Delta Exposure (DEX) and Vega Exposure (VEX) Explained

Beyond GEX: The Full Exposure Picture

Gamma Exposure tells you about hedging intensity — how much dealers need to adjust for each dollar move. But the options chain contains more information than gamma alone.

Delta Exposure (DEX) shows you the total directional positioning at each strike. Vega Exposure (VEX) shows you sensitivity to volatility changes. Together with GEX, these three metrics give you a complete picture of the structural forces acting on price.

Delta Exposure (DEX): Directional Pressure

DEX measures the total delta-weighted exposure at each strike. Think of it as the directional tilt of dealer positioning.

Large positive DEX at a strike means dealers hold significant long delta there — they have directional exposure to the upside. Large negative DEX means bearish exposure.

DEX is useful for understanding the net directional pull of the options chain. If total DEX is heavily negative, the market is positioned bearishly — there's more put delta than call delta across the chain. This doesn't mean the market will drop, but it tells you which direction has more structural fuel behind it.

Vega Exposure (VEX): Volatility Sensitivity

VEX measures how much the total options positioning would gain or lose for a 1% change in implied volatility.

High VEX at a strike means that implied volatility changes will trigger significant position adjustments there. This matters because vol shifts often precede or accompany price moves.

Before earnings, VEX tends to build up at near-the-money strikes. After the event, the "vol crush" eliminates that vega, causing a structural reset. VEX helps you anticipate these transitions.

In GammaLens, you can toggle between GEX, DEX, and VEX in the Gamma Profile to see each exposure layer independently.

Using GEX, DEX, and VEX Together

The most useful analysis combines all three:

GEX tells you where price is likely to pin or accelerate. It maps the structural landscape.

DEX tells you the directional bias of dealer positioning. It reveals whether structural pressure favors buyers or sellers.

VEX tells you where volatility shifts will have the most impact. It highlights where the next structural reset might originate.

For example: a strike with high positive GEX, negative DEX, and high VEX is a heavily contested level — structurally stable but with directional pressure and vol sensitivity. It's likely to hold as support/resistance until a catalyst changes the volatility picture.