SPX 0DTE Options Heat Map

The SPX Lens heat map watches every trade printed on the S&P 500's same-day (0DTE) options and turns the flow into a live, strike-by-strike ladder: calls on the left, puts on the right, the current SPX price pinned between them. The hotter a strike glows, the more volume it attracted in the last 60 seconds — so you can see, in real time, exactly where the day's fight is happening.

Open the live heat map →

How to read the ladder

• Heat — each side is ranked by volume gained over the last 60 seconds (with 5- and 10-minute columns for context). The lightest bars are the most active strikes right now, not just the biggest totals from earlier in the day.
• Flow chips (15s / 30s / 60s) — the net call-vs-put contract flow over the last seconds. A string of PUT chips while price sits on support tells you who is pressing.
• P/C ratio — total put volume over call volume across the ladder. Rising above ~1.2 usually accompanies hedging or bearish positioning; falling under ~0.8 shows call-chasing.
• ATM divider — the yellow spot marker splits in-the-money from out-of-the-money strikes and re-centers automatically as SPX moves.

The gamma layer

Under the ladder, two panels track dealer gamma exposure built from open interest and live greeks: a per-strike breakdown of positive (green) and negative (red) gamma, and an intraday map showing how the profile evolves through the session with the SPX path drawn across it. Key levels are tagged right on the ladder:

• CW — call wall: the largest positive-gamma strike; rallies tend to slow into it.
• PW — put wall: the deepest negative-gamma strike; selloffs tend to accelerate below it.
• ZG — zero-gamma flip: above it dealers damp moves, below it they chase them.
• MP — max pain: the expiry price that minimizes what option holders collect — a familiar late-day magnet for 0DTE.

New to gamma? Start with our plain-English guide: what dealer gamma exposure means for SPX traders.

Why 0DTE flow matters

Same-day options are now the majority of SPX option volume. Because their gamma is extreme near the money, the hedging they force is a real intraday flow — 0DTE positioning can pin price to a strike into the close, or pour fuel on a breakout once a wall gives way. Watching where that volume lands, and whether calls or puts are winning the tape, adds a dimension that price charts alone cannot show.

Educational content only — nothing on this page is financial advice or a recommendation to buy or sell any security. Markets involve risk; backtested and historical results do not guarantee future performance. © SPX Lens · About · Help & FAQ