> Dealer-positioning terrain from listed FX options: strike-level open-interest congregation, risk reversals, skew migration, and expiry walls. - Canonical: https://hadalinstruments.com/instruments/fx-gamma-map/ --- [Back to Instruments](https://hadalinstruments.com/instruments/) P7 Premium Add-on # FX Gamma Map Dealer terrain from listed FX options — strike walls, skew migration, expiry gravity. Anticipated price Anticipated · not ratified · not an offer £229/mo — pending the listed-options data licence - **Annual term** — £2,290/yr Twelve months of service for the price of ten. - **Billed monthly** — £2,748/yr £229/mo × 12. Monthly billing costs twenty per cent more than the annual term — the uplift is on monthly, it is not a discount on annual. - **The difference** — £458/yr Two months in twelve. Paying annually saves two months, not twenty per cent — the two are different numbers and only one of them is true. Nothing on this site is on sale. There is no checkout, no cart and no payment link on any page. Prices publish pre-launch so they can be read, compared and checked rather than requested — [seat bands, group licences and multi-year terms are set out in full below](#commercial). here would have added one landmark per placement, which on the homepage means a landmark list that is mostly disclaimer. --> Standing policy — read this beside the figure - **No promise of profit, ever.** Hadal makes no performance claims and carries no implied edge. Past measurements describe instrument behaviour — never future returns. - **You own risk management.** Hadal cannot control it and does not insure it. Good tools do not fix bad discipline — and this site says so. - **Analytical tools, for discretionary use.** Nothing here is investment advice or a recommendation to trade. Every decision, and every outcome, is yours. The same statement stands in the footer of every page.[Terms](https://hadalinstruments.com/terms/) [Privacy](https://hadalinstruments.com/privacy/) [How it measuresThe Premium Add-on suite methodology](https://hadalinstruments.com/methodology/premium/)[BoundsWhat it does not establish](#what-it-does-not-do) Published measurements NOT YET PUBLISHED Specification | Value | Catalogue no. | P7 | Suite | [Premium Add-on](https://hadalinstruments.com/suites/premium/) | Methodology | [How the Premium Add-on suite measures](https://hadalinstruments.com/methodology/premium/) | Availability | Pre-launch — not on sale | Anticipated price | [£229/mo · £2,290/yr](#anticipated-price) | Delivery | Marketplace SKU · hub subscription | Published measurements | NOT YET PUBLISHED | Provenance artifact | NOT YET PUBLISHED | In listed equity markets, positioning terrain is an established category: strike-level open interest, expiry walls, skew that migrates before anything else does. In retail FX it is close to absent, and the reason is licensing rather than mathematics. The FX Gamma Map is that instrument built for FX — an engine that reads a listed FX options chain and renders the terrain the positioning in it creates. **The engine is built. The data feed is not licensed.** The listed-options feed this instrument consumes is not yet under licence, so nothing publishes from it today: no map, no sample output, no figure. Anticipated pricing appears on this page because I directed an indicative anchor; the map itself is NOT YET PUBLISHED, and it stays that way until the data is licensed rather than being simulated in the meantime. ## What the engine computes - **Strike-level open-interest congregation.** Open interest aggregated by strike and expiry, so the strikes where contracts have accumulated become terrain you can look at rather than a claim in someone’s morning note. - **Risk reversals and skew migration.** The standing skew across the chain, and how it moves day over day. A shift in where the market is paying up for protection is tracked as a series with dates on it, not quoted as a mood. - **Expiry gravity.** Notional expiring at each strike across the calendar, mapped forward, so an expiry wall is a dated object with a size attached instead of a rumour that circulates the morning it matters. - **Terrain with its snapshot attached.** Every map carries the chain snapshot it was computed from and the conventions behind each derived quantity, because a positioning map without its as-of timestamp is decoration. Once the licence is in place, maps will publish on the chain’s own cadence, and the first published map will carry its provenance the way every other measured surface here does. ## What it does not do The FX Gamma Map does not forecast direction. The map describes where positioning congregates; what price does about that terrain is not a claim this instrument makes, and any instrument that converts a gamma map into an entry has stopped measuring. It is not a disclosure of dealer books either — open interest is the market’s aggregate, not any dealer’s inventory, and the sign conventions used to render terrain from it are stated on the map rather than assumed by the reader. It also sees only the listed chain: a great deal of FX optionality trades over the counter and never appears in listed open interest, so the terrain is a real but partial view, and the map says so on its face rather than in a footnote. Stating the edges is not modesty — it is the only way a positioning map can be honestly drawn. A map that never says where it stops gets read as though it saw everything, so those limits are printed alongside the terrain rather than filed away in documentation nobody opens. It is the same discipline that keeps this map unpublished while the feed is unlicensed: a bounded map can be held to its own admissions, and a demo map can be held to nothing. ## Who it is for Traders who position around expiries and want the terrain as a measured object instead of a narrative — and who would rather be told plainly that the feed is not yet licensed than be shown a demo map built from data nobody bought. ## The ship gate No instrument