# Chart Heatmap

Dealer delta exposure in a grid of strikes by expiries: how large the hedge is at each strike, and which expiries carry it.

**Chart Heatmap** lays out dealer **delta** exposure as a grid: strikes down
the side, expiries across the top, a value in every cell, with the largest
cell lit up and the dashed row marking spot. Delta exposure is the size of the
hedge behind each strike's options; [Greek Heatmap](https://q-bitf.com/docs/widgets/greek-heatmap)
shows gamma, how fast that hedge changes when price moves.

## Practical application

![Chart Heatmap widget, illustrative example: delta exposure at 27,250 builds out to next week's expiry](https://q-bitf.com/docs-img/chart-heatmap.png "Illustrative example data, not a real session. NQ delta exposure by strike and expiry: 27,250 rises from 367M today to 858M a week out (the largest cell); 26,600 peaks at 531M a week out.")

**Reading it.** The 27,250 row is the heaviest: **367M** in today's expiry,
692M tomorrow, 851M four days out and **858M** a week out, the largest cell
on the grid. 26,600 follows the same pattern, from 192M tomorrow to 531M a
week out. Away from those strikes, cells grow steadily from left to right:
out-of-the-money options carry more delta the longer they have to expiry.

**What it means.** Compare it with the gamma grid for the same book: gamma at
27,250 is largest today, delta is largest next week. Today's options decide how
fast hedges change as price moves; next week's options hold most of the hedge
itself.

**How to use it.**

- **The heaviest delta rows** are where the largest hedges sit; a decisive
  break through one can force sizable hedge adjustments.
- **Delta concentrated in near expiries** comes off quickly as they expire;
  delta further out stays in place.
- Read it with [Greek Heatmap](https://q-bitf.com/docs/widgets/greek-heatmap): gamma tells you
  when hedging speeds up, delta how large the hedge is.