JPMorgan Chase & Co.

Net delta exposure (DEX) measures the total directional bias of all options positions held by dealers for JPM on NYSE/NASDAQ. It represents the aggregate number of underlying shares (or equivalent contracts) that dealers must hold to remain delta-neutral across the entire options chain. The current net DEX for JPM is +1.2M (net long delta (bullish dealer positioning)). Positive DEX means dealers are net long the underlying; negative DEX means they are net short.

GEX (gamma exposure) measures the rate of change of dealer hedging flows — it tells you how much dealers will buy or sell for each 1% move in JPM. DEX (delta exposure) measures the current absolute directional position of dealers — it tells you the total long or short bias right now. GEX predicts the magnitude of hedging activity; DEX reveals the current directional tilt. Together they give a complete picture of dealer positioning in JPM options.

Strikes with large positive DEX (dealers heavily long delta there) act as support — dealers will buy on dips at those levels to maintain their hedge. Strikes with large negative DEX act as resistance — dealers sell into rallies. A large positive total net DEX suggests overall upward hedging pressure on JPM; a large negative reading suggests downward pressure. This is particularly useful when combined with the GEX and OI walls charts.

JPM net delta exposure is recalculated every 5 minutes during United States market hours from live NYSE/NASDAQ options data. StrikeVue is completely free and requires no login or broker account.