Workflows

GEX Matrix: Reading Exposure by Strike and Expiration

Use the strike-by-expiration matrix, expiration contribution, gamma levels, and Expected Move context as one synchronized options-exposure workflow.

By HedgePulse EducationReviewed by HedgePulse Product9 min read
01 / Choose the lens

Metric and basis answer different questions

GEX, DEX, VEX, and CEX select the exposure sensitivity. Open Int and Volume select whether existing contracts or current participation weights the calculation.

  • Four exposure sensitivities
  • Open-interest or volume basis
  • One active matrix at a time
02 / Read the grid

Strike rows meet expiration columns

Each cell is the selected signed exposure at one strike and expiration. Green is positive, red is negative, and the tooltip preserves the exact value.

  • Bars compare magnitude
  • Heat emphasizes structure
  • Zero is neutral
03 / Compare dates

Find which expirations carry the exposure

Net bars show each expiration's contribution while the cumulative line shows how the total develops as later dates are added.

  • Net contribution
  • Cumulative structure
  • Synchronized date selection
04 / Add price context

PG, ZG, NG, spot, and Expected Move stay together

The term-structure panel locates gamma landmarks and the current ATM-straddle range across the same expiration list.

  • PG / ZG / NG
  • Current spot
  • ATM call plus put range
05 / Refresh

Current options versions replace blind polling

The visible metric refreshes after a complete options calculation, while previously opened views are reused for the same version.

  • Current-only analytics
  • On-demand metric loading
  • Manual Refresh available

One options profile, organized by strike and date

GEX Matrix has two internal views:

View Main use
By Expiration Study one symbol across strikes, dates, exposure sensitivities, and participation bases.
Watchlist Matrix Scan several watchlist symbols through the existing compact gamma-level cards.

By Expiration is the default drill-down. Its three panels share one current options snapshot and one selected expiration, so the grid, contribution chart, and gamma context stay aligned.

Choose the exposure sensitivity

The Exposure control changes what sensitivity is measured in every heatmap cell and in the Exposure by Expiration chart.

Mode What it describes Practical question
GEX Gamma-weighted exposure, which describes how option delta can change as the underlying price moves. Where is price-sensitive hedging exposure concentrated?
DEX Delta-weighted exposure, which describes the directional option exposure represented at each strike. Which strikes and expirations carry the largest signed delta exposure?
VEX Vanna-weighted exposure, which describes sensitivity tied to changes in implied volatility and delta. Where could volatility changes matter most to the exposure profile?
CEX Charm-weighted exposure, which describes delta sensitivity as time passes. Where is time-decay-related delta exposure concentrated?

These are calculated exposure estimates. They do not reveal a participant's exact position, intent, or next trade.

Choose Open Int or Volume

The Basis control changes the contract quantity used to weight the selected sensitivity.

  • Open Int uses outstanding open contracts. It is the better starting point for the existing positioning structure carried into the snapshot.
  • Volume uses traded contract volume. It emphasizes current participation, but volume alone does not identify whether trades opened, closed, bought, or sold a position.

Changing the basis also changes the PG, ZG, and NG values shown in the gamma term-structure panel. Compare like with like; an Open Int result and a Volume result answer different questions.

Read the strike-by-expiration matrix

  • X axis: expiration date.
  • Y axis: actual option strike.
  • Cell: signed exposure for the selected metric and basis.
  • Green: positive exposure.
  • Red: negative exposure.
  • Neutral center: zero or very small exposure.

Hover a cell for its exact value. Color and bar treatment improve scanning but do not replace the raw tooltip number.

Bars

Bars start at the center of each cell. Positive values extend right and negative values extend left.

Bar length is scaled against the largest absolute value in the entire visible matrix. A value half as large as the visible maximum receives approximately half the available bar length, regardless of sign. Brightness is assigned from global magnitude percentiles across the visible non-zero cells, so unusually large concentrations stand out without giving every non-zero value maximum emphasis.

This is the best mode for comparing magnitude while preserving sign.

Heat

Heat fills the cell using the same positive-green and negative-red sign language. Its color range uses a robust visible-matrix scale so one extreme cell does not erase the structure everywhere else. Exact values remain unchanged in the tooltip even when display intensity is clipped for readability.

This is the best mode for quickly finding clusters and transitions.

Adjust Scope and Term

Scope selects 41, 61, 81, or 101 actual available strikes centered around spot. Term selects up to 5, 8, 12, or 16 chronological expirations.

These controls bound the visible analysis. They do not invent missing strikes or imply that every symbol has the same strike density. Changing either control requests the selected bounded view.

Read Exposure by Expiration

The lower-left chart summarizes the same selected metric and basis:

  • bars show each expiration's net exposure;
  • green and red preserve the sign of that expiration's contribution;
  • the white cumulative line shows how the total changes as each later expiration is included.

Clicking a contribution bar selects the same date in the heatmap. A large first expiration can dominate the total even when later expirations contain important strike-level pockets, so compare this chart with the grid rather than using either one alone.

Read PG / ZG / NG Term Structure

The lower-right chart remains gamma-level context even when the main matrix is set to DEX, VEX, or CEX.

  • PG: strongest positive gamma strike for the active basis.
  • NG: strongest negative gamma strike for the active basis.
  • ZG: interpolated structural zero-gamma crossing.
  • Spot: current underlying reference.
  • Expected Move Range: current ATM call plus put premium placed above and below spot for each expiration.

Expected Move is a priced range, not a guaranteed boundary or confidence interval. Missing PG, ZG, NG, or Expected Move values remain unavailable rather than being plotted at zero.

For the exact gamma-level terminology, read NG, ZG, and PG: Reading HedgePulse Gamma Levels.

How the data refreshes

The workspace requests only the active metric and basis instead of downloading all eight combinations at once.

  • The first visit to a metric and basis loads it on demand.
  • Returning to a previously opened combination reuses it while the options version and visible scope are unchanged.
  • A completed options calculation refreshes the currently visible combination.
  • A visible market-session safety check verifies the version approximately once per minute.
  • Hidden and off-session tabs do not continuously request the full matrix.
  • Refresh performs an immediate version-aware check.

This workspace is current-only. It does not provide historical matrix replay.

A repeatable GEX Matrix workflow

  1. Start with GEX and Open Int for the broad carried-position structure.
  2. Scan the Bars view for the largest positive and negative strike-expiration concentrations.
  3. Use Exposure by Expiration to see which dates dominate the net and cumulative profile.
  4. Compare PG, ZG, NG, spot, and Expected Move across those dates.
  5. Switch to Volume to test whether current participation reinforces or differs from Open Int.
  6. Use DEX, VEX, or CEX only when the question specifically concerns directional, volatility-linked, or time-linked sensitivity.
  7. Confirm the observation with price structure, liquidity, and the broader dashboard before drawing a conclusion.

GEX Matrix organizes current options exposure. It does not identify trade direction, guarantee support or resistance, or replace risk management.