What is the SpotGamma HIRO Indicator? The SpotGamma HIRO Indicator is an options based indicator based on a proprietary SpotGamma algorithm that captures the “impact” of all options trades in real-time. HIRO stands for "Hedging Impact Real-Time Options". One of the strongest forces in futures markets is that of options hedging. Large options transactions can often require large hedges which can lead to rapid fluctuations in markets. HIRO monitors every single options trade taking place in many of the market’s most active underlying US stocks, indices and ETFs. As options trades take place, options dealers and market makers may need to adjust their risk by hedging with the underlying stock. The HIRO indicator considers the entire US Options Market and projects key information relative to the hedging requirement for each of those trades. At the core of the signal, HIRO estimates the associated hedging impact for options dealers & market makers. By applying SpotGamma’s proprietary algorithm to each transaction, HIRO translates millions of individual options trades and their estimated impact on the markets into easy-to-read tables and graphs. At SpotGamma, we truly believe that when you pair HIRO and its real-time dashboard with current SpotGamma levels and analysis, this powerful took helps unveil the impact of options trading on an underlying stocks’s movement - in real time! SpotGamma Alpha subscribers can access the SpotGamma HIRO Indicator here. Related articles What does the sliding scale in the “HIRO Signal” column indicate? What are the trending stocks listed? What does each axis on the HIRO Chart represent? Where can I find the trending stocks listed? How do I change the stock shown on the HIRO Chart?