Hermēs DocumentationOptions Desk
Complete guide to the Hermēs Options Desk — Bloomberg-style 28-window workbench for the GEX → Strategy → Implied Probability closed-loop workflow
What is the Options Desk?
The Options Desk is a Bloomberg-style multi-window options workbench built into the Hermēs terminal — Pro to start, Ultra for full depth. It is the centrepiece of Hermēs' core differentiator: the GEX → Strategy → Implied Probability closed-loop workflow.
Tier at a glance: the chart trio (Main Chart / Tactical / Live Flow) and the Position Size calculator are free lead-ins; the core workbench is Pro (Strategy Lab, Vol Intelligence, GEX Data Centre, and more); the depth / breadth / institutional windows (Vol Matrix, Exposure Flow, Dist Compare, Market Energy, Symbol Center, UOA Scanner, GEX Backtest, Cross-Asset, GEX Matrix) plus the full 62-instrument universe are Ultra. Locked windows can still be placed on the canvas — their content area shows an upgrade prompt.
Unlike standalone options tools, the Options Desk is structurally wired to the live GEX data stream. Dealer positioning — walls, regime, Vanna, Charm — is not an input you copy-paste from another screen. It is the starting point the workbench reads automatically.
Why this matters: Most GEX tools on the market stop at handing you a chart. None close the loop from that data to a specific options structure with a probability estimate. The Options Desk is exactly that missing last step — from reading the tape to placing the order.
Opening the Options Desk
Navigate to Options Desk in the top navigation, or visit /options-desk directly.
The page opens as a free-form canvas. Windows float independently and can be:
- Dragged by the title bar
- Resized from any corner or edge
- Minimised to the taskbar at the bottom
- Closed to free screen space
- Reopened from the + Add Window button in the header at any time
Layout state (positions, sizes, minimised state) saves automatically to localStorage and restores on your next visit.
Header Controls
| Control | Function |
|---|---|
≡ Sidebar toggle | Collapse / expand the left navigation |
| + Add Window | Grouped dropdown to add any window type to the canvas |
| ⚡ Strategy Guide | Open the GEX-driven strategy recommendation slide-out panel |
| Templates | Load built-in professional templates / save / load / delete custom layouts |
| Reset Layout | Restore the default window arrangement |
| 🔔 Alert bell | Real-time GEX event notifications |
Keyboard shortcuts:
| Shortcut | Action |
|---|---|
Ctrl + N | Add new window |
Ctrl + W | Close the focused window |
Ctrl + M | Minimise / restore the focused window |
Ctrl + Shift + T | Open the Templates menu |
Ctrl + G | Toggle ⚡ Strategy Guide |
Built-in Professional Templates
Click Templates in the header to load any built-in layout in one click. Each is pre-configured for a specific trading scenario — locked windows show an upgrade prompt by tier. Templates fall into four families:
Trader-persona battle desks (one set per role)
One curated set per trader persona, deploying that role's Ultra depth windows in a single click:
| Template | Default ticker | Windows | Who it's for |
|---|---|---|---|
| Futures Desk | ES/SPX | Main Chart · Exposure Flow (full-day GEX/DEX/VEX/CEX series + level tracks) · GEX Matrix · Market Energy | Index-futures traders: track intraday exposure drift, cross-product walls and whole-market regime |
| Options Desk | SPY | Main Chart · Vol Matrix (term structure + multi-day smile) · Greek Exposure (per-strike GEX/DEX/VEX/CEX) · Vol Curve | Options-structure traders: IV surface, per-strike greeks and Vanna/Charm in one view |
| Equity Desk | NVDA | Main Chart · Symbol Center · Options Order Flow · Dark Pool · News & Events | Single-name traders: from dark-pool accumulation and options blocks to event catalysts on one heavyweight name |
Workflow templates (thesis-driven decision loops)
| Template | Windows | Use case |
|---|---|---|
