Step by step
- Open Gamma heatmap from Options and flow in the sidebar. Select SPY, QQQ or another supported sample ticker. The source badge identifies this as a sample chain, not an observed dealer inventory.
- Read strikes down the left and expiration dates across the top. Each cell is net gamma exposure in dollars per one-percent underlying move. A tint helps compare magnitude, while the printed number provides a precise value.
- Choose an expiration to outline its column. Compare that column with the all-expiration total at the right, then open Gamma separately to compare price, levels and the exposure profile.
Every control, explained
- Numeric cells
- Each cell pairs a signed dollar value with a tint, so the heatmap remains useful without relying on color alone. How: Read the signed figure and compare its magnitude across the same row or expiration column.
- Strikes shown
- Sets how many strikes nearest the spot price the table lists: 10, 20 or 40, or every strike in the sample chain. The table fills the page; with more strikes than fit, it scrolls inside its own frame. How: Pick a count in the header. Use 10 for the strikes around spot and All to see where exposure fades out far from it.
- Expiration selection
- The expiration control identifies a particular column within the full sample chain. How: Select a date in the header. The selected column is outlined; other dates remain visible for context.
Limits to know
- The sample chain is illustrative. Exposure assumes dealers are long calls and short puts against customers; this is a modeling convention, not known inventory. Gamma exposure is not a probability or a buy or sell recommendation.
Try it: Choose SPY, identify its largest positive and negative cells, and compare whether they occur at the same strike or on different expirations.
Lebs is for education and research, not investment advice, and it places no orders.