What does the Next Expiry filter indicate?

When viewing the chart for a single stock, you can toggle on and off the "Next Expiry" filter in both the Total and Put/Call views.

Next Expiry Filter in Total Options View

The Next Expiry Filter in Total Options View allows traders to see how and when options that expire the same day (0DTE) or on the next listed expiration are driving stocks, indices, and ETFs.

1. X-Axis - Reflects the trade time

2. Y-Axis  

- (Left) Pricing of the underlying security
- (Right) Total estimated hedging pressure from options flows ($)

3. White Line - Displays the live price on underlying security

4. Green Line - The green line displays the total hedging pressure from all same-day or next expiration options trades. Upward movement in the green line reflects calls bought and puts sold. Downward movement reflects calls sold and puts bought.

Switch from All Trades to Next Expiry:

1. Click the HIRO Settings icon
2. Toggle from All Trades to Next Expiry
3. Click Update

Pro Tip: The Next Expiry Filter lets you see the activity of short-term traders. This next expiry options flow often doesn’t have as strong a follow-through as longer-dated options positions because these options have less time to expiration.

Next Expiry Filter in Put/Call View

The Next Expiry Filter in Puts vs. Calls View allows traders to isolate the impact of puts vs. calls specifically for options that expire the same day (0DTE) or within a few days.

Green Line (Calls)

1. Rising - This reflects the net impact of call buying (bullish)

2. Falling - This reflects the net impact of call selling (bearish)

Blue Line (Puts)

3. Rising - This reflects the net impact of put selling (bullish)

4. Falling - This reflects the net impact of put buying (bearish)

To see Next Expiry Filter in Puts vs. Calls View:

1. Click the HIRO Settings icon
2. Toggle from Total to Put/Call
3. Toggle from All Trades to Next Expiry
4. Click Update

Pro Tip: The Next Expiry Filter in Puts vs. Calls View displays the direct impact of each type of option on the market. Call buying and put buying can reflect higher speculation and imply a higher likelihood of a larger price move than call selling or put selling.