Introducing GEXVEX: Our Newest Indicator to Monitor Potential Per-Strike Price Action

Happy New Year! We're kicking off 2026 with a brand new indicator I've been heads-down on for a while: GEXVEX.

At its core, GEXVEX is the sum of real-time Gamma (GEX) and Vanna (VEX) exposure per strike. It's designed to give you a much clearer picture of how dealer hedging actually impacts price action at specific levels.

If you've been using VannaCharm for a while, you know we usually display GEX and VEX separately. That's great for understanding each Greek's contribution in isolation. But in high-volatility environments, Vanna can rival—or even exceed—Gamma in terms of per-strike dealer hedging impact. To see the full picture, you need to see them together.

Why Combine GEX and VEX?

Think about what happens when price approaches a strike with significant dealer exposure.

If Gamma and Vanna are both "rowing" in the same direction, their hedging flows compound and create massive walls of support or resistance.

But if Gamma says "buy the dip" while Vanna says "sell the rip," you've got tension. Dealers are fighting themselves, and price action becomes messier and less predictable.

Until now on VannaCharm, you had to mentally overlay the GEX and VEX charts to figure this out. GEXVEX does that work for you.

The Two Metrics

The GEXVEX chart displays two values on a dual-axis chart:

1. GEXVEX Sum (Purple Line, Left Axis)

This is simply the net dealer pressure at a given strike:

$\text{GEXVEX Sum} = \text{GEX} + \text{VEX}$

Large positive values mean dealers are likely to buy dips and provide support. Large negative values mean dealers are likely to sell into strength and provide resistance.

2. Synergy Index (Gold Dashed Line, Right Axis)

This is our new -100% to +100% oscillator. It tells you whether GEX and VEX are working together or against each other, weighted by the overall significance of the exposures at each strike.

How We Calculate the Synergy Index

To get this score, we use a two-step normalization process. This ensures the indicator tells you both the quality of the interaction (Are they conflicting?) and the significance of the strike (Does it actually matter?).

1. The Interaction Ratio (Local Efficiency)

First, we look at how much GEX and VEX are "sharing" the load at a specific strike. We calculate what we call "Locked Exposure" — the amount of force ($'s) that are matched and thus neutralized.

$\text{Locked Exposure} = 2 \times \min(|\text{GEX}|, |\text{VEX}|)$

If GEX is +$100M and VEX is -$80M, they are conflicting. The "Locked" amount is $160M ($80M from each side). This represents the "energy" trapped in the conflicting flows.

2. The Global Weighting

To keep the chart clean, we don't want a tiny $1,000 conflict at a deep OTM strike to look the same as a $1B conflict at the ATM strike. We take the Locked Exposure and divide it by the Global Max (the single largest total exposure found anywhere across the given expiry - regardless if it is from gamma or vanna).

$\text{Synergy Index} = \left( \text{sgn}(\text{GEX}) \times \text{sgn}(\text{VEX}) \right) \times \left( \frac{\text{Locked Exposure}}{\text{Global Max Total Exposure}} \right) \times 100$

The result is an oscillator that stays quiet for noise (low exposure strikes) but spikes at strikes where major capital is interacting.

In the tooltip, you'll see the raw Locked Exposure value in dollars.

If you see a strike with low Net Pressure (Purple Line) but massive Locked Exposure, you've found a "Pinning Zone." Dealers are hedging heavily in both directions, which can act like financial quicksand, keeping price stuck until one of the forces (usually Volatility) gives way.

The 8 Scenarios - What They Mean for Price Action

#	GEX	VEX	Net Sum	Synergy Index	Price Action Interpretation
1	+Large	−Small	+Large	−Small	Strong magnet. Positive gamma dominates; this strike could act as a magnet.
2	+Large	−Large	~0	−Large	⚡ Tension zone. Big forces fighting. Expect choppy price action.
3	+Large	+Small	+Large	+Small	Strong support, reinforced. Both forces aligned, strike could act as price magnet.
4	+Large	+Large	+Very Large	+Large	✓ Major support wall. Maximum dealer hedging pressure. Strong price magnet
5	−Large	+Small	−Large	−Small	Strong resistance. Negative gamma dominates; price could be choppy and volatile here.
6	−Large	+Large	~0	−Large	⚡ Tension zone. Conflicting dealer flows. Watch for a volatile breakout to either side.
7	−Large	−Small	−Large	+Small	Strong resistance, reinforced. Both forces aligned bearishly.
8	−Large	−Large	−Very Large	+Large	✓ Major negative dealer exposure. Watch for volatile and choppy price action.

How to Use GEXVEX in Your Trading

1. Identify High-Conviction Levels: Look for strikes where GEXVEX Sum is at an extreme AND the synergy index is highly positive. These are your strongest walls. High positive GEXVEX and high positive Synergy above spot suggest a strong resistance level; High positive GEXVEX and high positive Synergy below spot suggests strong support.

2. Spot Potential Chop Zones: When you see GEXVEX Sum near zero but the synergy index is deeply negative, be cautious. Price may range here without clear direction.

3. Watch the "Unlocking": If a strike has massive Locked Exposure and price finally breaks through, the move can be explosive as dealers are forced to "unlock" their hedges all at once.

Try It Out

GEXVEX is now available on our symbol overview page and live symbol overview for all premium subscribers. It sits right after the individual GEX and VEX charts, so you can see the components and the combined view together.

Happy trading in 2026!

-Chris