| Decision Cockpit | Main Chart · Live Flow · Vol Curve · Strategy Lab · Tactical | Full locate → confirm → execute → hold loop |
| Open Single-Screen | Main Chart · Live Flow · Tactical · GEX Matrix | Day-trader single-screen panorama |
| Options Flow War Room | Live Flow (primary) · Main Chart · UOA Scanner | Watch live options flow, read direction at a glance |
| GEX Hedging Panorama | Main Chart · GEX Data Centre · Vol Intelligence · Market State · Strategy Lab | Complete dealer-hedging closed loop |
| Pre-Market MM Prep | AI Pre-Market Brief · Main Chart · Wall confirm · IV Rank locate | Standard 10-minute pre-open routine |
| Greek Flow Tracker | Vol Intelligence (with IV skew) · Live Flow · UOA Scanner · Main Chart | Track institutional hedging-flow direction |
| OPEX Expiry Week | Pre-market OPEX context · Pin probability · Per-expiry GEX matrix · Magnet-level projection | Monthly settlement week: pin vs release |
| Morning Scan | Pre-market brief · Live Flow · UOA Scanner · Main Chart | First thing at the open: scan → anomaly → confirm → structure |
Dual-symbol panoramas
| Template | Windows | Use case |
|---|---|---|
| Command Center | Dual Main Chart (SPY/QQQ) · Dual Dist Compare · Market State · Tactical | Watch two chains' walls and regimes on one screen |
| Stock Center | Dual Main Chart (NVDA/TSLA) · Dual Symbol Center · Dual Tactical | Two mega-cap names' dealer structure at once |
Reference-page replica templates (components → page-level templates)
| Template | Windows | Use case |
|---|---|---|
| Symbol Deep-Dive | Main Chart · Symbol Center · Tactical | One symbol's full dealer-structure panorama |
| GEX Matrix | Cross-Asset Matrix · Main Chart · GEX Data Centre | Scan the whole list's walls and distance-to-level |
| Vol Matrix | Vol Matrix · Vol Curve · Vol Intelligence | Term structure and skew located on one screen |
| Market Energy | Market Energy · Live Flow · Main Chart | Whole-market energy + one-sided flow at a glance |
| Exposure Flow | Main Chart · Exposure Flow · Tactical | Track intraday GEX/DEX/VEX/CEX migration |
| STRAT Breadth Scan | Market Energy · Cross-Asset Matrix | Breadth-pulse-driven cross-asset scan |
| Position Planning | Position Size · Main Chart · Tactical | Size from account risk and stop distance |
All 28 Window Types
Access any window from the + Add Window dropdown. Each window is tagged with its minimum tier.
Chart & Execution (free lead-in)
1. Main Chart (chart · free)
Real-time GEX Gamma Chart sharing the same Canvas engine as HuntingFlow. Displays:
- Live spot price line
- Zero Gamma (0Γ) regime line (Long Gamma above, Short Gamma below)
- Call Wall / Put Wall horizontal levels
- GEX Profile distribution chart (right-side horizontal bars; hover any strike for detailed data)
- OI bubbles (add / reduce positioning signals)
- GEX heatmap overlay
- DEX / GEX / CVR Greek-flow sub-panes (drag the seam to resize each pane)
Historical trend playback: Drag the chart left (or zoom out with the wheel) to load multi-day history — up to ~20 trading days at minute resolution, fetched in chunks automatically as you approach the data edge. Pull today's session leftward into history, TradingView-style.
Supports 62 tickers including BTC / ETH (crypto-options data). Switch ticker from the window header.
2. Tactical (tactical · free)
Compresses chart data into a "what do I do now" execution card: current regime, distance to the nearest wall / 0Γ, the invalidation level, suggested direction, and what to watch. The most immediate free-tier value showcase.
3. Live Flow (flow_pulse · free)
Intraday real-time options-flow tape: order-flow sentiment, premium flow, per-strike Greeks, UOA reads, and a flow timeline — read direction at a glance.
4. Position Size (position_size · free)
Size from account risk and stop distance: futures / stock, percent- or dollar-risk, reward:risk, futures contracts (/ES /NQ /RTY, etc.) and micros. Wires to the Tactical card's invalidation level.
