Greek Exposure Heatmap — GEX, VEX & DEX by Strike

This GEX heatmap shows gamma exposure by strike and expiration so you can see dealer gamma across the chain, snapshotted every minute and stored so you can replay the session.

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Greek Exposure Heatmap showing GEX and Vanna across all strikes

What's on the page

Gamma, vanna, charm, and delta exposure for any listed underlying, by strike and by expiration.

Heatmap by Strike and Expiration

Gamma, vanna, charm, delta, and vex exposure for every listed strike, color-scaled by size. Hover a cell for the numbers behind it.

Vanna & Charm

Second-order Greeks beside gamma, so you can see which way dealer hedging leans as IV moves and as expiration approaches.

Single Expiry or Rollup

Isolate one expiration to see which strikes it pins, or roll the whole chain up to see total exposure by strike.

Intraday Snapshots, Stored

GEX, VEX, and DEX captured every minute through the session and kept, so you can scrub back to the open or compare against a prior day.

Gamma Exposure Heatmap

GEX across every open expiration on one canvas. Gamma walls and negative-gamma zones, where dealer hedging amplifies a move, are visible by color.

GEX by strike and expiration
Net vs. gross exposure view
Negative gamma zones highlighted

GEX by Strike with the Flip Level

Gamma exposure per strike with the zero-gamma level marked, so you can see where hedging switches from dampening moves to amplifying them.

Call and put GEX per strike
Zero-gamma flip level
Vanna and charm profiles on Greek Exposure

Gamma exposure by strike with the zero-gamma flip level

Key Levels Overlay

Max pain, the IV expected move, and the call and put GEX walls on one timeline, by expiration.

Max pain by expiration
σ-band expected move
GEX wall confluence zones

This GEX heatmap visualizes options market-maker positioning across every strike and expiration for any underlying. Color intensity at each strike represents the magnitude of gamma exposure (GEX), vanna exposure (VEX), or delta exposure (DEX) that dealers are carrying — the strikes where dealer hedging activity will most influence price.

Use the heatmap to identify gamma walls (large positive GEX clusters that act as resistance), negative gamma zones (where dealer hedging amplifies moves), and pin-risk strikes near expiration. Toggle between by-expiration view to isolate a single expiry, or the rollup view to see total exposure across the chain. The intraday view replays how positioning shifted through the trading session.

Frequently asked questions

What does GEX mean on the heatmap?

GEX is gamma exposure — the dollar change in dealer hedging required for each $1 move in the underlying. Positive GEX strikes act as price magnets and dampen volatility; negative GEX strikes accelerate moves as dealers hedge in the same direction as price.

How is dealer positioning estimated?

We aggregate live open interest from the full options chain and apply Black-Scholes Greeks at the current underlying price. Dealer-side bias is inferred from typical liquidity-provider flow assumptions and refined with intraday signed-volume context where available.

When does the intraday heatmap update?

Snapshots are captured continuously throughout the regular session and stored historically, so you can scrub back to any moment of the day to see how positioning evolved around opens, news prints, and into the close.

How do I read VEX and DEX?

VEX measures dealer exposure to changes in implied volatility — strikes with high VEX are vol-pinning levels that resist IV expansion. DEX measures the directional dollar exposure dealers have already hedged; large DEX clusters often coincide with key support and resistance levels.