Track Levels / Time

Track a reference calculation rather than a print

Levels / Time shows reference levels such as zero gamma and walls across the session, alongside the underlying price. Each line represents repeated model outputs at eligible time buckets. It is not a tape of orders placed at those prices. Use it to ask whether a reference moved, stayed stable or became unavailable while preserving the model selection that produced it.

Align the historical selection

Open the tool through Add Tool → Options → Exposure or a layout containing its tab.

1. Set the underlying, trading date and session.
2. Choose the eligible expiry scope and model.
3. Select the available reference series and bucket period.
4. Hover a historical timestamp to read both the level and underlying.
5. Set Key Levels to the same minute and scope for a point-in-time comparison.
6. Review gaps instead of assuming the last known level persisted through them.

Recognize independent clocks

The underlying price and the modeled level can update from different eligible observations. A level can move because valuation time changes, inputs are corrected, or the selected chain changes. Its line should not acquire future model points beyond the selected cutoff. A current Key Levels response can therefore differ from an earlier point on this chart even when both are correct. Match source time rather than comparing only when the browser received each response.

Worked interpretation: a reference moves after a gap

Imagine a wall is visible in early buckets, absent for a missing interval and reappears at another price later. The two observed values do not prove a smooth transition through the missing interval. Inspect each endpoint and coverage notice. Compare the same minute in Exposure by Strike to see the selected concentration. If a history repair later fills part of the gap, the line can change retrospectively without representing a new live options execution.

Troubleshoot different labels or missing series

Compare the exact calculation name: a ranked call concentration, Peak net GEX and Largest gamma cell are different outputs. Check period, expiry and metric settings before reporting a discrepancy with another tool. Missing history must remain unavailable rather than borrowing today's level. A useful report includes the hovered timestamp and reference name, not just a line color whose meaning may be customized.

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 one reference across tools and buckets

Use a single named reference as the comparison key. Set the same underlying, date, session, expiry scope and model in Key Levels, then select the historical minute nearest the observed level point. Compare its exact timestamp and units. The curve's bucket boundary can organize several observations, so a line's visual horizontal position alone is not enough to establish a precise model cutoff. Keep the calculation name in the notes rather than relying on its current custom color.

A level that jumps should be investigated with its inputs and scope before being called a trading signal. An expiry selection change, corrected reference or repaired model frame can change a previously displayed value. Two coincident references can later diverge and need separate labels; two nearby distinct prices should not be combined merely to simplify a chart. If a screenshot is used for a support report, show the hovered point, current reference selections, bucket period and availability notice together. This creates a concrete test case for the calculation and preserves whether the source interval was complete.