Options Desk core (Pro)
5. Strategy Workshop (strategy · Pro)
Primary trading interface; opens with a blank multi-leg builder.
Builder tab
| Control | Description |
|---|---|
| Preset selector | Iron condor, iron butterfly, vertical spread, straddle, strangle, custom |
| Ticker | Underlying (Ultra users can switch to any available ticker) |
| Expiry | Select from available chain dates |
| IV scenario slider | Stress-test the P&L surface at different IV assumptions |
| Add custom leg | Manually add any call or put at any strike |
Position summary: max profit / loss, breakeven(s), theoretical PoP (Black-Scholes), net premium / debit, portfolio Greeks.
Analysis tab: Expiry P&L chart with full curve, current-price vertical line, and breakeven markers.
Portfolio tab: Aggregated P&L and Greeks across all active session positions.
6. Vol Intelligence (vol_intelligence · Pro)
Four-tab implied-volatility analysis panel.
| Tab | Content |
|---|---|
| IV Smile | Current IV curve for the selected ticker and expiry; reveals market skew (put premium, call premium, or symmetric) |
| Vol Comparison | Dual-expiry IV overlay; assess term structure shape (inverted = near-term uncertainty; normal = calendar spreads attractive) |
| Vanna · Charm | Regime label, flip strike, intensity (0–100), Charm scalar; tracks second-order IV sensitivity of dealer hedging |
| Implied Distribution | Breeden-Litzenberger risk-neutral PDF; coloured breakeven zones; market-implied P(profit) / P(loss) |
Vanna: IV compression → dealers re-hedge by buying → upside tailwind (bullish Vanna regime); IV expansion → Delta selling → headwind (bearish Vanna regime).
7. Vol Curve (vol_curve · Pro)
Standalone per-strike IV smile / skew-curvature chart: 25-delta put vs call skew, curvature shape, and the historical skew percentile (current vs past 30 days) — identify tail-risk pricing and pre/post-event skew shifts.
8. Market State Dashboard (market_state · Pro)
Cross-ticker status overview showing the live Gamma regime, walls, and key levels for core tickers. Tickers outside your tier display a lock indicator.
9. GEX Data Centre (gex_data · Pro)
Dealer Gamma ladder data in two views.
Single-ticker view: Net GEX per strike, colour-coded positive (Long Gamma) / negative (Short Gamma); switchable between Gamma Profile / Volume GEX / OI GEX column types; filter by 0DTE / 1DTE / Full.
Multi-column view: Add a second or third column (each with its own ticker and DTE selector) for side-by-side comparison — ES 0DTE vs Full, ES vs SPX, ES vs NQ, etc.
Vanna / Charm sub-panel: Per-strike Vanna and Charm exposure alongside the Gamma ladder; reveals which strikes are most sensitive to IV changes and time decay.
10. Option Chain (option_chain · Pro)
Real options-chain table: per-strike bid / ask / mid, volume, open interest, and per-strike Greeks, filterable by expiry. The data source for manually adding legs in the Strategy Workshop.
11. Portfolio Overview (portfolio · Pro)
Session-level hypothetical position tracker. Each row shows: strategy type, ticker, entry premium / debit, current mark-to-market P&L, Delta, Theta, theoretical PoP.
The portfolio tracker does not connect to a broker — positions reset on page refresh unless manually saved.
12. Market Prep (market_prep · Pro)
AI-generated daily pre-market brief aggregating:
- Macro narrative (Fed dynamics, overnight events)
- Prior-session GEX regime and price behaviour recap
- Key levels for the day (0Γ, C1, P1) pre-marked
- Notable options events (large OI expiries, CPI / FOMC schedule)
13. Briefing Centre (briefing · Pro)
Real-time AI market briefing with intraday updates: regime change broadcasts, unusual order-flow summaries, and GEX structure shift alerts.
14. Level Recon (level_recon · Pro)
Pre-market, persona-based level reconnaissance. Pick Futures / Options / Stock; the left side keeps a persistent level ladder (spot, 0Γ, Call/Put walls, HVL magnet), while the right side is a three-view panel — Verdict / Distribution / Prior days. Verdict tells you how to trade it; the other two validate those levels against objective data.
