Gamma Exposure Course — Reading Dealer Flow Like A Market Maker
A gamma exposure course delivered by a collective of anonymous senior desk traders. Build dealer gamma exposure from first principles, read it like a market maker, and combine it with vega, risk reversal and term structure for a complete dealer-flow read.
Why this gamma exposure course exists
Gamma exposure (GEX) has become a popular concept and, predictably, the market is now flooded with low-quality content packaged as a gamma exposure course. Most of it teaches one number — "the aggregate dealer GEX is positive/negative, the gamma flip is at level X" — and stops there. That is not a gamma exposure course; that is reading a dashboard.
This gamma exposure course teaches you to do the work yourself. You learn to build dealer gamma exposure from open interest, weight it by per-strike gamma, sign it by the assumed dealer side, and aggregate across expiries with the right tenor weighting. Then you learn to read it in context: when it dominates, when it is misleading, when you need to overlay vega, risk reversal or term structure to see what is really happening.
The desk behind the gamma exposure course is a collective of anonymous senior derivatives professionals who use this read every single trading day. The team built the gamma exposure course to give serious traders the methodology, not just the output — because reading a single GEX number from a generic feed will eventually mislead you, and a gamma exposure course that teaches you to depend on someone else's feed is leaving you exposed.
What this gamma exposure course covers
Module 1 — Gamma from first principles
What gamma actually is. Second derivative of price w.r.t. spot, dollar-gamma vs raw gamma, intraday vs overnight gamma. The mathematical floor of any honest gamma exposure course.
Module 2 — Building GEX correctly
Open interest weighted by per-strike gamma. Signed by the assumed dealer side. Aggregated across expiries with the right tenor weighting. Audit any third-party GEX feed after this module of the gamma exposure course.
Module 3 — Reading the gamma map
Gamma flip levels, magnets, repellents, walls. How dealer gamma exposure shapes intraday price action — and the specific market regimes where this gamma exposure course material dominates.
Module 4 — When GEX is misleading
Vega-dominant regimes, charm-dominant days, cross-asset stress where single-feed GEX lies. The honest part of this gamma exposure course — knowing when not to trust the number.
Module 5 — Overlays: vega, risk reversal, term structure
The 4-lens framework: GEX is one lens of four. The gamma exposure course teaches you how to combine all four for a complete dealer-flow read instead of a one-dimensional signal.
Module 6 — Trade construction from gamma reads
Specific structures that pay when the gamma map is in a given regime: mean-revert intraday, breakout into wall, hedge of pinned expiry. The gamma exposure course translates reads into trades.
Module 7 — GEX in futures options
Extending dealer gamma reads to ES, NQ, energy, metals, rates futures options. The same methodology, a different market. The gamma exposure course covers it explicitly.
Module 8 — Live execution under gamma maps
You watch trades sized and hedged against a live gamma read. Real bid-ask, real magnets being respected or broken, real decisions. The gamma exposure course closes the loop from read to execution.
Daily mentorship — gamma reads in real time
The video lessons of the gamma exposure course teach you the methodology. The daily mentorship layer lets you watch the methodology being applied to live markets every single day. The desk posts dealer gamma maps, identifies the magnets and the gamma flip level, calls out the regime, and discusses what they are doing about it.
When the surface does something the dealer-gamma read did not predict, the team explains why — and that is often where the deepest learning happens inside the gamma exposure course. You are not just consuming a curriculum; you are watching a real desk make sense of real flow, and you can ask questions.
No other gamma exposure course in this price range gives you daily desk-level dealer gamma commentary. The generic retail content sold as professional training cannot match it because it does not have a desk behind it.
Follow the desk
Public channels of the trading desk. Free preview of the teaching approach and live commentary.
Before subscribing to the gamma exposure course on Whop, sample the desk's pedagogy on its public channels. Free dealer-flow explainers, gamma-map walk-throughs, regime detection demos.
Also on YouTube FR: YouTube (FR) →
The companion book
Beyond Gamma Exposure
The 4-lens framework that the gamma exposure course is built on, in 320 pages. The book explains why single-lens GEX is incomplete and how to nest it inside a real dealer-flow read.
Frequently asked questions about the gamma exposure course
What does the gamma exposure course teach exactly?
The gamma exposure course teaches you how to build dealer gamma exposure (GEX) from scratch, how to read it correctly, how to combine it with vega, risk reversal and term structure, and how to translate it into actionable intraday trade ideas. The gamma exposure course is for traders who already know what gamma is and want to learn how a real desk uses dealer gamma reads to position.
Is this gamma exposure course just about a single GEX number?
No. Almost every other gamma exposure course online stops at "here is the aggregate GEX number, trade above or below the gamma flip." That is incomplete. This gamma exposure course nests GEX inside a 4-lens framework so you stop reading dealer flow with a single dial. You learn when GEX alone is enough, when you need the vega lens too, and when the surface lies to single-feed GEX.
Who is the gamma exposure course for?
The gamma exposure course is for serious options traders, prop traders, junior desk traders, and quants who want to understand dealer positioning the way market makers do. The gamma exposure course is also for portfolio managers who use options for hedging and want a real read on dealer behaviour before sizing their hedges.
Do I need a math background for the gamma exposure course?
You need to know what an option is, what delta and gamma mean, and roughly how options are priced. The gamma exposure course rebuilds the relevant math from first principles — pricing models, no-arbitrage, dealer hedging — so you do not need to be a quant, but you do need to be intellectually serious.
How is the gamma exposure course structured?
A dedicated module inside the broader curriculum, plus daily mentorship where the desk publishes live dealer gamma reads, identifies the magnets and the inflection levels, and discusses the trades they are looking at as a function of the gamma map. The gamma exposure course is delivered inside the wider derivatives program but is presented as a self-contained track.
How much does the gamma exposure course cost?
The gamma exposure course is included in the full CrossVol Academy subscription on Whop. Current pricing and any active promotion is on the Whop page. No long-term commitment — monthly, cancel any time.
Can I trust a gamma exposure course from anonymous instructors?
By design, the team behind the gamma exposure course remains anonymous. The content and the daily mentorship are the product — not personalities. You can validate the quality before subscribing by watching the free YouTube channel and by reading the companion book Beyond Gamma Exposure. Both contain enough material to judge whether the gamma exposure course is genuinely built on real desk practice.
Related across CrossVol
Join the CrossVol gamma exposure course
The gamma exposure course is open on Whop year-round. Instant access to the dedicated GEX modules, the surrounding curriculum, and daily desk-level gamma commentary.