Dealer Heatmap（做市商仓位热力图）

中文解释

Dealer Heatmap 把做市商仓位摊成一张网格：一个轴是 strike，另一个轴是到期日。单日视角回答的是「今天哪些价位重要」，热力图回答的是「未来几周到几个月，结构落在哪里、正在怎么移动」。读它主要看形状而不是单个格子：连成带的密集区往往是参考区域，突然的断层标示支撑变薄的位置，而跨多个到期日都存在的带，通常比只在某一个到期日出现的更有分量。Nightwatch 用颜色深浅表示该 strike 与到期日上仓位的集中程度。

English definition

Dealer Heatmap presents dealer positioning as a grid: strike on one axis, expiry on the other. Where a single-session view answers “which levels matter today”, the heatmap answers “where does structure sit over the next weeks and months, and how is it shifting”. Reading it is mostly about shape rather than any single cell: dense bands tend to act as reference areas, abrupt drops mark where support thins out, and bands that persist across several expiries usually carry more weight than one that appears at a single expiry. Nightwatch renders the grid with colour intensity standing in for how concentrated positioning appears at that strike and expiry.

在 Nightwatch 里怎么看

Dealer Heatmap 覆盖未来 90 天的各个到期日，可以在 GEX 与 VEX（Vanna 敞口）两种视图之间切换；日内看 Dealer GEX Chart，波段看 Heatmap。仅作市场结构参考，不构成买卖建议。

Dealer Heatmap covers expiries over the next 90 days and can switch between GEX and VEX (vanna exposure) views; Dealer GEX Chart is the intraday counterpart. It is market-structure context, not financial advice.