How it works (deterministic rules, not a prediction): Same data source as the main chart. It pulls six levels from the current GEX snapshot — spot, 0Γ flip, Call wall, Put wall, HVL, net GEX — reads the regime from the sign of net GEX (positive = vol-suppressing, negative = amplifying), then translates that same set of levels per persona:
- Futures: spot vs 0Γ sets the bias; up / down targets are the Call / Put walls, stop is 0Γ; contract point value (ES $50 / NQ $20) converts distance into points and $ risk per contract.
- Options: walls become strike anchors (resistance / support / HVL±step pin zone), strikes snapped to the chain step; short gamma → bull-put + bear-call spreads, long gamma → iron condor.
- Stock: entry at 0Γ, target the Call wall, invalidation the Put wall, with a computed risk/reward ratio.
It generates no new signal and predicts no direction — it just applies point-value conversion / strike alignment / R:R math to levels already computed, saving you the manual arithmetic. Covers all 62 instruments (single-name stocks require Ultra).
Distribution ↔ Verdict cross-check (objective validation): The walls the verdict card cites are just computed numbers; the two right-hand views put them back into the raw data so you can verify them yourself instead of taking them on faith:
- Distribution view: Shares the same source as the verdict card (same GEX snapshot, rows recomputed locally, zero extra requests). It draws the per-strike Γ / GEX·Vol / OI / Vanna distribution and tags the Call wall / Put wall / 0Γ with
C1/P1/0Γat their strikes — because a wall is literally the peak of the per-strike distribution. If the verdict calls resistance at 6000, you can see the 6000 strike really is the tallest positive-gamma bar, so the level "holds up." Toggle expiry across Aggregate / 0DTE / Next (the three expiry buckets from upstreamdist_by_expiry) to check whether the same wall persists across expirations — consistent = a solid structure; only in 0DTE = a same-day settlement effect that may not survive overnight. - Prior-days view: Pulls
/api/v1/oi-historyfor the last 3 / 5 sessions' closing open-interest per strike into a side-by-side heatmap, with a per-strike migration Δ and a daily-spot row. It answers "which strikes has positioning been building at?" — if OI at the Call-wall strike has thickened for several days, that resistance is more credible than one that only appeared yesterday. Daily-grain data, no polling; fetched once per ticker / day-count when you open the view.
Division of labor across the three views: Verdict gives the actionable read, Distribution proves "the level really is there right now," and Prior days proves "the level was built up over time vs. thrown on temporarily." All from existing data — no predictions anywhere.
Depth · Breadth · Institutional (Ultra)
15. Vol Matrix (vol_matrix · Ultra)
Near- vs far-dated ATM IV overview plus a multi-day IV-smile overlay: compare term-structure steepness and skew across the whole list to quickly find which symbol's IV structure is most dislocated.
16. Exposure Flow (exposure_flow · Ultra)
Intraday exposure-migration playback: GEX / DEX / VEX (mapped to Vanna) / CEX (mapped to Charm) shifting over time — replay the dealer-hedging path with the master cursor.
17. Dist Compare (dist_compare · Ultra)
Side-by-side per-strike GEX distribution across multiple expiries / symbols: see how wall stacking differs between the settlement week and further-dated chains at a glance.
18. Market Energy (market_energy · Ultra)
Whole-market energy & breadth panel: Magnificent 7 breadth, Γ-regime distribution, and an activity × imbalance quadrant — compresses "is the market concentrated or spread, is money one-sided" into one screen.
19. Symbol Center (symbol_center · Ultra)
Full dealer-structure panorama for a single symbol (reference-page replica): dealer hedging profile (vertical bars + DEX line), GEX flip point, smoothed GEX curve (Gaussian KDE), cumulative per-strike sum, and grouped Volume / OI exposure bars.
