What is the Expiration Concentration Sentiment chart? The expiration concentration uses histograms to graphically depict the deltas of puts and calls for every expiration. 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 right corner and then select one specific index or you can look at multiple indices at the same time. 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 the Expiration Concentration Sentiment Chart here. Related articles What is the Equity Put/Call Ratio chart? What is the Real Time Updates index chart? What is the 0DTE Equity Volume/Open Interest (OI) chart? What is the Absolute Gamma index chart? What is the SpotGamma HIRO Indicator?