Options Flow Heatmap
Three views of the options market for one ticker: where the money is flowing by strike and expiry, where dealer gamma sits, and where max pain is for each expiration.
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Flow Heatmap
The heatmap is a grid of strikes against expiration dates. Each cell shows the net dollar flow into that contract for the day: green where the flow is net bullish, red where it is net bearish. Clusters stand out immediately, so you can see which strikes and dates the market is leaning on without reading a tape line by line.
- Cumulative view shows the whole session so far.
- 5, 15 and 60 minute views show only what changed in that window, which is how you spot flow arriving right now.
- Click any cell to chart how flow into that one contract built up through the day.
| Strike | Expiry | Expiry | Expiry | Expiry |
|---|---|---|---|---|
| $000 | $0.0M | -$0.0M | $0.0M | $000K |
| $000 | -$0.0M | $0.0M | $000K | -$0.0M |
| $000 | $00.0M | $0.0M | -$000K | $0.0M |
| $000 | $0.0M | -$0.0M | $0.0M | $000K |
| $000 | -$0.0M | $0.0M | $0.0M | -$0.0M |
The full chain, every tracked ticker and minute-by-minute updates are in the live heatmap.
Unlock the live heatmapSample only: the strikes nearest spot and the nearest expiries from the last completed session. Not live data.
GEX Profile
Gamma exposure (GEX) estimates how much options dealers have to buy or sell the stock as its price moves. It is built from gamma and open interest at each strike. The profile shows that exposure strike by strike, which turns it into a map of where dealer hedging is likely to push back against price and where it is likely to add to a move.
- Call wall
- The strike above spot with the most positive gamma. Price often struggles to push through it.
- Put wall
- The strike below spot with the most negative gamma. It often acts as a floor, and a break below it can accelerate.
- Zero gamma
- The estimated price where total exposure flips sign.
- Regime
- Positive gamma means dealer hedging tends to dampen moves. Negative gamma means it tends to amplify them.
Zero gamma, the regime and the full per-strike profile, filtered to 0DTE, weekly or monthly expiries, are in the live page.
Unlock GEX ProfileMax Pain
Max pain is the price at which the largest dollar value of options would expire worthless on a given expiration date. It is calculated from open interest at every strike: for each candidate price, add up what option holders would be paid, and find the price where that total is smallest.
Some traders watch max pain as a level the stock may drift toward into expiration, especially in the final days. Nothing forces price to go there, so treat it as context, not a target. The live page shows max pain for every expiration, how far spot is from it, and the full pain curve.
Every expiration, with the pain curve for each, is in the live page.
Unlock Max PainQuestions
What is an options flow heatmap?
It is a grid of strikes against expiration dates, where each cell shows the net dollar flow into that contract for the day. Green cells have net bullish flow and red cells have net bearish flow, so you can see at a glance where the money is concentrating.
What is gamma exposure (GEX)?
Gamma exposure estimates how much options dealers have to buy or sell the underlying stock as its price moves, based on gamma and open interest at each strike. When total GEX is positive, dealer hedging tends to dampen moves. When it is negative, hedging tends to amplify them.
What is max pain?
Max pain is the price at which the largest dollar value of options would expire worthless for a given expiration date. It is calculated from open interest at every strike. Some traders watch it as a level the stock may drift toward into expiration, though nothing forces price to go there.
Is the sample on this page live?
No. The sample is a small slice of SPY from the most recent completed session. The live page refreshes about every minute and covers every tracked ticker, the full grid, the per-strike GEX profile and the pain curves. It is part of the AI Pro plan.
Related: the Whale Alert Tracker for individual large options trades, and Dark Pool for off-exchange block prints. More answers in the Options Flow Heatmap FAQ.
See the whole options picture, live
Create a free StreetAlpha account, then upgrade to AI Pro to open the Flow Heatmap, GEX Profile and Max Pain for any tracked ticker.
For information only, not investment advice. Options and off-exchange data show what traders did, not what a stock will do. Trading involves substantial risk of loss. StreetAlpha is not a registered investment adviser or broker-dealer, and nothing here is a recommendation to buy or sell any security. Data may be delayed or incomplete. StreetAlpha and its operators may hold positions in securities discussed. See our Terms of Use.