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Feature guide · GEX

Heatmap & multi-expiry structure

Map strikes and expiries on one board to separate near-term pressure from longer-dated background structure.

What the heatmap shows

The heatmap's vertical axis usually shows strikes and its horizontal axis shows expiries. Each cell's color and value represent the direction and strength of Exposure for that combination. It is not a forecast; it compresses structure scattered across many contracts into one comparable map.

  • A bright row: the same strike has concentrated structure across several expiries. Investigate whether it creates a consistent backdrop.
  • Bright only at the near end: the structure is more likely related to today's or near-term volatility and may change quickly after expiry.
  • Alternating positive and negative colors: structures at different horizons are pulling against one another, and an aggregate value may conceal that conflict.

Why expiries are separated

Same-day, near-dated, and farther-dated options operate on different time horizons. Near-term contracts are often more sensitive intraday, while farther expiries often help explain the broader backdrop. This is not a fixed formula; always consider the actual values, events, and location relative to price.

Using GEX and VEX together

Switching to VEX keeps the same strike × expiry matrix. You still look for bright cells and compare expiries just as you do with GEX, but the cell color now represents Vanna Exposure. The useful step is comparing GEX and VEX at the same strike. Both change with the Intraday / OI toggle at the top of the page, so confirm that both are using the same basis before comparing them. Do not compare Intraday GEX with OI VEX:

  • Large GEX, large VEX: the level's effects can compound. It is both a structural checkpoint today and a place where volatility changes could amplify multi-day effects, so it deserves close attention.
  • Large GEX, small VEX: its influence comes mainly from today's price structure, with less potential to persist across days. Its importance may fade quickly after expiry or restructuring.
  • Small GEX, large VEX: a classic hidden node. It is inconspicuous in today's price structure, but a sharp volatility event such as earnings or the FOMC could make it important over the following days.
  • Both small: it is not currently a priority area.

A practical reading workflow

  1. Use the ladder chart to identify the main nodes above and below spot.
  2. Use the heatmap to confirm which expiries create those nodes.
  3. Compare whether near and farther expiries align at the same level or conflict in sign and location.
  4. Switch to VEX to find hidden Exposure at the same prices that GEX does not show.
  5. During fast moves, check again: did the display change because spot moved, or because the nodes themselves restructured?

Limits beyond the colors

Color scales, aggregation methods, and refresh times can change the visual impression across charts. Always check the values, filters, and update time. Do not translate color intensity directly into "must rise," "must fall," or certain support or resistance.