Exposure Heatmap
GEX, Vanna, and Charm by strike and expiration
What the heatmap shows
The Heatmap tab in the Stock Workspace arranges modeled option-chain exposure by strike and expiration. Instead of reading one contract at a time, you can scan the grid for cells where exposure is concentrated.
Three measures are available as toggles:
| Measure | What it estimates |
|---|---|
| GEX | Gamma exposure—where hedging sensitivity to price movement concentrates |
| Vanna | Sensitivity of delta to implied-volatility changes—which cells react when IV moves |
| Charm | Delta decay—how directional exposure drifts as time passes |
Availability: Delta plan and higher.
Open it: Search for a symbol, open the Stock Workspace, and choose Heatmap. Use the date selector to load another available trading snapshot, and the interactive sliders to bound DTE, delta, and moneyness.
How to read the grid
- One axis represents strikes; the other represents expiration dates.
- Color intensity represents the selected measure’s relative magnitude, with sign distinguishing call- and put-dominated cells.
- The current underlying price orients the strikes around the money.
A visually dominant cell means the selected measure is concentrated there. It does not establish whether the position is opening or closing, who holds it, or whether price must move toward that strike.
The Terminal’s Flow Heatmap modal offers the same grid for the active symbol with additional measures—net flow, volume, open interest, and premium.
A practical workflow
- Choose the symbol and trading date.
- Start with GEX on the full grid to find broad clusters.
- Compare nearby expirations with longer-dated expirations.
- Switch to Vanna when implied volatility is moving—cells with heavy vanna are where hedging pressure can follow an IV shift.
- Cross-check the same area in Gamma Exposure, Volume Distribution, or Options Flow.
- Use Time Travel to see whether the concentration persisted or moved across sessions.
The heatmap is most useful as a map for deeper research. News, expiration effects, spreads, and hedging can all change the meaning of a concentrated cell.
