Reading the DEX chart & heatmap
Bars, the call/put split, and what concentration looks like.
The DEX view shows one horizontal bar per strike: positive bars (calls dominate) extend right, negative bars (puts dominate) extend left. The DEX heatmap below it breaks each strike into Net DEX, Call DEX, and Put DEX columns, shaded by magnitude so concentrations pop visually.
What to look for
- Concentration — one or two strikes carrying most of the chain's delta notional. These are the strikes whose hedges move the stock when they unwind, and they often act as magnets into expiration.
- The split — a strike can show small Net DEX while hiding huge Call DEX against huge Put DEX. Offsetting exposure still means big hedge books on both sides: quiet net, loud gross.
- Total Net DEX — the whole chain's lean. Track its sign and size day over day; positioning often turns before price does.
- Distance from spot — DEX far below spot is insurance; DEX at or just above spot is active speculation. The same dollar amount means different things at different distances.
The delta flip (Zero Delta Level)
The stat cards mark the Delta Flip — the price where aggregate delta notional would cross zero, recomputed contract-by-contract at each hypothetical spot level exactly like the gamma flip. Below it the chain is net short delta; above it net long. It is the directional sibling of the zero-gamma level: gamma flips change the tape's behavior within a day, while the delta flip marks a slower structural inflection in which side of the book is winning.