Option Delta displays the net delta from options trading activity on a subgraph below your chart. It helps you understand the directional pressure coming from the options market - whether call or put activity is dominating - and can be used to estimate the hedging pressure that market makers may be applying to the futures market.

Note: Option Delta is available on SPX only.

How to Add Option Delta

1. Go to New in the top menu.

2. Click on Option Chart.

   

3. A Select Instrument dialog will appear with the following options:

   • NDX - Symbol: NQ-CME, Exchange: CME

   • QQQ - Symbol: NQ-CME, Exchange: CME

   • SPX - Symbol: ES-CME, Exchange: CME

   • SPY - Symbol: ES-CME, Exchange: CME

   

4. Select your preferred instrument and click to open the chart.

5. Once the Option Chart is loaded, click the Indicator Add button on the chart toolbar.

6. Search for Option Delta and click + to add it.

7. Click the settings icon to open the configuration window.

   

Settings

Parameters

General

• Expiration - Filter delta by expiration. Options available: 0 DTE, <= 1d, <= 2d, <= 3d, <= 4d, <= 5d, <= 6d, <= 7d, <= 31d, <= 91d, and All expirations. The default is All expirations.

• Value - Choose how the delta is measured:

  • Contracts (default) - Displays the number of option contracts.

  • Premium - Displays the total premium value in USD.

  • Future contracts - Displays the equivalent number of futures contracts.

Plot Settings

Option Type

Choose which side of the options market to display.

• Cumulative (default) - Displays the net delta combining call and put activity: call delta minus put delta.

• Call - Displays delta from call options only.

• Put - Displays delta from put options only.

Revert

By default, Option Delta shows delta from the customer’s perspective. When Revert is enabled, values are inverted to estimate the market maker’s perspective. Because market makers are typically on the opposite side of each trade, this view helps reveal the hedging pressure they may be applying to the futures market.

• Default (disabled) - Shows delta from the customer’s side. Use this to see whether participants are buying calls or puts and which direction the flow is leaning.

  

• When enabled - Inverts delta to estimate market maker exposure. A large positive customer delta implies market makers may be short delta and need to buy futures to hedge.

  

Cumulative

By default, Option Delta plots a value for each candle. When Cumulative is enabled, delta is plotted as a running total across the session, similar to CVD for options delta. This helps show whether options pressure is consistently building in one direction.

• Default (disabled) - Shows delta for each individual bar. Use this to track real-time options activity and spot sudden delta spikes near key price moves.

  

• When enabled - Shows a running cumulative total. A steadily rising value suggests sustained call pressure, while a falling value suggests sustained put pressure.

  

Using Both Together

• Both disabled - Provides a clean bar-by-bar view of customer delta. This is best for spotting immediate spikes in options activity.

  

• Both enabled - Provides a cumulative running total of estimated market maker delta. Use this combination to track whether hedging pressure is building in one direction throughout the session and may lead to futures flow.

  

Subgraphs

Delta (1)

• Color - Set the primary color. The default is green.

• Secondary Color - Set the secondary color. The default is purple.

• Subgraph Style - The default is Bars.

• Auto Color - Options are None, Slope, and +/-. The default is +/-.

• Line Style - Choose between Solid or Dash. The default is Solid.

• Line Width - The default is 5.

• Short Name - Set a custom label for this series.

• Name Label - Toggle visibility of the name label.

• Value Label - Toggle visibility of the value label.

• Name Background - Toggle the name label background.

• Value Background - Toggle the value label background.

• Chart color for marker - Enable to use the chart color for markers.

• Include on Auto Center - Include this series in auto centering. It is enabled by default.

Example - How to Use Option Delta

Option Delta helps you understand the directional pressure coming from the options market and estimate the hedging activity of market makers. Here are some practical ways to use it:

Reading the Bars

• Positive bars = More call side delta - bullish pressure

• Negative bars = More put side delta - bearish pressure

• The taller the bar, the stronger the directional pressure

Practical Uses

Using Default View (Revert off, Cumulative off)

• Read bar by bar to spot immediate spikes in options delta

• A sudden positive spike suggests aggressive call buying at that moment

• A sudden negative spike suggests aggressive put buying at that moment

  

Using Cumulative (Revert off, Cumulative on)

• Works like a CVD but for options delta

• A steadily rising cumulative line suggests sustained bullish options pressure building throughout the session

• A steadily falling cumulative line suggests sustained bearish options pressure

• Use this to confirm whether the options market is consistently leaning in one direction

  

Using Revert (Revert on, Cumulative off)

• Flips the delta to show estimated market maker perspective

• Since market makers are on the opposite side of most trades, this shows you the estimated hedging pressure they are applying to the futures market

• Use this to anticipate potential futures flow from dealer hedging

  

Using Both Together (Revert on, Cumulative on)

• The most powerful combination

• Shows you the cumulative estimated market maker delta throughout the session

• Helps you track whether market makers are consistently building hedging pressure in one direction which can give you an early indication of potential futures flow

  

Note: Option Delta works best in confluence with your GEX levels, heatmap and footprint. Never use it as a standalone signal.

Still Having Trouble?

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• A screenshot of the issue

• A brief description of what you were trying to do

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