Read Exposure by Strike

Locate the distribution

Exposure by Strike groups modeled sensitivities at each underlying strike. Open it in Map → Exposure, Gamma's exposure sections or Add Tool → Options → Exposure. The chart helps distinguish one concentration from a broad distribution. It is most useful when the selection is explicit enough that a reader can tell which expirations and option sides contributed to each bar, and which value represents net versus separate call/put exposure.

Set up the tool

Choose the source instrument before editing strike bounds. A strike window follows underlying coordinates unless an eligible futures display basis is selected.

1. Set the underlying, session, trading date and eligible valuation minute.
2. Choose gamma, delta, vanna or charm.
3. Choose expirations and the available call/put/net presentation.
4. Set the strike chip to a useful neighborhood or explicit range.
5. Hover individual bars and compare signed values with the legend and totals.

Understand the window and total

A chart can plot a selected strike neighborhood while reporting a more broadly scoped total. Read the labels instead of assuming every headline is the sum of only the pixels currently visible. Coarser visual density does not merge distinct option identities. The strike coordinate describes an underlying level; the bar height describes modeled exposure. A futures coordinate conversion can move the horizontal location without changing the amount or unit on the exposure axis.

Worked interpretation: calls and puts offset

Imagine two nearby strikes show similar absolute bars, but one is a call concentration and the other a mixed call/put net. Their equal heights do not establish equivalent inventory. Expand the side breakdown and compare gross with net where available. Next narrow to 0DTE: if the first concentration remains and the second disappears, you have isolated an expiration contribution, not discovered a new trade. Restore the same expiration scope before comparing with Key Levels.

Troubleshoot sparse or changing bars

First widen the strike and expiry selection. Check the valuation minute and whether a chain is still building. A changed sign after changing model or perspective is expected; a missing Greek must remain unavailable. If the live value changes while OI does not, remember that valuation inputs can move independently of dated OI. For a reproducible report include the selected metric, units, source date and a hovered strike rather than only the tallest bar.

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.

Use a narrow comparison without losing source scope

To investigate one concentration, record its exact source strike and selected expirations, then inspect a small neighborhood on either side. Compare net with the side breakdown before widening the view. If the strike appears less important after adding farther expirations, that can reflect genuine offset in the selected aggregate. It does not erase the original narrow selection. Save screenshots with the expiry chip visible so the two views are not later treated as contradictory claims about one fixed chain.

If you select futures price coordinates, retain the source strike in your notes. The displayed ES/MES or NQ/MNQ price can use a verified dated mapping, while exposure height remains in its original sensitivity units. Comparing the mapped coordinate with a native underlying chart requires that reference, not a fresh ratio calculated from unrelated current quotes. On a chart overlay, display limits can omit some ranks without changing the underlying strike distribution. Return to the dedicated exposure tool when you need to inspect the entire admitted neighborhood precisely.