Dealer positioning
Where is modeled exposure concentrated?
Use Gamma Exposure for a strike-level overview, then Heat Seeker for the strike-by-expiry detail. Keep model estimates separate from the trades you can actually observe.
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Swipe the capture to inspect it, or tap to open full-size.
This Gamma-mode capture shows both a strike-level summary and individual expiry cells. They describe different aggregations.
Heat Seeker capture · October 16, 2026 · 16:49 ET / October 17, 01:49 PKT. Open the image for full-size detail.
Read the capture · 01
Check symbol, mode and time
The capture is SPY in Gamma mode with underlying $763.28. It is a post-close snapshot, not a map for a future session.
Read the capture · 02
Keep the units and scope intact
The strongest-positive summary is strike 765 at +299.35B. The October 16 expiry cell at 765 is +335.64B; one cell need not equal the cross-expiry summary.
Read the capture · 03
Compare concentrations
The October 16 expiry accounts for 69% of displayed absolute heat. That is a concentration measure, not a probability of a price reaction.
Keep the example in context. Dealer sign and hedging behavior are model assumptions, not measured inventory. Gamma, Vanna and Premium are different quantities. A bright cell is not guaranteed support, resistance or a target.
What you can investigate
Less guessing. More context to inspect.
Exposure by strike (GEX)
Estimated dealer gamma exposure drawn per strike under standard hedging assumptions, so concentration around a level is visible at a glance.
Expiry detail in Heat Seeker
Use the separate Heat Seeker grid to compare strikes across expiries. Read Gamma, Vanna and Premium as distinct modes, not interchangeable signals.
Indexes and single names
Compare SPY, QQQ and supported single tickers using the same model conventions; the result remains an estimate, not recorded dealer inventory.
Your first session
A practical place to start.
Find Gamma Exposure on Flow Desk. Use Heat Seeker for a separate strike-by-expiry view, selecting Gamma, Vanna or Premium as appropriate.
- 01
Find the heavy strikes
Long bars mark where dealer exposure concentrates. Those are the levels worth knowing about, whatever price does with them.
- 02
Read the sides
Read the chart legend and sign convention before interpreting colors. Positive and negative modeled exposure are not automatically a buy or sell signal.
- 03
Treat it as context
Estimated exposure describes how hedging obligations are modeled right now. Pair it with the tape before drawing a conclusion — and let the conclusion stay yours.
Continue the research
Next: Top moversCompare names by signed net options premium, then investigate their underlying prints.
Go deeper when you need to
The fields, without the mystery.
How to read the fields
- Strike exposure
- Bars summarize modeled exposure at a strike. Read the selected symbol, mode and as-of time before comparing levels.
- Heat Seeker cells
- Rows are strikes and columns are expiries. Cell values, heat strength and expiry concentration answer different questions; color intensity is relative, not a success probability.
- Strongest levels
- Positive and negative concentrations are model outputs. A summary across expiries need not equal a single expiry cell.
Connect the steps
Check the underlying and timestamp, compare nearby strikes and expiries, then review the tape and price around those levels. Keep the selected model mode consistent.
What this cannot tell you
Dealer signs and hedging behavior are assumptions, not observed inventory. A large level is not guaranteed support, resistance, a pin or a price target. Gamma, vanna and premium are different quantities.
Explore the options Learn guidesDo I need Pro to use this?
Free and Pro include the same product tools. Free market data is 15 minutes delayed; Pro market data is real-time. A seven-day Pro trial is available. An account is needed for the dashboard. The public single-ticker scanner can be used without one.
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Free and Pro include the same product tools. Free market data is 15 minutes delayed; Pro market data is real-time. A seven-day Pro trial is available.