What is the Expiration Concentration index chart? The expiration concentration uses histograms to graphically depict the deltas of puts and calls for every expiration across the major US Indices and ETFs. The x-axis reflects every expiration over the next two years while the y-axis reflects the assumed delta notional hedging level tied to each of those expirations. Calls are reflected in orange and puts are reflected in blue. The purpose of this chart is to let you see at a glance which options expirations are the most significant. Typically quarterly expirations have the largest impact. To customize this chart, you can filter these results to see where the largest expirations lie for specific major indices and ETFs. To do this, you click on the box in the upper left corner if you want to see a different index. This Expiration Concentration chart is very helpful to see which dates are the most impactful, and whether controlled by Calls or Puts. This empowers you to know when to expect more volatility coming out of these expirations if options do not get rolled forward and fill in the surrounding complex. SpotGamma Subscribers can access this chart for the SPX, SPY, NDX, QQQ, RUT and IWM. Related articles What is the Combo Strike index chart? What is the Gamma Tilt index chart? What is the Absolute Gamma index chart? What is The Hedge? What is the Expiration Concentration Sentiment chart?