Getting Started with VS3D
An overview of the platform, its core views, and how to use them. This guide covers what each view shows and how to read the data.
What is VS3D?
VS3D is a web-based market maker positioning analytics platform from VolSignals. It displays actual market maker positions — where market makers are long and short — across every strike and expiration, for SPX and VIX options.
The platform runs entirely in the browser. There is nothing to download or install. Below is an overview of each view and what it shows.
- Multiple purpose-built views for market maker positioning
- Live intraday data with historical playback
- SPX and VIX coverage
- Customizable multi-panel dashboard
Positions by Strike
This view shows the market maker options position at each strike price as a horizontal bar chart. Each bar represents the sum of puts and calls held by market makers at that strike — this is analogous to gamma exposure. A dashed reference line marks the current spot price, making it easy to see how positioning is distributed above and below the market.
SPX Positions by Strike — LiveHow to Interpret the Bars
Green Bars — Long Positioning
Market makers are net long at this strike. To hedge, they will need to trade against the market — selling into rallies and buying into dips. This tends to dampen price movement near these strikes.
Red Bars — Short Positioning
Market makers are net short at this strike. To hedge, they will need to trade with the market — buying into rallies and selling into dips. This tends to amplify price movement near these strikes.
Puts + Calls Combined
Each bar is the sum of market maker put and call positions at that strike. This combined figure is what determines the net hedging obligation — analogous to net gamma exposure at that level.
Spot Price Reference
The dashed horizontal line marks the current spot price. Positioning above spot vs. below spot can indicate where hedging flows are likely to emerge as price moves.
SPX & VIX Toggle
Switch between SPX and VIX using the dropdown at the top of the view. Both instruments update in real time throughout the trading session.
Gradient Chart
The Gradient Chart overlays market maker Greek exposure onto a live candlestick chart. The colored gradient behind the candles represents the magnitude and direction of market maker positioning at each price level. Use the dropdown at the top of the chart to switch between Greek modes. The two primary modes are Gamma and Charm.
Gradient Chart — Gamma ModeGamma Mode
Gamma measures how much a market maker’s delta (directional exposure) changes as the underlying price moves. The gradient shows net market maker gamma exposure at each price level.
Green — Long Gamma
Market makers are long gamma at these levels. Their hedging activity works against the direction of price movement — selling into rallies and buying into dips. This creates a dampening effect and tends to keep price contained.
Red — Short Gamma
Market makers are short gamma at these levels. Their hedging activity works with the direction of price movement — buying into rallies and selling into dips. This creates an amplifying effect and can accelerate moves through these levels.
Gradient Chart — Charm ModeCharm Mode(colors reflect hedging effect, not sign of charm)
Charm measures how delta changes with the passage of time (also called delta decay). As options approach expiration, their delta shifts — and market makers must adjust their hedges accordingly. The gradient shows where this time-driven hedging pressure is concentrated.
Green — Negative Charm (Buying Pressure)
As time passes, market makers at these levels will need to buy the underlying to stay hedged. This creates passive upward pressure on price, even without any change in the underlying.
Red — Positive Charm (Selling Pressure)
As time passes, market makers at these levels will need to sell the underlying to stay hedged. This creates passive downward pressure on price as expiration approaches.
Color Intensity
Brighter, more saturated colors indicate larger exposure at that price level. Faint colors represent smaller positions. Look for the most intense zones to find the levels with the heaviest market maker hedging obligations.
Historical Playback
Use the timeline scrubber at the bottom of the chart to replay past sessions. This is useful for studying how positioning shifted around specific market events or price moves.
SPX & VIX Toggle
Switch between SPX and VIX using the dropdown. Each instrument has its own gradient view with independent Greek exposure data.
Position Grid
The Position Grid displays market maker positioning as a matrix — strikes on the vertical axis, expirations on the horizontal. Each cell is color-coded by size, making it possible to see where the largest positions are clustered and how they are distributed across the expiration calendar.
Position Grid — SPX Strikes × ExpirationsColor Intensity = Size
Deeper green or red means a larger position. White cells are near zero. Scan the grid to find where positioning is most concentrated.
Strikes × Expirations
Rows are strike prices, columns are expiration dates. Scroll horizontally to explore the full calendar of expirations from near-term to longer-dated.
Identifying Crowded Dates
Columns with deep color indicate expirations with large aggregate positioning. These dates may produce notable hedging flows as expiration approaches.
Positions by Expiration
This view aggregates net market maker positioning by expiration date. It shows which dates carry the most weight and where roll activity or crowded hedges are concentrated across the calendar.
SPX — Net Positions by Expiration DateNet Positioning per Date
Each bar represents the total net market maker position for a single expiration. Green above zero = net long, red below zero = net short.
Identifying Heavy Expirations
Tall bars indicate expirations with heavy positioning. These dates tend to generate more hedging-related flows as expiration approaches.
Track Roll Activity
Watch how positioning shifts between expirations over time. When large positions move from one date to another, it signals roll activity by institutions.
Custom Dashboard
The Custom Dashboard lets you tile any combination of views side by side. For example, you can pair a Gradient Chart with Positions by Strike, or place a Position Grid alongside expiration data. Panels can be resized and layouts can be saved.
Custom Dashboard — Multi-panel LayoutMix Any Views
Add any of the core views to your dashboard. Each panel operates independently — switch instruments, change modes, or adjust timeframes per panel.
Resize & Arrange
Drag panel edges to resize. Rearrange panels to create your ideal layout. The dashboard adapts to any screen size.
Save Layouts
Save your dashboard configurations as bookmarks. Switch between saved layouts to move quickly between different analysis setups.
How to Use the Views Together
Each view serves a different purpose. Here’s a common workflow for working through them.
Start with the Gradient
The Gradient Chart provides an overview of where hedging pressure is concentrated across price levels. It’s a useful starting point for orienting to the current session.
Drill Down by Strike
After identifying areas of interest on the Gradient Chart, switch to Positions by Strike to see the exact positioning at individual strike prices.
Check the Grid for Time Context
The Position Grid adds a time dimension by showing positioning across expirations. Use it to see whether positions are concentrated in near-term dates or spread across the calendar.
Review Expiration Dates
Positions by Expiration shows which dates carry the most aggregate positioning. Expirations with large net positions may produce more hedging-related activity as expiry nears.
Set Up a Dashboard
Use the Custom Dashboard to arrange the views that matter most to you. A common layout: Gradient Chart + Positions by Strike side by side, with the Grid below.
Use Historical Playback
Historical mode lets you replay past sessions using the timeline scrubber. This is useful for studying how positioning evolved around specific market events.
Need Help?
If you have questions about the platform or need assistance, the VolSignals team is available on Discord and via email.