is sold until it does what this page says it does. Where a page is written in the future tense, that tense is a statement about timing rather than a hedge about capability: the instrument is not finished, so it is not listed as available, not priced as available, and not sold. It waits. Nothing described in this catalogue is a placeholder that will quietly disappear. An instrument that turns out to be wrong gets a [kill-ledger entry](https://hadalinstruments.com/kill-ledger/), not a deletion — which is the only version of that promise anyone can check. ## Commercial terms Published in full, pre-launch, so they can be read and checked rather than requested. Every figure is an anticipated indication I have set and not yet ratified, and every derived figure is the arithmetic of the one above it — shown, not asserted. Nothing here is purchasable: there is no checkout on this site. ### Why FX Gamma Map is priced the way it is - **What the figure buys** — Once the listed-options feed is licensed, a subscription will cover the terrain rendered from that chain: open interest aggregated by strike and expiry, the standing skew and its day-over-day migration held as a dated series, and notional expiring at each strike mapped forward across the calendar — with every map carrying the chain snapshot it was computed from and the conventions behind each derived quantity. The boundaries are on the face of the map rather than in a footnote: it reads the listed chain only, so the considerable FX optionality that trades over the counter sits outside it; it shows the market's aggregate open interest, not any dealer's inventory; and it makes no directional claim. Today a subscription would cover nothing, and the page says so — the engine is built, the feed is not under licence, and the map stays NOT YET PUBLISHED until it is, with no sample output in the meantime. The price on this page is my indicative anchor for that future subscription rather than a live rate. - **Why it is priced this way** — Recurring rather than one-off, because terrain is perishable — open interest, skew and the expiry calendar all move with the chain, so what has value is the recomputation arriving on the chain's own cadence, not a map you keep. It is priced as one map rather than as a slice of it, because expiry gravity only reads as terrain with the calendar in view together, and a single expiry pulled out of the chain is a picture rather than a map. The unit also reflects what sits underneath it: the constraint on this instrument is a data licence rather than mathematics, and a licence is a continuing cost carried on the subscriber's behalf. A one-time purchase would be pricing a permission that never expires against data that does. - **What the alternative costs** — The mathematics is not the barrier here, and this page says so plainly — aggregating open interest by strike, tracking a skew series and summing notional by expiry are all things a competent analyst can build. The barrier is the chain data, which is licensed rather than free, so the do-it-yourself route means licensing a feed yourself and writing the aggregation on top of it; the ongoing cost is the feed and the daily discipline of snapshotting it, because skew migration is a series and a series you only sampled once is a single picture. The other alternative is the one retail FX has largely had by default — the category is established in listed equities and close to absent here for the licensing reason rather than a mathematical one: trading through expiries without the terrain, learning after the fact where the notional sat, and taking the account that circulates on the morning it matters as the only version available. Every figure on this page is an anticipated indication awaiting ratification, and nothing here is purchasable. The reasoning above is published for the same reason the arithmetic below is: a price you can interrogate is worth more than a price you have to accept. ### The two-SKU split Two routes, side by side, with the standing rule rendered as a rule: the hub tier is priced at or below its marketplace equivalent, so the hub is always the better of the two. No marketplace SKU has been listed anywhere yet, so that cell says so instead of showing a figure nobody has set. Route | What it is | Anticipated | Marketplace SKU | Where this instrument ships through a platform marketplace, that SKU is the fully-functional standalone tier — the complete battery, running natively on your platform, no external account required. Never paid-but-crippled. | NOT YET LISTED | Hub subscription (this site) | The deepening: hosted runs, the published methodology behind them, and the content-hashed artifacts that let a stranger re-derive the result. This is the tier the figure on this page prices. | £229/mo · £2,290/yr | The price rule The hub tier is priced at or below its marketplace equivalent. That is a standing rule the pricing table is rendered against, not an offer: a marketplace platform takes a percentage of every sale it processes, and that saving goes to the hub subscriber rather than to Hadal, so a platform fee can never invert your margin. No marketplace SKU has been listed yet, so the cell above reads NOT YET LISTED and the rule stands as a commitment rather than a comparison you can run today. ### The commitment ladder One month less paid per year of service, per step, taken off this instrument's own anticipated annual rate of £2,290/yr . The rate is held at the figure you sign for the whole term, so a multi-year commitment fixes the price as well as reducing it. Term | Months paid per year | What it means | Anticipated | Monthly billing | 12 | £229/mo × 12. Twenty per cent more than the annual term — that is the uplift for paying monthly, not a discount for paying annually. | £2,748/yr | 1-year term | 10 | Twelve months of service for the price of ten. This is the annual rate every band below is taken off. | £2,290/yr | 2-year term | 9 | Ten per cent off the annual rate, held at that