gamma-exposurelisted

# Gamma Exposure (GEX) GEX infers options-dealer hedging *behavior* — not dealer hedging *positions*, which are never public — from open interest, implied volatility, and one industry-standard but fundamentally unverifiable assumption. Every number this produces is an estimate under that assumption, and the single most common failure in this category is reporting it as a fact instead. ## The gap this closes GEX computations look deceptively easy to get right: sum some gammas, apply a scaling constant, done. Two things make it easy to get quietly wrong instead: 1. **The sign convention is an assumption, not a physical law.** The standard convention — customers are net buyers of options, dealers are net sellers, so call OI contributes positive gamma exposure and put OI contributes negative — is a public-GEX-calculator convention (the same one SqueezeMetrics-style tools use), not something derivable from the options data itself. Flip that one sign and the code still runs, still produces a smooth chart, and still gives a *confident* regime call — just the opposite one from what the data implies under the standard assumption. `scripts/gex_gate.py --demo` reproduces this exact bug on one synthetic chain: identical inputs, `net_gex_total` flips from -1.08M to +2.63M, regime flips from negative to positive. 2. **The assumption itself is presented as measured fact.** No public dataset shows dealers' actual positioning. A report that states "dealers