Explore the Exposure Surface

Inspect the modeled exposure grid

Surfaces → Exposure surface visualizes modeled gamma, delta, vanna or charm across strikes and expirations. It offers a surface, 3D bars and a two-dimensional heat view. The sign determines the diverging positive/negative presentation. A 3D peak is therefore a model amount at a selected strike-expiration coordinate, not an executed option premium or a guaranteed underlying support/resistance price.

Build a comparable selection

Align the source choices with Key Levels or Exposure by Strike before checking numerical agreement.

1. Choose symbol, session, date and valuation minute.
2. Select the exposure metric and Net, Calls or Puts.
3. Set units, model and perspective.
4. Choose strike and expiration bounds.
5. Select Surface, Bars or Heat map.
6. Click a node to pin it; use arrow keys to move the pin and Escape to clear it.

Read the zero plane and cell identity

Positive and negative exposure are drawn on opposite sides of zero. The display scale is symmetric about zero so sign remains visible. A cell without a listed contract can show zero with an explicit no-listed-contract readout; a listed zero has no bar. That differs from unavailable model history. The spot plane and ridge are drawing references, and the MVC reference identifies a grid concentration rather than an extra observed contract.

Worked example: net surface hides opposing sides

Suppose a region has little net exposure but large call and put contributions. Switch from Net to Calls, then Puts with every other setting unchanged. Opposing signed contributions can explain the small net result. Compare the pinned coordinate with Exposure by Strike using the same expiry to isolate the aggregation. Do not interpret a zero-height net cell as proof there are no outstanding contracts or no risk on either side.

Troubleshoot inconsistent colors or amounts

Check metric and units after switching tabs; vanna and charm must not reuse gamma values. Confirm dealer/customer perspective if signs changed. Compare the precise pinned strike/expiry, not a visually nearby peak after rotation. Use the Heat map fallback when graphics fail and retain its reason. A bounded grid can omit unrequested strikes or expirations without claiming their exposure is zero; include the request bounds when reporting a discrepancy.

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.

Read net, gross-looking shapes and metric changes carefully

Switching from Net to Calls or Puts changes the aggregate population on the surface. Large opposing contributions can be hidden by netting, while a large single-side shape does not reveal the other side's offset. The height is a selected sensitivity amount. It should not be read as a probability, an option price or executable volume. Changing gamma to delta, vanna or charm changes the metric and unit; a similar color does not make the values comparable across those settings.

Use a pinned coordinate to reconcile the surface with another exposure tool. Match exact expiry and strike scope before comparing a row aggregate with a single cell. A dedicated chart can report full-chain totals while the returned grid covers a bounded selection. When the shape seems truncated, inspect the strike/expiry request bounds instead of assuming all outside contracts have zero exposure. Read no-listed-contract labels separately from unavailable historical/model input. This makes the surface useful as a structured investigation rather than a dramatic picture whose apparent peak depends on camera and scale.