figure for the whole term. | £2,061/yr | 3-year term | 8 | Twenty per cent off the annual rate, held at that figure for the whole term. | £1,832/yr | Three years for what two years of monthly billing costs Eight months paid per year, across three years, is 24 months paid for 36 months of service — one year in three carries no charge. On this instrument the three-year term totals £5,496 . That is 24 × £229 = £5,496 , and two years billed monthly is £2,748 × 2 = £5,496 . The same money. It buys three years instead of two, and the arithmetic is on the page so you can check it rather than take it. ### Group licences, across entities Licensing here is per account or per desk, not per seat, so a seat band does not apply and none is offered — applying one would be a category error dressed as a discount. The scaling axis here is **entities**: where the same instrument is run by more than one legal entity, desk, fund or network inside a group, the licence is negotiated as a single group licence rather than replicated entity by entity. Multi-network clients are exactly the case this exists for, and the commitment ladder above applies to a group licence on the same terms it applies to a single one. ### Commercial routes Pricing scales on entities and on term — one negotiated group licence across desks, funds and legal entities, never a seat band. [Licensing — seat bands, group licences and multi-year terms in full](https://hadalinstruments.com/licensing/) ### Support - Tier **Priority** at this instrument’s base contract — ticket, prioritised, first response targeted at one business day . Support tier follows the annual contract value, not the price of a single unit — more seats, a suite licence or a group agreement raise the contract value and can raise the tier with it. [Support — the tiers, the ticket-only channel model, and what a target does and does not promise](https://hadalinstruments.com/support/) ### Trial mechanics The trial runs on the hub tier — thirty days, a full natural proof cycle, disclosed in plain words before you start it and cancellable in one step; none of it is live yet. [Trial mechanics in full, by delivery class](https://hadalinstruments.com/licensing/#trial). ### Read before you commit The documentation is published ahead of the product on purpose — intended behaviour is only a commitment if it exists first. Start with [installation and first run](https://hadalinstruments.com/docs/install/), then [the limits](https://hadalinstruments.com/docs/limits/): the conditions under which this instrument refuses to produce a number are the part worth reading before you pay. The full centre is at [/docs/](https://hadalinstruments.com/docs/), and the [support model](https://hadalinstruments.com/support/) states what a ticket does and does not cover. ## Questions and answers Answered from what this instrument publishes about itself. Nothing below is attributed to a customer, because there are none yet. ### Why is nothing published from this instrument yet? The engine is built; the listed-options feed it consumes is not under licence. Until it is, no map, no sample output and no figure publishes — the alternative would be simulating the very thing the instrument exists to measure. ### Does the map show dealer books? No. Open interest is the market’s aggregate, not any dealer’s inventory, and the sign conventions used to render terrain from it are stated on the map rather than assumed by the reader. ### Does it see the whole FX options market? No. A great deal of FX optionality trades over the counter and never appears in listed open interest, so the terrain is a real but partial view — stated on the map’s face, not in a footnote. ### Can I buy this instrument today? No. Nothing on this site is on sale — there is no checkout, no card capture, and no product account to create. Every figure on this page is an anticipated indication I have set so it can be read and compared, not an offer, and final pricing awaits my ratification. The launch list is the only thing you can join today. ## Change log NOT YET PUBLISHED FX Gamma Map has not shipped, so there is nothing to record. When it does, every version lands here — dated, append-only, written by a person, and including the changes that removed a capability rather than added one. ## Where this sits FX Gamma Map is one of the instruments in the [Premium Add-on suite](https://hadalinstruments.com/suites/premium/). How that suite measures — the per-instrument battery, and the receipts each measurement will carry — is set out in the [Premium Add-on methodology](https://hadalinstruments.com/methodology/premium/), part of the site-wide [measurement methodology](https://hadalinstruments.com/methodology/). ### Also in the Premium Add-on suite FX Gamma Map shares the Premium Add-on suite with four other instruments. - P11 [Regime Feed](https://hadalinstruments.com/instruments/regime-feed/) State-space identification of market regimes in real-time. - P12 [Positioning / COT Intelligence](https://hadalinstruments.com/instruments/positioning-cot-intelligence/) Resolves or fizzles — always published with n visible. - P14 [Chain Response Atlas](https://hadalinstruments.com/instruments/chain-response-atlas/) Map the cascading liquidations of leveraged market participants. - P17 [Joint Change-Point Monitor](https://hadalinstruments.com/instruments/joint-change-point-monitor/) When the regime breaks, know which series moved — and when. --- ## Raw artifact — NOT PUBLISHED FOR THIS PAGE No downloadable artifact ships with this page. Eight published measurements do, each content-hashed so a reader can verify the figures independently. Where a measurement is published here without one, that is a gap rather than a policy, and it is stated rather than left to be noticed. [Measurements that ship their data](https://hadalinstruments.com/research/) [Join the launch list](https://hadalinstruments.com/pricing/#waitlist)[How this suite measures](https://hadalinstruments.com/methodology/premium/)