# GEX and IV

The role of market gamma goes beyond mere classifications of 'bearish' or 'bullish'. While negative gamma is a reliable indicator of heightened realized volatility, historical data reveals that it predominantly characterizes deep market corrections and bear phases. The dots representing the market gamma status are determined at 3 a.m. EST, which is 6.5 hours prior to the market's opening.

<figure><img src="/files/4izVKjhULDAHJmaCKX3j" alt=""><figcaption><p>Credit: SpotGamma</p></figcaption></figure>


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