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Depth

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.