+GEX regime (above flip)

Dealers long gamma → they buy dips, sell rips. Result: tight range, mean-reverting. Sell strangles, fade breakouts.

−GEX regime (below flip)

Dealers short gamma → they sell dips, buy rips. Result: trending, amplified moves. Long vol, momentum strategies dominate.

Max pain magnet

Strike with maximum option OI losses for buyers. Price tends to pin into OPEX. Useful for closing-rotation expectation.