20. UOA Scanner (whale_signals · Ultra)
Real-time detection of unusual options activity (UOA):
- Large-print scanner (volume / OI anomaly ratio)
- Gamma acceleration signals (priors delta exceeding threshold)
- Noise-filtered to surface genuine institutional directional flow
21. GEX Signal Backtest (backtest · Ultra · Beta)
Beta · stabilizing — available to Ultra, not marketed as a standalone selling point.
Rules-based backtest engine over historical GEX snapshots. Validate logic such as "sell at Call Wall in Long Gamma regime with IV Rank > 50" against minute-level GEX history and get win rate, expectancy, and an equity curve back in seconds.
22. Cross-Asset Correlation (correlation · Ultra)
Visual correlation matrix across multiple tickers — GEX changes and price action. Surface leading/lagging relationships (e.g., VIX GEX shifts leading ES price) to optimise multi-leg hedges.
23. GEX Matrix (matrix · Ultra)
Whole-list single-screen matrix: one row per symbol showing regime, Call/Put walls, distance to 0Γ, and key levels — scan which symbols are pinned to a wall and which are near a flip today.
24. Greek Exposure (greek_exposure · Ultra)
Per-strike dealer net exposure with four modes — GEX (Γ) / DEX (Δ) / VEX (Vanna) / CEX (Charm). Sourced from an institutional options-flow data source, aggregating call + put net exposure by strike across all expirations (negative = dealer net short that greek), shown as bidirectional bars around spot with a call/put split on row hover.
Two points of differentiated value:
- Fills the missing per-strike CEX (Charm) — the main-chain state feed only goes up to Vanna; Charm (the delta drift driven by time decay, most pronounced near expiration) had no per-strike view until now.
- Covers the full US equities / index / ETF universe — not limited to the main chain's ~60-symbol subscription list; any accessible symbol can be queried.
This is a daily snapshot (not a per-second series), so it freezes (greys out) during replay.
25. Dark Pool (dark_pool · Ultra)
Per-symbol off-exchange (dark-pool) activity from an institutional data source, in three tabs:
- Levels — off-exchange prints over recent sessions clustered by price: notional, shares, and trade count per price zone. Above spot = potential resistance, below = support — see at a glance where big money accumulated (institutional accumulation / distribution zones).
- Flow — intraday dark-pool notional bars with the spot line overlaid: answers "when did the silent money move, and where was price when it did."
- Prints — the largest individual dark-pool crosses of the session: time / price / shares / notional / aggressor side (strong buy / buy / mid / sell / strong sell, color-coded).
Price levels are bucketed into meaningful zones at a spot-adaptive granularity to cut noise. Daily / recent-session snapshot; greys out during replay.
26. Options Order Flow (order_flow · Ultra)
Real per-trade option prints — replacing estimated scanning. Sourced from an institutional options-flow feed that rolls multi-leg complex orders, sweeps, and blocks into one record per consolidation event:
- Scope — Market (default; scans the whole market's largest-premium prints, includes single names → Ultra-only) / Symbol (focus one ticker after selecting it).
- Filter — All / Sweep / Block, plus an "Unusual only" toggle.
- Per trade — time, contract (ticker + strike + C/P + expiry), premium (color-coded by sentiment: bullish green / bearish red), size, and flag badges: sweep / block / golden sweep / unusual / opening.
Complements UOA scan (whale_signals, estimated agg_dex): one is an estimated impact score, the other is the actual trade receipt. Sorted by premium descending; daily session snapshot; greys out during replay.
27. Greek Heatmap (heat_map · Ultra)
A single-symbol strike × expiration net-Greek-exposure grid snapshot from an institutional options source. It fuses the by-strike view (Greek Exposure window) with the term dimension (Term Structure) into one 2-D heatmap — see at a glance where the gamma wall / exposure concentrates across (strike, expiry):
- Greek — one-tap GEX / DEX / VEX / CEX (NET_GAMMA / DELTA / VANNA / CHARM_EXPOSURE).
- Rows — near-spot strikes (auto-centered, high on top, spot row marked with an orange dashed line); columns — the nearest 7 expirations.
- Color — cyan = net positive (dealer long that Greek; positive gamma dampens vol), magenta = net negative (short; amplifies vol); intensity = |net| / grid peak. Each cell prints net; hover for the call/put split.
