# Greek Heatmap

One greek's dealer exposure in a grid of strikes by expiries, so you can see which expiry holds the weight.

The **Greek Heatmap** lays out one greek's dealer exposure as a grid: strikes
down the side, expiries across the top, a value in every cell. Red cells are
negative, green positive, and the strongest cells are lit up. The dashed row
marks spot. Choose the greek (gamma, delta, vanna, charm and more) and the
weighting in the settings. **Gamma Heatmap** in the widget picker opens this
same grid set to gamma.

## Practical application

![Greek Heatmap widget, illustrative example: the call wall sits in the nearest expiries, the put wall runs into next week](https://q-bitf.com/docs-img/greek-heatmap.png "Illustrative example data, not a real session. NQ gamma by strike and expiry: 27,250 peaks at +839M in the same-day expiry and fades further out; 26,600 peaks at -238M four days out and stays large through a week.")

**Reading it.** Two rows carry most of the color. At **27,250** the brightest
cell is the same-day expiry at **+839M**, then 657M the next day and 358M four
days out; from a week out it is under 300M and keeps shrinking. At **26,600**
the pattern is different: -21M today, but **-225M** tomorrow, **-238M** four
days out (the strongest red cell) and -195M a week out. The dashed spot row at
27,075 sits between them, in mostly empty cells.

**What it means.** The 27,250 call wall is mostly made of options that expire
today and tomorrow, so it is strong now and weakens quickly after that. The
26,600 put wall is built from next week's options, so it will still matter
after the near expiries roll off.

**How to use it.**

- **A wall concentrated in the first column:** expect it to hold into today's
  close and to lose its grip once that expiry is gone.
- **A wall spread across several expiries:** a more durable level; plan
  swing trades around it.
- **Empty cells around spot:** little hedging pressure right at the price;
  moves between the walls can be quick.
- Switch the greek to **charm** to see how the exposure shifts as time
  passes, or **vanna** for how it shifts with volatility.