Exposure Gradient

Exposure Gradient colors the whole price-by-time plane by dealer exposure: green where it is positive, red where it is negative. Left of the NOW line is the session so far, with candles; right of it is the same book projected forward to the close as time to expiry runs down. The yellow line is the zero-gamma flip path. Switch between Gamma, Charm and Vanna and between 0DTE, 1DTE and All in the toolbar. Details gives the flip, the strongest pocket above and below price, and the exposure at spot right now.

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#

Reading it. It is 2:00 PM. NQ rallied into the green band around the 27,250 call wall at midday and is now fading, at 27,111.40. Exposure at spot is +$4.86B: long gamma. The flip (yellow) is at 26,987.10, about 124 points below. Right of the NOW line, both pockets get brighter toward the close: the green one centered near 27,237.50 (+$11.17B) and the red one near 26,625.00 (-$6.52B).

What it means. Same-day gamma concentrates as expiry approaches. Into the close, the 27,200 to 27,300 area will slow price more and more, while a drop through the flip would bring price toward a red pocket where hedging adds to the move.

How to use it.

• Price inside a brightening green pocket late in the day: expect it to be held there; fade moves toward the pocket's edges.
• Watch the flip into the close: above it, ranges; below it, moves can speed up toward the red pocket.
• Switch to Charm to see how time decay alone will push hedging over the rest of the session.
• All adds later expiries, which change slowly; 0DTE shows what matters for today's close.