Convexity, GEX, and DEX: Three Ways to Measure Pressure

Published by Cristian Ibáñez

Convexity, GEX, and DEX answer three different questions about the same strike. GCIStrikeProfile doesn't measure one single thing. It measures three. Each metric tells a different story about the same options chain, inside the strike profile of the NT8 suite. Picking the right metric completely changes what you see.

This guide covers what each of the three measures. It covers how they're alike, how they differ, and when to look at one instead of another.

GEX: Aggregate Hedging Pressure by Strike

GEX is the metric you already know from the rest of the suite. It applies strike by strike instead of aggregating into a single number. It measures the magnitude and sign of the hedging pressure each strike generates. It's positive when hedging tends to stabilize price. It's negative when it tends to reinforce the move.

According to CME Group (2026), Gamma measures how fast an option's Delta changes against a move in the underlying. Summing that effect at every strike is exactly what builds the GEX map. In GCIStrikeProfile, GEX calculates on either Volume or Open Interest. You already saw that choice in the previous strike profile guide.

DEX: Directional Pressure by Strike

DEX measures something different. Not the acceleration of hedging. Its direction. According to CME Group, Delta shows how an option's price changes against a one-point move in the underlying. That's exactly the directional bias each position's hedging carries. Aggregated by strike, DEX tells you where more directional buying or selling pressure concentrates. It doesn't matter how fast that pressure changes.

While GEX answers "does this strike dampen or accelerate the move?", DEX answers "does this strike push price up or down?" Two different questions about the same strike.

Cover image: three strike profiles side by side, one for GEX, one for Convexity, one for DEX, each in a different color Figure 1. GCIStrikeProfile's three metrics side by side: GEX, Convexity, and DEX each measure something different at the same strike.

Convexity: The Curvature of Exposure at Each Strike

Convexity measures how sensitive a strike's exposure is to a further move in price. It's the curvature of that exposure. Not just its directional magnitude. The term comes from a broader finance concept.

According to Investopedia, convexity describes the curvature in the relationship between an instrument's price and the variable that moves it. In bonds, that variable is yield. GCIStrikeProfile applies that same curvature idea to options exposure by strike, not to a bond's price.

A strike with high convexity is one where hedging pressure can change sharply if price keeps moving. Not just one that already carries a lot of pressure. It's a complementary read to GEX. It tells you where the map can get more sensitive, not just where it's already strong today.

One practical difference worth knowing: Convexity is available for the 0DTE and 1DTE horizons. If you select the ALL horizon with Convexity active, the profile shows GEX instead, with a note flagging it. To read convexity directly, keep the horizon on 0DTE or 1DTE.

An Example of All Three Metrics on the Same Strike

For example, take the 21,420 strike. On GEX, that strike shows a large positive bar. It's the Call Wall, the point of heaviest gamma concentration. On DEX, the same strike shows negative directional pressure. Positioning at that point pushes downward, toward current price.

On Convexity, that same strike shows a moderate bar. The combined read says the strike is strong today (high GEX). It pushes downward (negative DEX). It isn't the most sensitive to price continuing to rise (moderate Convexity).

A different strike, at 21,435, tells another story. There, GEX is low, barely any pressure accumulated yet. But Convexity is high: it's a strike that could change sharply if price keeps rising toward it. That strike, not the Call Wall, is the one worth watching if the move continues in that direction.

How Convexity Changes as the Day Goes On

On 0DTE, a strike's convexity isn't fixed for the whole session. Early in the morning, with hours of life still ahead, that curvature tends to spread across several strikes near price. As the close approaches, curvature tends to concentrate more on the strikes immediately around current price, since daily-expiration options react faster and faster to any move in their final hours of life.

That's why it's worth checking Convexity more than once during the session, not just at the open. A strike that showed a moderate bar mid-morning can become the most sensitive one on the profile by the afternoon, without GEX or DEX having changed dramatically at that same strike.

What Convexity Looks Like Right Before a Strike Becomes the New Call Wall

Occasionally a strike that started the session as a minor, barely visible bar on GEX ends the session as the strongest one on the map. Convexity is usually the first place that shift shows up. Say the 21,435 strike carries a small GEX bar at 10:00 in the morning but a noticeably tall Convexity bar. Over the next two hours, as price grinds toward that strike, its GEX bar grows steadily while the Convexity bar stays elevated the whole way. By early afternoon, 21,435 has overtaken 21,420 as the tallest bar on GEX, effectively becoming the new Call Wall.

