Hermēs DocumentationMarket State & Scan
Market State uses 8 regime cards and a cross-asset scan table to show IV, IV Rank, net GEX, CVR and automatic regime classification for ES/NQ/SPY/QQQ/VIX/GLD/BTC/ETH on one screen — the overview window for setting the open's tone and sweeping for opportunities. Requires Pro.
Market State is the overview window for setting the open's tone and sweeping for opportunities: 8 regime cards + a cross-asset scan table that show the volatility and GEX regime of major indices, ETFs, volatility and crypto on one screen. Requires Pro.
Open it in the Options Desk via ＋ New Window → Data & Analytics → Market State.
Who it is for
The open's first screen for every persona. Futures traders use it to set whether ES/NQ is suppressing or accelerating today; options traders use it to find tickers with extreme IV percentile worth buying/selling vol; US equity traders use it to sweep which ETF/single name is moving unusually.
The two tabs
State Overview
A 2×4 card grid: ES/SPX, NQ/NDX, SPY, QQQ, VIX, GLD, BTC, ETH. Each card gives spot, IV, IVR (IV Rank), net GEX (±NM), and an automatic regime label — such as negative-Gamma acceleration, vol compression coiling, vol overheated, bullish flow dominant, positive-Gamma pinning, neutral wait-and-see — with a suggested strategy direction.
Ticker Scan
A cross-asset monitor table covering all ticker groups, with columns Ticker, Price, GEX, CVR, IV/IVR, C.Node (control node), DEX; the legend distinguishes long structure / short structure / ATM IV. Locked tickers show "needs Pro/Ultra access", with Upgrade to unlock all at the top right.
Using the regime labels
Negative-Gamma acceleration → trade direction, avoid selling premium. Vol compression coiling → buy a straddle / wait for a catalyst. Positive-Gamma pinning → range-bound, iron condor / spread favored. Vol overheated → premium-selling window, but control tail risk.
The regime is classified from GEX, GEX percentile, CVR (zcvr), IV percentile and spot's position relative to zero gamma — the same logic as the Vol Intelligence Overview tab.
Typical workflow
- At the open, read State Overview first to decide whether today's leading ticker is suppressing or accelerating.
- Switch to Ticker Scan, find volatility extremes by IVR and structure alignment by CVR/DEX.
- Click a row label to set that ticker as the workspace current ticker and drill into the main chart.
- Futures traders move to the GEX Data Center to verify key levels; options traders move to Vol Intelligence to set the vol environment.
Tickers in the scan table are gated separately: ES/NQ/BTC/ETH are mostly Pro, while most other indices, ETFs and single names need Ultra; upgrade to see the whole table.
Next steps
Frequently asked questions
What subscription does Market State need?
Market State is a Pro window — log in with a Pro or higher subscription; individual tickers in the scan table are also gated per ticker, and most non-core tickers need Ultra.
How is the regime label determined?
It is classified from GEX, GEX percentile, CVR (zcvr), IV percentile and spot's position relative to zero gamma, outputting labels like "negative-Gamma acceleration", "vol compression coiling", "positive-Gamma pinning", along with a suggested strategy.
What is IVR?
IVR is IV Rank — it places current implied volatility on a 0-100 scale within its historical range; higher means volatility is richer and more of a premium-selling environment.
GEX Data Center
The GEX Data Center gives precise per-strike GEX values — control node, HVL, Call/Put transition, MaxPain and anomaly exposure — with ladder comparison across 0DTE/next-day/all-expiry. It is the numeric bedrock for futures and options traders to verify key levels. Requires Pro.
Live Flow (Flow Pulse)
Live Flow is a free window that combines call/put option flow, unusual activity and a strike×expiry GEX heatmap into a one-screen sentiment pulse, helping any user quickly sense which direction and which expiry money is rushing into. Available once you log in.