Server-side trimmed to the nearest 7 expiries × 25 near-spot strikes to cut the multi-hundred-row noise. Daily snapshot; greys out during replay.
28. News & Events (news · Ultra)
A one-stop pre-market / intraday information panel from an institutional data source, in two tabs:
- News — headline news by publish time descending: each carries time, sentiment-tinted related ticker chips (green = bullish / red = bearish / grey = neutral), title, and topic tags (e.g. Analyst Ratings, Earnings, M&A). Metadata only (title / topics / sentiment) — bodies are not exposed.
- Events — the exchange-event stream by time descending: trading halts (H*), volatility pauses (LULD: LUDP/LUDS), IPOs, short-sale restrictions (REG_SHO) and more, color-coded by category, one line per event with ticker + type code + plain-language label.
Scope supports Market (default; scans the whole market's latest news/events, includes single names → Ultra-only) and Symbol. Refreshes every minute; greys out during replay. Complements Market Prep / Briefing: one is an AI-structured pre-market plan, the other is the raw news/event stream.
⚡ Strategy Guide
The ⚡ Strategy Guide slide-out panel — triggered from the header — is the operational core of the GEX → Strategy → Probability workflow.
Panel sections
Section 1 — GEX Environment
| Field | Source |
|---|---|
| Regime chip | Live classifyRegime() from the current GEX snapshot |
| Zero Gamma | Live zeroGamma level |
| Call Wall | major_pos_vol from the options chain |
| Put Wall | major_neg_vol from the options chain |
| Wall stability bar | 5-day history — number of days each wall held within 0.3% |
| IV Rank | Computed from the trailing 30-day IV history sample |
Section 2 — Strategy Recommendations (5 rule-based structures)
| Strategy | Trigger conditions |
|---|---|
| Iron Condor | Positive gamma, IV Rank > 50, both walls clearly defined |
| Bull Put Spread | Positive gamma, IV Rank 30–70, clear support level |
| Bear Call Spread | Positive gamma, IV Rank 30–70, clear resistance level |
| Short Strangle | Negative gamma, IV Rank > 60, no strong directional bias |
| Long Straddle | Negative gamma, IV Rank < 30, expansion expected |
Each qualifying strategy shows: confidence score (0–100%), recommended strikes (derived from GEX walls), estimated premium, theoretical PoP, and a descriptive rationale. Click "Use This Strategy" to pre-load the legs into the Strategy Workshop.
Section 3 — Probability Validation
After loading a strategy, renders a mini implied-distribution chart showing the Breeden-Litzenberger P(profit) for the loaded structure — without switching windows.
The Strategy Guide is a quantitative analysis tool, not investment advice. It describes structural conditions, not price predictions. Always apply your own judgement, risk management, and position sizing.
Saving and Managing Layouts
Click Templates → Save current layout to store a named snapshot. Load, rename, or delete layouts at any time. All built-in templates (workflow / dual-symbol / reference-page replica families) are always available and cannot be deleted; locked windows show an upgrade prompt by tier.
Greeks Reference
The Strategy Workshop computes position-level Greeks via Black-Scholes:
| Greek | Definition | Seller's read |
|---|---|---|
| Delta (Δ) | Change in position value per $1 move in the underlying | Negative = bearish bias; positive = bullish bias |
| Gamma (Γ) | Rate of change of Delta per $1 move | Negative Gamma (short options): moves work against you |
| Theta (Θ) | Daily time-value decay ($) | Net short structures carry positive Theta — time decay earns premium |
| Vega (V) | Change in position value per 1% IV move | Positive Vega benefits from IV expansion; negative from compression |
FAQ
Next steps
Product Walkthrough
From first login to fluent use — HuntingFlow / Tactical HUD / Desktop integration
Options Trader Playbook
The options trader's four-step loop in Hermēs — pick the regime with IV Rank + VRP, map 8 regimes to structures, build and verify legs in the Strategy Lab, and manage risk with position sizing and Greeks attribution.