or spread across many — the tier doesn't distinguish. The Histogram and Levels panel show that detail.
• DTE composition. Net GEX can be dominated by 0DTE or by longer-dated options. Use the DTE filter to inspect.
• Forward implications. The tier describes the current reading relative to recent history. It does not predict price moves, regime changes, or volatility behavior.

Data Requirements

A minimum of 100 historical readings is required before a tier is displayed for a ticker. Below that threshold, there is insufficient data to determine what is typical for that ticker, and the badge is hidden rather than shown with a low-confidence label. In practice, this rarely affects users — actively tracked tickers such as SPY, SPX, QQQ, IWM, and the major equity names accumulate tens of thousands of readings over the 60-day window.

When a reliable classification cannot be computed, the badge is omitted entirely. The system never displays a tier it does not stand behind.

Combining the Tier with Other Dashboard Information

The tier is one slice of context. Reading it alongside the other cards on the dashboard gives a more complete picture:

• Regime badge tells you which side of the gamma flip you are on.
• Net GEX tier tells you how unusual the magnitude is for this specific ticker.
• Flip Proximity tells you how close the spot is to the regime boundary.
• Calls vs Puts panel shows whether the magnitude is dominated by call-side or put-side positioning.
• Histogram shows where in the strike distribution the gamma is concentrated.

Together, those views describe the structural picture from multiple angles. The tier specifically addresses the "is this a big or small reading for this ticker?" question that absolute numbers alone cannot answer.