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Market Maker Exposure
A broader read on how exposed options dealers are across the whole book, combining delta, gamma, and other greeks rather than looking at gamma alone.
What is market maker exposure?
Market maker exposure is a dealer-positioning map for SPX. Flip Level is the first card. Call Wall and Put Wall sit under it. Expected Move(VEM) and Expected Move(DEM) print plus or minus dollars with Lower and Upper bands. Open Interest splits Call OI and Put OI. A wall is a crowded strike, not a trade.
Gamma Exposure is a strike table you can search. This page is locked to SPX. The top chart is SPX Market Maker Exposures: candles on the left, gamma bars by strike on the right. A yellow dashed Price line marks the last print. Straddle draws Expected Move or Breakeven bands on those candles. Leave Expected Move(VEM) selected unless you want Expected Move(DEM), Breakeven(VEM), Breakeven(DEM), or Disable. Detailed Analysis sits under that with Market Maker Positions and Extended Exposures. Put / Call is the default split. Net is the other view. Green bars are Call. Red bars are Put. Open Interest on the fourth card is the crowd behind those bars, split into Call OI and Put OI. Expiration Date can stay on All Expiration Dates, or you can pick one listed date. Either color can still be a hedge, a spread, or a dealer book. None of those bars is an order.
Expiration Date starts on All Expiration Dates. Date picks the session. Time Interval scrubs the window. Strikes starts at 20 on the top chart and 50 on Detailed Analysis. None of those charts is an order. Flip Level is a label on the first card. It is not a forecast of where SPX has to stop.
On EZPZ, the live page title is Market Maker Exposure. The ticker line is SPX plus last price. The four cards are Flip Level, Expected Move(VEM), Expected Move(DEM), and Open Interest. Gamma Exposure is the searchable strike table with Call Wall and Put Wall for one ticker, not this SPX chart stack. Market Cross Flow is the SPY, SPXW, and QQQ GEX grid next to candles. Greeks Heatmap is the strike-by-expiration grid with Gravity Magnet Score. Option Depth Flow is the searchable strike-by-time Bubble or Gradient chart. Ticker Explorer puts GEX and DEX charts on a one-symbol dashboard. Largest Premium By Tickers is the Bullish Flow / Bearish Flow premium leaderboard when you do not have a ticker yet. Index Trader is the index dashboard with Premium Traffic Lights. Top 20 Optionable ranks listed-option names by Vol. * Price. Market Wave is the Current Day chart of Net Call Premium versus Net Put Premium. Net Flow Graph is one ticker you search with Filter ticker, plus Cumulative Volume Delta. Historical Net Premium is the 15D Cumulative lookback with a daily table. 0DTE Graph is the same-day premium chart with Filter ticker. The 0DTE dropdown is the lock. Weekly-DTE Graph is the WTE chart of premium that expires by Friday. 7-DTE Graph is the 7DTE chart of premium in the next 7 days. Supply and Demand X-ray is the ITM Call and Put chart of Price, Supply, and Demand. Money Sentiment is Bought Ratio, Net Sentiment, and Netflow Graph for one ticker. Net Premium Heatmap is the strike-by-expiration grid of Net Premium for one ticker. Movers and Shakers Tide is that same chart job for about 18 mega-cap names. Option Chain is the listed book for one ticker. Live Flow is the tape of prints. Unusual Activity keeps only large, sweep, and block prints. Unusual Activity Intraday is the session scan with a date range. $1M Plus Flow keeps only million-dollar premium. 0DTE Flow keeps only prints that expire today. SPX and SPY Flow locks the tape to SPX, SPXW, and SPY. GEX Heatmap is the strike-by-expiration GEX grid with a GEX Details table. GEX and DEX is the Intraday GEX and DEX chart pair with Gamma Flip. Spot Gamma and Delta is the ($) Open Interest versus ($) Volume bar pair with a Spot line. Expected Move is the DEM and VEM band chart by expiration. Put to Call Ratio is the Intraday Put/Call Ratio chart of Traded PCR, OI PCR, and Sentiment PCR. Max Pain is Intraday Max Pain with O-Max Pain, P-Max Pain, and V-Max Pain. Open Interest Scan is the OI per Strike and OI per Expiration chart pair. Volume Scan is the Volume by Strike and Volume by Expiration chart pair. Volatility Analysis is Volatility By Open Interest, Open Interest, and Implied Volatility Smile for one ticker. IV Rank Explorer is Current IV (30D), IV Rank (1Y), period IV Rank, and IV Percentile (1Y) plus the IV Rank chart. Historical Volatility is 10D through 90D Volatility versus Price. Volatility Surface 3D is Raw Contracts and Smoothed Mesh for one ticker.
