Compare Exposure by Expiration

Compare maturities instead of strikes

Exposure by Expiration sums the selected modeled sensitivity by dated expiration. It answers where exposure is distributed across maturities. This differs from Exposure by Strike, which combines selected maturities at each strike. Open the tool in the Exposure layout or through Add Tool. Set the same chain scope in both tools when using them as complementary views of one investigation.

Build the expiration view

Start with all eligible expirations so an unexpectedly small total is not caused by an unnoticed near-term filter.

1. Choose the underlying, session, date and valuation minute.
2. Select gamma, delta, vanna or charm and its units.
3. Choose net or separate call/put presentation.
4. Review the expiration chip and any strike-range constraint.
5. Enable the available cumulative line if you want the running sum across dates.
6. Hover a date to read its contribution rather than estimating a short bar visually.

Read individual and cumulative values

An individual bar represents one expiration's contribution under the current filters. A cumulative line adds the displayed selection in its ordering; it is not the exposure of a separate contract. Large positive and negative dates can offset. A visually large far-dated bar can also use a different price-sensitivity unit from a chart you left on another setting. Keep the legend visible when changing metrics so the chart's scale is not mistaken for a change in contract volume.

Worked interpretation: isolate a near-term contribution

Suppose the nearest expiration contributes positive net gamma while the next date contributes negative net gamma of similar magnitude. The combined total can be close to zero although neither expiry is small. Select only the nearest date and compare Exposure by Strike to identify where its concentration sits. Then restore all dates. The exercise separates maturity and strike dimensions; it does not prove that either date's participants will buy or sell a particular quantity on the next price move.

Troubleshoot unexpected expiration rows

Verify the selected trading date before interpreting a 0DTE label. Related provider roots can contribute to a family and need not have identical listings. Missing dated inputs can remove an expiration from a usable model without implying all contracts ceased to exist. If bars and a cumulative value seem inconsistent, record the exact expiry selection, presentation and signs. Compare complete selections rather than a cropped subset of an axis.

Model, perspective and units

Exposure is a sensitivity calculation, not an execution total. GEX means gamma exposure, DEX means delta exposure, VEX means vanna exposure, and CEX means charm exposure; charm can also be called CHEX. VEX does not mean vega in these tools. Select the metric before comparing colors or magnitudes. Per 1% move, per $1 move and per unit are distinct choices. Read the returned unit rather than assuming that every displayed dollar amount means money paid for contracts.

Classic OI applies a positioning proxy to dated open interest. Flow-adjusted modeling incorporates eligible classified intraday volume into that proxy. Neither reveals actual dealer inventory or every hedge. Dealer and customer perspectives can reverse signs while retaining the underlying sensitivity calculation. A positive bar is therefore meaningful only with its metric, model, perspective, expiration selection and valuation time. Record those settings together when sharing a view, and match them before expecting two tools to return comparable values.

Compare expiration composition without double counting

A date-level total can include more than one contributing provider root. The expiration label groups the selected contracts by date; it does not collapse their identities into one option. If you move from an expiry bar to a chain, verify the root selection as well as the date. A family-wide total and a single-root chain can differ legitimately. Keep call/put and strike restrictions fixed while isolating a maturity, otherwise you change several dimensions at once.

For a practical comparison, note the all-expiry net total, isolate the nearest date, then isolate another large date. Compare each signed contribution before discussing their combination. Opposing signs can offset, so adding their absolute magnitudes answers a gross-style question rather than reproducing net. A cumulative line should be read in its displayed expiration order and scope. Do not add it to the individual bars as though it were extra exposure; it is another presentation of the same selected contributions. This avoids a common double-counting mistake in notes copied from the chart.