Decoding Intraday Gamma on 0DTE: How Dealer Convexity Shapes Price Behavior

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Gamma exposure (GEX) plays a central role in the microstructure of modern equity markets—especially on zero days to expiration (0DTE), where dealer hedging flows can dominate intraday price action. This article explains how to interpret intraday gamma dynamics without needing a chart, using principles from peer-reviewed literature and real-time quantitative models. We focus on the behavioral effects of gamma on price—pinning, volatility suppression, convexity shifts—not on visuals, ensuring that subscribers using Max Delta AI signals can fully grasp the implications of a high-GEX environment.