# 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="https://1839526205-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FRyZZcYegy2FnmLjWyIdW%2Fuploads%2FQmPTMuyWKxnwrLh72WW5%2Fimage.png?alt=media&#x26;token=3e6a9abf-0541-4443-9e4f-b3c4c6544063" alt=""><figcaption><p>Credit: SpotGamma</p></figcaption></figure>