> For the complete documentation index, see [llms.txt](https://doc.tradingflow.com/product-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.tradingflow.com/product-docs/product-docs/concepts/gamma-exposure-gex/gex-and-iv.md).

# 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>