DEX · net delta exposure

SymbolSPY
Spot—
Delta tilt—
Delta flip—
As of—
Price & delta-flip
Delta profile · net Δ$ by strike
Delta surface — strike × expiry
Green = net long Δ (≥0), red = net short Δ (<0). Near-term expiries dominate; far-dated is correctly faint. Spot dashed.
Comparable cross-sections — every expiry, one scale
Every expiry on one shared net Δ$ scale. Green where long Δ (≥0), red where short Δ (<0); near-term bright → far-dated faint (tenor priority). Spot & zero marked.
Tilt term structure · by expiry
Net delta tilt per expiry (−1 short … +1 long). The slope front→back shows where directional positioning sits on the curve.
Why — delta tilt by expiry
Horizons
Horizon Bias Lean Flip Conf
Definitions — how to read this
Delta (Δ) — how much an option's price moves per $1 of the underlying; also ≈ the chance it finishes in-the-money. Calls have +Δ (0→1), puts −Δ (−1→0). Deep in-the-money ≈ ±1, far out-of-the-money ≈ 0.
Net delta exposure (DEX) — Σ Δ × open interest across the whole chain. It's the MONEYNESS-WEIGHTED directional footprint of all open positions — distinct from gamma (curvature), put/call counts (PCR), or premium $.
Delta tilt — net delta ÷ total absolute delta, from −1 (all put-delta, bearish) to +1 (all call-delta, bullish). Read RELATIVE across expiries, not just the level.
Delta-flip — the price where cumulative net delta crosses zero. Above it the book is net long delta, below it net short — a regime balance line. Dealers hold the opposite of the book and hedge around it.
The call — net long delta = bullish footprint (↑), net short = bearish (↓), per horizon by matching tenor. Momentum reading; Phase-3 calibration decides momentum-vs-contrarian + the Oracle weight.