Delta Exposure Leaders

As of June 12, 2026 (end-of-day snapshot). Pages update daily after the market close.

Names with the largest absolute dealer net option-delta exposure (DEX). GEX describes how hedging flows behave when spot moves; DEX describes the raw option delta dealers are carrying, before the stock hedge. Sign convention: calls contribute negative delta and puts contribute positive, so a negative net DEX means dealers are short-call-heavy (retail net long calls) and hedged long stock; positive means dealers are short-put-heavy and hedged short stock.

Top 50 by Net DEX

The live dealer delta exposure leaderboard loads after the page hydrates. Rows are ranked by absolute net dealer delta exposure (|net DEX|) and include a DEX / OI normalization column.

Methodology

Computed per-ticker from the full by-strike delta aggregate during daily options chain import. Ranked by absolute net dealer delta exposure (|net DEX|) descending. The DEX / OI column normalizes by total open interest, surfacing smaller names with outsized dealer inventory. Eligibility: total open interest ≥ 50,000, spot ≥ $5.

Frequently Asked Questions

How is this different from gamma exposure?

GEX (gamma exposure) is a vol-regime signal; it describes how dealer hedging will respond to future spot moves. DEX (delta exposure) is a positioning snapshot; it describes what option delta dealers are carrying right now, before the stock hedge offsets it. A name can be neutral on GEX (dealers gamma-balanced around current spot) but heavily long or short on DEX (dealers carrying significant directional inventory before hedging). The two metrics answer different questions: GEX asks "how will hedging behave," DEX asks "how is the book positioned right now." Cross-referencing both surfaces names with notable dealer positioning along both axes.

What does a negative net DEX mean?

Under the standard convention (where calls contribute negative delta to dealer inventory because dealers are net short calls in retail-long flow), a negative net DEX indicates call-heavy retail flow: dealers are short calls and hedging with long stock. Positive net DEX indicates put-heavy flow: dealers are short puts and hedging with short stock. The direction of the dealer STOCK hedge is the opposite sign of net DEX, since the stock hedge offsets the option-book exposure. Reading the sign correctly requires keeping the convention straight; the screener's methodology section spells out the sign mapping.

Why "DEX / OI"?

Raw absolute net DEX naturally favors big-OI names because more contracts on the chain accumulate more total delta exposure regardless of imbalance. Normalizing by total open interest surfaces names where dealer option-delta exposure is disproportionately large relative to the accumulated chain: setups where forced hedging can move price more violently than on large-cap names with similar absolute DEX. A small-cap with high DEX/OI ratio represents a much more concentrated dealer positioning than a mega-cap with the same absolute DEX, because the chain volume to absorb hedging flows is smaller.

Are dealers really that directionally exposed?

Not at the firm level; market makers hedge aggressively against the stock to keep the firm-level book delta-neutral. Net DEX as reported here represents the pre-hedge option-book delta, the directional exposure the option side of the book carries before the stock hedge offsets it. Large net DEX residuals correspond to one-sided flow days where hedging is still catching up, or to overnight gaps where the option book exposure was set on yesterday's close before the morning stock hedge re-balances. The metric is a proxy for "how much hedging-induced flow is still in the pipeline."

How fresh is the data on this screener?

All public screener data refreshes once per trading day after the 4:00 PM ET market close, typically available by 5:30 PM ET. The platform uses end-of-day OPRA aggregates which are licensed for free public display. Authenticated API-tier users with their own Tradier or tastytrade BYOK credentials can pull intraday data through the streaming endpoints.

Where does the underlying data come from?

End-of-day OPRA aggregates for the options data, exchange-published stock prices for the spot reference, and a calibrated implied-volatility surface computed from the listed chain. Ranking metrics like IV rank, GEX, and unusual-activity counts are computed nightly from these primary inputs. Methodology details are in each screener's "How it's computed" section above.

Are these stocks recommended trades?

No. The screener is a ranked list of names that meet a quantitative filter at the close of the prior trading session, a research starting point, not a buy or sell signal. Whether any name on the list represents a tradeable opportunity depends on the underlying catalyst, your strategy, current market context, and risk tolerance. The platform does not give trade advice; the lists are descriptive, not prescriptive.

How often does the ranking change?

The ranking refreshes every trading day after the close. Names move on and off the list as their underlying metric (IV rank, gamma exposure, volume, etc.) crosses thresholds. Most screeners show meaningful day-over-day churn at the top of the list during active markets and lower turnover during low-volatility regimes. The "biggest change" screeners specifically target fast-moving names.

Is the screener tradeable in real-time during market hours?

The screener itself ranks on end-of-day data. To trade names on the list during market hours, use your own broker's real-time chain data; the platform's per-ticker pages link directly to real-time chains for authenticated users. The screener's job is to surface the universe of candidates that met yesterday's filter; the trade decision uses live data.

Can I export the ranked list?

Pro and API tier users can export rankings via the API (REST endpoint per screener slug returns a JSON list with all metric columns) or pull them programmatically through the Python SDK. Free users have the full ranking visible on the page; programmatic access requires authentication. Daily snapshots are also available for backtesting research through the API tier.