Options Map — the live options gamma surface
The entire options surface of an asset on a single heatmap — strike by expiry. Five switchable layers, per-strike Greeks on hover, a vol smile per expiry and a gamma-flip and max-pain table — the read that tells you when the market pins and when it sprints.
Why it exists
In options markets, dealers set the rules — not retail. Where they're long gamma, their hedging dampens moves and price mean-reverts; where they're short gamma, their hedging chases momentum and moves accelerate. Read that surface right and you know in advance whether the market is likely to breathe out or break out.
The problem is that this picture is usually split across several expensive, single-purpose tools — one for the gamma profile, another for the vol smile, another for Greeks. Options Map puts all of it on one heatmap, for BTC, ETH, SOL, XRP, AVAX and HYPE, refreshed continuously.
What you get
Five ways to read the surface
| Layer | What it shows | What you read |
|---|---|---|
| Net Gamma | Per-strike net gamma, red (short) to green (long), with sign-flip levels | Where dealers stabilize vs amplify price |
| Imbalance | Call OI vs put OI per strike | Which side positioning is skewed — speculation vs protection |
| Open Interest | Total OI per strike, dark to bright | High-OI walls that act as magnets near expiry |
| Volume | 24h volume traded per strike | Active strikes vs dormant ones — where flow is going now |
| Concentrations | Top strikes by combined gamma, OI and volume | The handful of strikes that matter most today |
When dealers are net long gamma they sell rallies and buy dips — volatility contracts and price pins to big strikes. When they're short gamma they chase momentum — volatility expands and moves accelerate. The Net Gamma layer maps exactly where that line sits, and the gamma-flip level is the price where behaviour changes character.
The header summary
Six tiles set the context before you touch a layer: spot and 24h change, ATM IV on the nearest expiry, realized HV and the IV/RV ratio (is vol rich or cheap), total open interest, the top-5 strike concentrations, and the term state — contango, backwardation or flat.
Vol smile & per-expiry table
Beside the heatmap, a vol smile draws implied volatility across strikes for any expiry you pick, with a spot line and hover-snap to the nearest strike. Below it, a per-expiry table lists ATM IV, the gamma-flip price, max pain, net GEX and the put/call ratio — so you can read the whole term structure of risk in one place rather than reconstructing it expiry by expiry.
Options Map reads each asset where its options market is deepest. One deep source gives the cleanest, most granular surface — mixing in thin markets would add noise without adding meaningful coverage.
How it works
A snapshot worker computes the full surface for each asset every few minutes — including per-strike Black-Scholes Greeks baked in — and writes it to a single fast store. The module reads and slices that snapshot in the browser, so hovering cells, switching layers and redrawing the smile happen in milliseconds with nothing recomputed client-side. Gamma-flip levels are interpolated across listed strikes, so they land on real price levels even between quoted strikes.
The gamma regime you read here is the same signal the Options engine inside Market Intelligence votes with, and the dealer-gamma profile that Pulse surfaces for a quick read. One options snapshot, used everywhere — no drift between what you see on the map and what the rest of the system acts on.
Common questions
What is a crypto options heatmap?
A crypto options heatmap visualises the full options surface on a strike-by-expiry grid, coloured by a chosen metric. FOCSAL's Options Map offers five switchable layers — net gamma, call/put imbalance, open interest, volume and concentrations — for BTC, ETH, SOL, XRP, AVAX and HYPE.
What is the gamma flip level?
The gamma flip level is the price at which dealers' net gamma changes sign. Above it dealers are typically long gamma and dampen volatility; below it they are short gamma and amplify moves. It is a key inflection point where market behaviour changes character, and FOCSAL interpolates it across listed strikes per expiry.
What is max pain in crypto options?
Max pain is the expiry price that causes the maximum aggregate loss to option buyers. Near expiry, dealer hedging tends to pull price toward this level — a magnetism effect. FOCSAL shows max pain per expiry alongside gamma flip, ATM IV, net GEX and the put/call ratio.
What does the IV/RV ratio tell you?
The IV/RV ratio compares implied volatility against realized volatility. Above roughly 1.2, options look expensive relative to actual movement, favouring premium selling; below roughly 0.8 they look cheap, favouring premium buying. FOCSAL's Options Map surfaces this alongside realized HV in the header.
Open Options Map on the live market
The full gamma surface, vol smile and Greeks — on BTC in the Free plan, on every asset with listed options from Plus.
See plans
