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Exposure Matrix: Compare Strikes and Expirations

Find exposure concentrations, compare expiration contributions and locate price beside gamma levels.

By HedgePulse EducationReviewed by HedgePulse Product3 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

Compare strikes and expirations

Open Exposure Matrix from the top bar.

View Use it to
By Expiration Study one symbol across strikes and dates
Watchlist Matrix Scan compact gamma-level cards across symbols

By Expiration links the matrix, expiration contributions and gamma-level context to the same options snapshot.

Choose a metric and basis

Metric Sensitivity
GEX Delta changes as price moves
DEX Directional delta exposure
VEX Delta sensitivity to implied volatility
CEX Delta sensitivity to passing time

Open Int weights the calculation by outstanding contracts. Volume weights it by traded contracts.

Volume is the volume for today’s trading session across all expirations within the selected scope. Each matrix column isolates one expiration's contribution. An earlier As of date identifies an older session. Volume does not reveal whether trades opened, closed, bought or sold positions.

Read the matrix

Columns are expirations. Rows are strikes. Each cell is signed exposure for the selected metric and basis.

  • Green: positive. Red: negative.
  • Bars: extend from the center; right is positive, left is negative. Length compares magnitude across the visible matrix.
  • Heat: emphasizes concentrations with color. Display intensity can be limited for readability; hover for the exact value.

Missing data is not zero exposure.

Try it: Hover a large cell, note its strike and expiration, then compare the same cell on Open Int and Volume.

Scope and Term in this view

Here, Scope selects 41, 61, 81 or 101 available strikes around spot. Term selects up to 5, 8, 12 or 16 expirations. These controls bound the visible matrix; they cannot create missing data.

This Scope control differs from the dashboard's Manual and preset expiration scope.

Compare expiration contributions

In Exposure by Expiration, bars show each date's net exposure. The white cumulative line adds the contributions as later dates are included.

Click a contribution bar to select that date in the matrix. A small net can hide large positive and negative cells, so check both views.

Locate gamma levels

The PG / ZG / NG Term Structure panel stays on gamma even when the main matrix shows DEX, VEX or CEX.

  • PG / NG: strongest positive / negative gamma strike.
  • ZG: interpolated zero-gamma crossing.
  • Spot: underlying price reference.
  • Expected Move: paired ATM call-plus-put premium above and below spot.

The priced range is not a confidence interval or guarantee. Missing levels remain unavailable. Read the gamma-level guide.

A quick review

  1. Start with GEX + Open Int and find the largest cells.
  2. Check which expirations drive the net total.
  3. Switch to Volume and compare the concentrations.
  4. Locate price beside the levels for those dates.

This is a current snapshot, not historical replay. Completed options calculations refresh the visible combination; Refresh checks it on demand.