Not every high-Convexity strike follows through this way. Many stay secondary for the entire session, since the move that would have pulled price toward them simply never happens. What makes this pattern worth watching for is the sequence itself: a strike showing high Convexity while price is still some distance away is flagging where the map is structurally ready to shift, well before GEX alone would have shown any hint of it. Checking Convexity on the strikes just ahead of price, rather than only on the current Call Wall, is what catches this kind of transition while it's still forming instead of after it's already happened.

Using All Three Metrics in One Decision, Step by Step

Putting the three together follows a simple order. Start with GEX to find which strikes carry the heaviest hedging pressure right now: that's your baseline map of strength. Switch to DEX on those same strikes to see whether the positioning behind that pressure is pushing price up or down, which tells you if the strong strike is likely to act as resistance or support in practice. Finish with Convexity, on 0DTE or 1DTE, to check whether a strike near price that isn't dominant yet on GEX could still become relevant fast if the move continues.

That three-step sequence, GEX for strength, DEX for direction, Convexity for how fast things could change, takes seconds once it's a habit, since all three read off the same profile with a single metric switch. It's the difference between seeing one number and understanding the full shape of pressure around the strikes that matter for the trade you're considering.

Comparison Table of the Three Metrics

Metric	What it answers	Available basis	Available horizon
GEX	Does this strike dampen or accelerate the move?	Volume or Open Interest	0DTE, 1DTE, ALL
Convexity	How sensitive is this strike to a further move?	Its own convexity calculation	0DTE and 1DTE (ALL falls back to GEX)
DEX	Does this strike push price up or down?	Aggregate directional calculation	0DTE, 1DTE, ALL

Every configuration parameter for all three metrics is in the GCIStrikeProfile reference guide.

When to Look at Each One

Use GEX to confirm whether the market sits in a dampening or accelerating regime, strike by strike.
Use DEX to understand the directional bias options positioning carries, beyond how fast it changes.
Use Convexity to spot strikes where pressure could grow fast if price keeps moving that way, not just where it's already strong.

These metrics aren't mutually exclusive. Switching between them on the same profile, over the same group of strikes, is the most direct way to build a complete read before deciding on an entry.

Frequently Asked Questions

Do I need to check all three metrics every time I trade? Not necessarily. Many traders use GEX as their primary read. They check Convexity or DEX when they need more detail on a specific strike.

Why isn't Convexity available on the ALL horizon? The convexity calculation GCIStrikeProfile uses is built on the 0DTE and 1DTE horizons. Selecting ALL with that metric active shows GEX instead. That way you never see a data point without a real basis behind it.

Can DEX and GEX point in different directions at the same strike? Yes, because they measure different things. One measures direction. The other measures acceleration or dampening. Seeing both together gives a more complete read than either alone.

Do these metrics change the color of the profile bars? Yes. Each metric has its own color palette for positive and negative pressure, configurable from the indicator's properties.

Why use the word "convexity" if it's normally associated with bonds? Because it describes the same type of mathematical relationship. How curved something's sensitivity is to a further move. In bonds, that sensitivity is to yield. In GCIStrikeProfile, it's to the underlying's price.

Can a strike show high Convexity and low GEX at the same time? Yes, and that's exactly the most useful read this metric offers. A strike like that doesn't dominate the map yet, but it can become relevant fast if price keeps approaching it.

How often is it worth checking Convexity during the session? At least a couple of times, especially on 0DTE. Curvature redistributes across strikes as the day goes on, so the open's read doesn't always match the afternoon's.

Does a strike with high Convexity always end up becoming the new Call Wall? No. It's a signal that the strike is structurally ready to grow, not a guarantee it will. Many high-Convexity strikes stay secondary all session if price never moves toward them.

Next Step

You now know the three metrics available inside the strike profile. The next step is stepping out of the profile and into the context panel: how all of this rolls up into three at-a-glance cards.

Continue with: Regime, Bias, and Space in One Window (next in the guide).