Learn · Exposure · Decision Desk

Exposure in plain English

On the Decision Desk, Exposure shows how dealers are positioned — gamma (GEX), delta (DEX), vanna (VEX), charm (CHEX), and pin risk. Use these as confirmers after you already have a rail + candle. They are not buy/sell signals by themselves.

One-sentence rule

Exposure answers “are dealers likely to dampen or amplify this move?” — it does not tell you to enter without structure.

GEX — the map (walls & flip)

Gamma exposure by strike is the visual wall map. Big positive bars near a strike often act like pin/support shelves; negative pockets can amplify moves. The rails strip (call wall / put wall / flip / magnet) is the same story in four numbers.

• Spot above the flip — positive-gamma / mean-revert lean → fades at walls more natural
• Spot below the flip — negative-gamma / amplify lean → favor momentum breaks, be careful fading

Gamma walls explained

DEX — dealer delta lean

Net dealer delta (DEX) is which way dealers are hedged. A clear lean can support “buy dips” vs “sell rips” as a bias, not an entry. On the desk, the dealer-delta gauge is this lean at a glance.

Example read: net-short DEX often pairs with dealers buying into weakness (supportive for call-off-support ideas if a put wall / reclaim already printed). Opposite lean → demand extra confirm before fading strength.

VEX — vanna (IV moves shift delta)

Vanna / VEX is how dealer deltas change when implied volatility moves. It matters most on event / vol-spike days (FOMC, CPI, fear pops): a mechanical vol-driven hedge can look like selling without “real” fear — or the opposite.

Desk tip: if VIX is spiking and VEX + skew look mechanical, treat a sharp selloff at support as possible reclaim fuel — still wait for the candle, don’t catch a knife on VEX alone.

CHEX — charm into the close

Charm is delta decay from time. Into the afternoon, 0DTE charm often pulls price toward the magnet / max-gamma strike.

• Use charm as a target bias (away from a wall, toward the pin) — not as a reason to buy sitting on the magnet
• Late day = faster scalp; honor force-flat

Pin score — magnet strength

Pin estimates how likely price sticks near the magnet into the close. Rising pin with time/gamma locking in = trust the magnet as a runner target. Jumpy pin early = still forming — don’t force a pin trade.

Hard rule for long premium: never buy at the pin to “harvest” it. Be at a wall, ride the pull, exit at the magnet.

How Exposure feeds a graded setup

1. Map says you’re at a real rail (and regime matches the idea type).
2. Candle confirms (reject / reclaim / hold-through).
3. Tape agrees (or at least isn’t screaming the other way).
4. Exposure feathers: DEX lean, wall still “real,” pin if you’re targeting the magnet.

Score language: graded alerts · full board: Decision Desk guide.

What Exposure is not

• Not a standalone Discord “buy” ping
• Not live option pricing (use your broker for fills and greeks)
• Not immune to stale chain / cache — if panels look empty or frozen, refresh and wait