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Exposure Flow

How much dealer gamma today's trading added above and below price, minute by minute, and which side is dominant.

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Exposure Flow tracks the dealer gamma that today's options trading adds, split in two: calls at or above spot (blue) and puts at or below spot (red), with the price on the right axis. The header names the dominant side, whichever line is higher right now. Details sets the expiries (≤90DTE, 0DTE or 1DTE) and shows the latest value of each line.

Marked (Beta) in the widget picker: it is newer, and some of the options data behind it can lag the live market by several minutes.

Practical application#

Exposure Flow widget, illustrative example: put gamma overtakes call gamma as the rally fades
Illustrative example data, not a real session. NQ, 90-day scope: calls at or above spot end at 742M, puts at or below spot at 983M; puts take the lead near 2:50 PM and the header reads PUTS.

Reading it. Through the morning and the rally the call line leads, peaking around 860M near 2:30 PM while NQ climbs to about 27,060. The put line grows more slowly until about 2:30 PM, then turns sharply higher and crosses the call line near 2:50 PM, just as price starts to fall. By the close, puts at or below spot stand at 983M against 742M for calls, and the header reads PUTS.

What it means. For most of the day, trading was concentrated in calls above the market, which supported the rally. Late in the session the activity moved to puts below the market, and the move lost its support.

How to use it.

  • Calls dominant during a rally: the move has support from above; buy pullbacks rather than fading it.
  • Put line accelerating while price is still high: protection is being bought; tighten stops on longs.
  • A crossover from CALLS to PUTS (or back): a shift in where the day's activity is. Treat it as a warning, and confirm with price.
  • Switch to 0DTE to see the same-day options, which react most to price.