Why gamma exposure needs a label
A gamma-exposure estimate combines an option sensitivity with open interest, contract specifications, and an assumed position sign. Public open interest does not reveal which side dealers own. Recent trade direction also cannot reconstruct their entire inventory. A sign assumption can materially change the conclusion.
Put it into practice
Before using a GEX chart, inspect contract units, expiries, volatility, and position-sign assumptions. Treat estimated dealer exposure as a model, not observed inventory.