depth
Total options order book size over time, with spot, GEX, and curvature overlays.
what it shows
The Depth view shows the total size of the options order book over time — the aggregate quantity of contracts resting in the market across all strikes and expirations for the selected ticker. Depth is a measure of market liquidity and participation.
A thick, deep book means the market is well-supplied with two-sided liquidity. A thin book means participants have pulled quotes and the market is more fragile.
reading the chart
The y-axis shows total order book depth (in contracts). The x-axis is time. The line tracks how depth has evolved through the session.
What changes in depth can signal:
- Depth rising — Liquidity improving; market makers are posting larger quotes. Often occurs when volatility settles and dealers are comfortable providing more size.
- Depth falling — Liquidity withdrawing. Can precede or accompany sharp moves as dealers reduce exposure. A sustained drop in depth with rising vol is a warning sign.
- Sudden depth collapse — Dealers pulling quotes rapidly, often in response to an order flow event or incoming news.
spot overlay
The Depth view includes an overlay of the underlying spot price on a secondary axis. This lets you directly compare order book depth to underlying price action — for example, seeing whether depth collapses precisely when spot breaks a level.
depth curvature
The Depth Curvature toggle adds a secondary line showing the curvature of the depth profile. This reflects how evenly distributed the liquidity is across strikes — whether the book is concentrated near ATM or spread across the surface.
Note
Depth reflects the total resting size in the order book and is not a direct measure of directional flow. A deep book does not imply buying or selling pressure — only that quotes are posted.
gex overlay
The GEX toggle adds a Gamma Exposure overlay, showing the estimated net gamma positioning of market makers across the surface. Positive GEX indicates dealers are net long gamma; negative GEX indicates net short gamma.
Dealers who are short gamma must buy into rallies and sell into declines to stay delta-neutral — which can amplify underlying moves. Dealers who are long gamma do the opposite, providing a natural dampening effect on price action.