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dex ladder
Strike-by-strike delta exposure derived from cumulative classified transaction imbalances.
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Access this data from the options profile greeks endpoint (greek delta).
The DEX (Delta Exposure) Ladder simplifies the Options Profile by condensing call and put flows into a single net delta value per strike.
Delta Polarity
- Positive Delta (Right): Customer long calls and short puts. Indicates bullish customer positioning and dealer short delta obligations.
- Negative Delta (Left): Customer short calls and long puts. Indicates bearish customer positioning and dealer long delta obligations.
Order Book Analogy & Structural Support
The DEX Ladder functions as an options-derived order book:
- Heavy Negative DEX Above Spot: Operates like passive limit selling, indicating resistance.
- Heavy Positive DEX Below Spot: Operates like passive limit buying, indicating structural support.
Zero-DEX transition zones between large positive and negative clusters identify primary intraday targets and mean-reversion boundaries.
High-Volatility Dynamics
In high-volatility regimes, option gamma curves flatten across strikes. This increases the correlation between Delta Exposure (DEX) and underlying spot movement as directional hedging obligations supersede local gamma curvature.