How Market Maker Exposure works on EZPZ
Read the four cards first, then SPX Market Maker Exposures, then Detailed Analysis. It is not a score. Most people start on All Expiration Dates with Expected Move(VEM) selected. If Flip Level is far from Price, read Call Wall and Put Wall next. Open Market Maker Positions if you want Put / Call by strike. Open Extended Exposures if you want a wider strike map. Scrub Time Interval only if you want an earlier window on the same Date.
How this differs from Gamma Exposure
Gamma Exposure is a strike table you search by ticker. Call Wall, Put Wall, Spot Price, and expected move sit as badges on rows. This page is SPX only. Flip Level is a card. Expected Move(VEM) and Expected Move(DEM) are two ranges. Straddle paints those bands on the candles. Use Gamma Exposure when you want any ticker as a table. Use this page when you want SPX candles next to dealer bars. Use Ticker Explorer when you want GEX and DEX charts next to quote and unusual activity. Use Largest Premium By Tickers when you still need a name from Bullish Flow or Bearish Flow. Use Index Trader when you want traffic lights. Use Top 20 Optionable when you want Vol. * Price rank. Use Market Wave when you want Current Day Net Call Premium versus Net Put Premium. Use Net Flow Graph when you want Filter ticker plus Cumulative Volume Delta. Use Historical Net Premium when you want the 15D table. Use 0DTE Graph when you want same-day premium. Use Weekly-DTE Graph when you want Friday. Use 7-DTE Graph when you want the next 7 days. Use Supply and Demand X-ray when you want Price, Supply, and Demand on each contract. Use Money Sentiment when you want Bought Ratio and Net Sentiment. Use Net Premium Heatmap when you want the strike-by-expiration grid. Use Movers and Shakers Tide when you want the 18-name basket. Use Live Flow when you want the prints. Use Option Chain when you want the listed book.
Anatomy of the SPX dashboard
You do not need every control on every session. Use the tabs if you want a map of the fields.
Four cards sit under SPX last price. They follow Expiration Date, Date, and Time Interval.
| Card | What you are looking at |
|---|---|
| Flip Level | The first card. Call Wall and Put Wall sit under the big number. |
| Expected Move(VEM) | Plus or minus dollars. Lower and Upper sit under that number. |
| Expected Move(DEM) | The same job with a second range. Lower and Upper sit under that number too. |
| Open Interest | The total on screen. Call OI and Put OI sit under it. |
These controls change the map. They do not score it.
| Control | What you are looking at |
|---|---|
| Expiration Date | All Expiration Dates is the default. Pick one listed expiration to narrow the book. |
| Straddle | Disable, Expected Move(VEM), Expected Move(DEM), Breakeven(VEM), or Breakeven(DEM). Expected Move(VEM) starts selected. |
| Date | The session you load. |
| Time Interval | The scrubber for that session. The display shows the window, such as 18Sep2026 1:11 AM to 1:21 AM. |
SPX Market Maker Exposures is the top card. Detailed Analysis sits under it.
| Chart | What you are looking at |
|---|---|
| SPX Market Maker Exposures | Candles on the left. Strike bars on the right. Price is the yellow dashed line. Strikes starts at 20. Options are 10, 20, 30, or 40. |
| Market Maker Positions | Put / Call is the default. Net is the other view. Green is Call. Red is Put. Strikes on Detailed Analysis starts at 50. Options are 30, 50, or All. |
| Extended Exposures | A wider strike map of the same session. Use it when 20 strikes on the top chart feels too tight. |
Detailed Analysis
The lower card is titled Detailed Analysis. It shares Date and Time Interval with the top chart. Strikes on this card is a separate control.
Lower charts
- Market Maker Positions: Put / Call is selected in the screenshot. Switch to Net if you want one bar per strike.
- Extended Exposures: More strikes than the top card. Price is still the yellow dashed line.
- Strikes: 50 is the default on this card. 30 and All are the other choices.
How people actually use it
Read the four cards first
Check Flip Level against last price, then Call Wall and Put Wall, then Expected Move(VEM) versus Expected Move(DEM). You are reading the backdrop, not picking a strike yet.
Sit with Price on the candles
Leave Straddle on Expected Move(VEM). Watch whether Price is inside the Lower and Upper bands or outside them. Leave Strikes on 20 until you need more.
Open Detailed Analysis next
Use Put / Call first. Switch to Net if the split is too busy. Use Extended Exposures when you want strikes farther from Price.
Use it next to the table and the tape
This page is the SPX chart stack. Open Gamma Exposure if you want the strike table on another ticker. Open Live Flow if a strike makes you want the prints.