Option Greeks Heatmap
See at a glance how a Greek changes across strikes and time. Pick a Greek and watch the grid light up — the clearest way to understand why Gamma and Theta concentrate at-the-money near expiry, and why Vega lives in longer-dated options.
How to read it: Columns are strikes around the spot; rows are days to expiry (expiry at the bottom). Each cell is the Greek's value for that strike and expiry, coloured by magnitude — darker means larger. The gold-outlined column is the at-the-money strike.
What the heatmap teaches
- Switch to Gamma: the grid lights up in a tight band at the at-the-money strike, and that band gets far brighter on the bottom rows — the expiry-day Gamma spike.
- Switch to Theta: decay concentrates at-the-money and accelerates toward expiry — why weekly options bleed fastest in their final days.
- Switch to Vega: the largest values sit in the longer-dated rows, showing why Vega risk lives in time, not in the last session.
- Switch to Delta: values sweep from ~0 (far OTM) to ~1 (deep ITM) across the strikes — the Delta curve as a grid.
Frequently asked questions
Which Greek should I look at first?
Start with Gamma to see the at-the-money concentration near expiry, then Theta to see decay accelerate, then Vega to see volatility risk living in longer-dated options. Together they explain most of what moves an option's price.
Are the values exact market values?
They are theoretical Black-Scholes values at a single implied volatility. Real chains have a volatility skew across strikes, so live values differ — but the patterns the heatmap reveals hold.
Educational tool only — not investment advice. Theoretical Black-Scholes values.