Stop chasing GEX+. It’s a crutch. You think seeing dealer gamma tells you who’s winning. It doesn’t. It tells you what dealers had to do yesterday. Not what they’ll do tomorrow. The market isn’t a simple feedback loop. It’s a war of trillion-dollar ETFs, sovereign flows, and algos that front-run your front-run. GEX+ is a rearview mirror painted blue. When it flips positive, you think “support.” That’s the story. The truth? It often means dealers have already sold all their hedge. The pressure is building, not dissipating. Negative gamma means “they’ll sell the rip.” Sure. But who’s buying the rip? The same passive flows that ignore gamma entirely. You’re looking at a single player’s playbook in a game with a hundred teams. The real edge isn’t the GEX+ number. It’s knowing when it’s lying. It lies when volatility spikes on news. It lies during ETF rebalancing windows. It lies when the VIX term structure inverts. Dealers hedge. But they also trade. They have delta books. They have vega risk. GEX+ only shows one slice of one hedge. Most traders use GEX+ like a horoscope. “Dealers are short gamma, so we’ll dump.” That’s not an edge. That’s a crowd. The moment everyone agrees on what GEX+ means, it stops working. The dealers know you’re watching. They adjust. Your edge isn’t in the indicator. It’s in the gap between what the indicator shows and what the other massive players are doing. Forget the dealers’ hand. Watch the order flow behind the hedge. Watch the ETF flows. Watch the funding rates. GEX+ is a symptom. Not the disease. If you can’t explain why GEX+ is wrong as often as it’s right, you don’t understand it. And you will get smoked when the context changes. The traders who win aren’t the ones watching GEX+ closest. They’re the ones who remember it’s just one piece of a puzzle that’s always being reshuffled. You’re not seeing the dealers’ hand. You’re seeing the card they wanted you to see. The data doesn't lie. 👇(TheKingfisher)