> ## Documentation Index > Fetch the complete documentation index at: https://docs.amberdata.io/llms.txt > Use this file to discover all available pages before exploring further. # Gamma Snapshots (GEX) > GEX aims to calculate the gamma exposure of Market Makers (MMs) and the resulting number of underlying contracts they must trade to keep their book delta-hedged. "Positive/long gamma" => more underlying stability because of "Buy low, sell high" "Negative/short gamma" => more underlying volatility because of "Sell low, buy high" Starting point is the direction of trades with our proprietary algorithm "AMBERDATA DIRECTION" composed of over 30 heuristics that estimate the "correct direction" = side of the initiator/aggressor of the trade at which other side there is "likely" a MMs. With this algorithm we are able to flag every trades by tracking the orderbook at millisecond level, to calculate and maintain a database of MMs gamma exposure ## OpenAPI ````yaml get /analytics/trades-flow/gamma-exposures-snapshots openapi: 3.1.0 info: title: derivatives-api version: '2' servers: - url: https://api.amberdata.com/markets/derivatives security: - sec0: [] paths: /analytics/trades-flow/gamma-exposures-snapshots: get: summary: Gamma Snapshots (GEX) description: > GEX aims to calculate the gamma exposure of Market Makers (MMs) and the resulting number of underlying contracts they must trade to keep their book delta-hedged. "Positive/long gamma" => more underlying stability because of "Buy low, sell high" "Negative/short gamma" => more underlying volatility because of "Sell low, buy high" Starting point is the direction of trades with our proprietary algorithm "AMBERDATA DIRECTION" composed of over 30 heuristics that estimate the "correct direction" = side of the initiator/aggressor of the trade at which other side there is "likely" a MMs. With this algorithm we are able to flag every trades by tracking the orderbook at millisecond level, to calculate and maintain a database of MMs gamma exposure operationId: derivatives-trades-flow-gamma-gex-snapshots parameters: - name: exchange in: query description: > **[Required]** The exchange for which to retrieve the GEX. **[Examples]** `deribit | bybit | okex` required: true schema: type: string default: deribit - name: currency in: query description: > **[Required]** The underlying pair for which to retrieve the volatility cone. **[Examples]** `BTC | SOL_USDC` required: true schema: type: string default: BTC - name: startDate in: query description: > **[Optional]** Payload only includes data after this date (inclusive). **[Formats]** `seconds | milliseconds | iso8601` **[Examples]** `1578531600 | 1578531600000 | 2020-09-01T01:00:00` schema: type: string format: date-time default: '2024-01-01' - name: endDate in: query description: > **[Optional]** Payload only includes data before this date (exclusive). **[Formats]** `seconds | milliseconds | iso8601` **[Examples]** `1578531600 | 1578531600000 | 2020-09-01T01:00:00` schema: type: string format: date-time default: '2024-01-02' - name: timeFormat in: query description: > **[Optional]** Time format of the timestamps in the return payload. **[Defaults]** `milliseconds | ms* | iso | iso8601 | hr | human_readable` schema: type: string responses: '200': description: Successful request content: application/json: schema: type: object properties: status: type: integer example: 200 default: 0 title: type: string example: OK description: type: string example: Successful request payload: type: object properties: data: type: array items: type: object properties: exchange: type: string example: deribit currency: type: string example: BTC snapshotTimestamp: type: integer example: 1717704000000 expirationTimestamp: type: integer example: 1717747200000 instrumentNormalized: type: string example: DERIBIT-BTC-07JUN24-52000.0-P putCall: type: string example: P dealerNetInventory: type: number example: 100.00000000000006 dealerTotalInventory: type: number example: 429.2 gammaLevel: type: number example: 0 indexPrice: type: number example: 70998.39 metadata: type: object properties: api-version: type: string example: '2023-09-30' examples: success_response: summary: Gamma snapshots (GEX) response value: status: 200 title: OK description: Successful request payload: data: - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-52000.0-P putCall: P dealerNetInventory: 100.00000000000006 dealerTotalInventory: 429.2 gammaLevel: 0 indexPrice: 70998.39 - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-54000.0-C putCall: C dealerNetInventory: 0 dealerTotalInventory: 0.1 gammaLevel: 0.0000010000000000000002 indexPrice: 68890.88 - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-54000.0-P putCall: P dealerNetInventory: -163.6 dealerTotalInventory: -214.9 gammaLevel: 0 indexPrice: 70849.39 - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-56000.0-P putCall: P dealerNetInventory: -148.19999999999993 dealerTotalInventory: -386.5 gammaLevel: 0 indexPrice: 70009.41 - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-58000.0-C putCall: C dealerNetInventory: 0 dealerTotalInventory: 0.2 gammaLevel: 0.0000020000000000000003 indexPrice: 68729.86 - exchange: deribit currency: BTC snapshotTimestamp: 1717704000000 expirationTimestamp: 1717747200000 instrumentNormalized: DERIBIT-BTC-07JUN24-58000.0-P putCall: P dealerNetInventory: 78.70000000000005 dealerTotalInventory: 123.3 gammaLevel: 0 indexPrice: 70698.95 metadata: api-version: '2023-09-30' '400': description: Bad request content: application/json: schema: type: object properties: {} examples: error_response: summary: Bad request example value: {} deprecated: false security: - ApiKeyAuth: [] components: securitySchemes: ApiKeyAuth: type: apiKey in: header name: x-api-key ````