Hermēs DocumentationHeat Panel
The heat panel is a second dedicated band right of the price axis that can sit alongside the distribution band — "time matrix" shows how exposure migrates across a session, "grid" shows strike × expiry layering, with eight metrics spanning GEX/DEX/VEX/CEX and OI/VOL/PREM/TX.
The heat panel is a second dedicated band right of the price axis. It uses the same mechanism as the distribution band and can sit alongside it: the distribution band answers "how much is stacked at each strike right now", the heat panel answers "how that stack unfolds across time or across expiries". Both share the chart's price axis, so rows line up exactly.
Two modes
Time matrix (default)
Horizontal axis is time, vertical axis is strike, and each cell is that strike's net GEX at that moment. It flattens the construction of a wall into one picture — whether it was there at the open or built up through midday, when an old wall was dismantled, and which strike the money moved to.
Row heights are computed with per-strike Voronoi spacing, so on instruments with uneven strike intervals rows never overlap or leave gaps.
Grid (strike × expiry)
Horizontal axis is the nearest several expirations, vertical axis is strikes around spot, and each cell is the net value at that (strike, expiry). This answers the layering question: a price that is a wall for 0DTE — is it still a wall next week?
Cells render as 3D tiles with font sizes that adapt to cell dimensions, laid out on a uniform grid.
The eight grid metrics
| Group | Metric | Meaning |
|---|---|---|
| Greek exposure | GEX | Net per-strike gamma exposure |
| DEX | Net per-strike delta exposure | |
| VEX | Net per-strike vanna exposure | |
| CEX | Net per-strike charm exposure | |
| Quantity skew | OI | Open interest, call minus put |
| VOL | Volume, call minus put | |
| PREM | Premium, call minus put | |
| TX | Trade count, call minus put |
The Greek group answers "how much dealers have to hedge here"; the skew group answers "is this cell call-dominated or put-dominated" — green for calls, red for puts.
The two groups carry different units, so colour intensity is not comparable across groups. Compare cell against cell within one metric.
Live spot line
The panel draws a live spot line sourced from the same price feed as the chart, so you always know which row you are standing on while reading the matrix. In grid mode in particular, it tells you which expirations have a wall right underfoot and which are still far away.
How it divides labour with the chart's heat band
| Chart heat band | Heat panel | |
|---|---|---|
| Location | Background glow behind the candles | Dedicated band right of the price axis |
| Draws | Historical trail of key levels (0Γ / +Γ / −Γ / C1·P1 trails) | The full exposure matrix |
| Controls | Heat-intensity slider (0–1.6, 0 = off), expiry view, colour source, C1/P1 trail toggle | Panel toggle, mode, grid metric |
| Answers | Which prices this level has travelled through today | How exposure is distributed and migrating across all strikes |
Both live in the Indicator Dock's Heat section and can be enabled independently.
A typical workflow
- Price is stuck at a level intraday → open the time matrix and see when that wall started building and whether it is still growing.
- Considering an overnight hold → switch to grid and check whether the wall survives into next-day and end-of-week expiries. A wall that exists only in 0DTE ceases to exist after the close.
- Assessing an IV event → switch the grid to VEX / CEX to find the expiries most sensitive to volatility changes and time decay.
- Identifying who is driving → switch the grid to PREM to read premium rather than contract counts; large single legs show up here even when contract volume buries them under retail-sized flow.
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Frequently asked questions
Is the heat panel the same as the heat band on the chart?
No, they are two things. The chart's heat band is a background glow behind the candles showing the historical trail of key levels; the heat panel is a dedicated band right of the price axis that renders a full exposure matrix in discrete cells. Both can be on at once, and both are toggled in the Indicator Dock's Heat section.
When should I use "time matrix" versus "grid"?
Use the time matrix (horizontal axis = time) to see how today's wall was built; use the grid (horizontal axis = expiry) to see whether a level holds across the next several expirations. One answers evolution, the other answers layering.
What are the eight grid metrics?
Four Greek exposures — GEX (gamma), DEX (delta), VEX (vanna), CEX (charm) — and four quantity skews — OI, VOL (volume), PREM (premium), TX (trade count) — coloured by call minus put.
Distribution Band
The distribution band is the per-strike cross-section that shares the main chart's price axis — six stackable columns, three display modes, three expiries, an optional standalone IV-smile column and an expected-move band, with level pills extending across the axis into the band.
Sub-panes & Order Flow
Three sub-pane slots below the chart, each choosing its own metric — order-flow rates (DEX/GEX/CVR/Vanna/Charm), next-day 1D variants, and net-exposure levels (Net GEX / net convexity / cumulative Δ) — plus extreme-flow markers, a main-chart line overlay and a ±$MM noise filter.