SpotGamma occupies a specific and defensible position in the options analytics category: it does not show you what trades are being placed. It shows you what market makers will be forced to do because of those trades. That distinction is the entire product. Founder Brent Kochuba built his methodology around a core insight from the August 2015 market plunge, that options market structure drives equity prices, and that understanding dealer hedging requirements in real time gives traders advance visibility into price pressure before it fully appears on a chart. The tools that have been built around that insight now cover 3,500+ US stocks, all major indices, and a suite of volatility analysis tools that span from pre-market commentary to real-time intraday indicators.
Three paid plans exist for retail traders: Essential at $99/month, Alpha at $299/month (currently showing a first-month promotional price of $49), and Institutional starting at $1,999/month. Annual billing is available across all plans.
Credibility Check
Company: TenTen Capital LLC DBA SpotGamma (confirmed in footer of every page) Contact: spotgamma.com/contact, sales@spotgamma.com (institutional) Founded: 2020 by Brent Kochuba Trustpilot: No Trustpilot profile found as of April 2026 Press: Bloomberg, Wall Street Journal, Reuters, MarketWatch, ZeroHedge (logos confirmed on About and HIRO pages)
Founder: Brent Kochuba is the founder and oversees all product development and creative content. Before SpotGamma, Kochuba was a portfolio manager at Seven North Capital Management, focused on options-based investment strategies. Prior to that, he worked as a derivatives broker at Wolverine Execution, Credit Suisse, and Bank of America. He holds a B.S. in Emerging Technologies from the University of Connecticut and lives with his family in Easton, Connecticut.
CEO: Matthew Fox is a serial entrepreneur who previously served as CEO of Q-State Biosciences, launched genetic research company Pairnomix LLC, and worked in corporate strategy at pharmaceutical company Upsher-Smith. Earlier in his career, Fox was a professional global healthcare investor across New York City, Washington DC, and Zurich. He holds a B.A. in Neuroscience and Behavior from Wesleyan University and served on the Edina School Board in Minnesota.
No physical address is disclosed on the About page or anywhere in the site footer. The legal entity name, TenTen Capital LLC DBA SpotGamma, appears in the footer disclaimer.
What SpotGamma Is Actually Tracking
Most options-oriented platforms show traders what is being bought and sold. SpotGamma’s methodology is built on a different question: given what is being traded, what will dealers have to do?
When traders buy calls on SPY, options market makers who sold those calls must buy shares of the underlying to delta-hedge their exposure. When puts are sold, dealers who bought those puts must sell their hedging positions, releasing buying pressure back into the market. These hedging flows create real, quantifiable price pressure in the underlying, and they happen whether or not there is any news catalyst.
SpotGamma models this entire hedging requirement across all US options activity. The output is a set of tools that show traders where that pressure is building, where it is exhausting, and what levels the market is likely to use as support or resistance based on the concentration of open interest and gamma exposure at specific strikes.
That framework applies at the macro index level through the Founder’s Notes and TRACE, and at the individual stock level through Equity Hub. Understanding it is the prerequisite for getting full value from the platform.
Founder’s Notes
The Founder’s Notes are described by SpotGamma as one of their most foundational and popular products. They are delivered twice daily: once pre-market open (AM) and once post-market close (PM), every trading day. Brent Kochuba writes them personally.
Each note covers current market dynamics, observations from SpotGamma’s team, and proprietary key levels where price movement is expected across the major US indices. They are intentionally brief reads, designed to frame the trading day around options market structure rather than news flow. The subscriber testimonials on the site describe the AM note specifically as the most valuable single piece of content for setting up the day’s trades.
This is not a generic market recap. The notes interpret what the positioning data implies for directional pressure, pinning zones, and expected volatility regimes on a given day. That context is unavailable from any standard charting or news tool. The notes are included in every plan tier.
HIRO: Hedging Impact Real-Time Options
HIRO is SpotGamma’s real-time intraday indicator and the product that most directly demonstrates the platform’s core methodology in action. It monitors the options market continuously and estimates the delta-hedging impact of every trade, then translates that into a directional cumulative indicator that updates throughout the session.
HIRO is not an options flow tool. SpotGamma makes this distinction explicitly on the HIRO page: options flow tools show what trades are being placed. HIRO estimates what market makers will be forced to do as a result. The output is a leading indicator, not a lagging one. As the site notes, HIRO reflects hedging activity as it happens, often before the resulting price move fully plays out.
Three practical use cases SpotGamma describes for HIRO:
Confirm momentum before entering. If price is breaking out but HIRO is flat or falling, the move lacks dealer conviction and may not sustain.
Spot reversals before they happen. If price is rising but HIRO is falling, dealer buying pressure is exhausting. Exiting before price gives back the move becomes possible.
Time entries on dips. Negative HIRO rolling over signals that dealers have finished selling, meaning a real bid may be forming before price reflects it.
HIRO covers indices including SPX, SPY, ES futures, QQQ, NDX, VIX, IWM, and RUT, plus over 500 individual stocks including AAPL, AMZN, GOOGL, MSFT, META, NVDA, TSLA, AMD, and NFLX. The indicator updates in real time throughout the trading day. Filters allow viewing all trades, next-expiry only, retail flow, or a total delta hedging view broken out by calls and puts separately. A 5-day and 30-day gauge provides context on the current HIRO signal relative to its recent upper and lower bounds for any given stock.
HIRO is available on the SpotGamma web platform, as a native Bookmap indicator plugin (available as a standalone add-on at $49/month for Bookmap users), and via API access for Alpha subscribers. It is exclusively included in the Alpha plan among retail tiers.
Equity Hub
Equity Hub is SpotGamma’s per-stock options analysis tool, covering 3,500+ US stocks, indices, and ETFs. It shows where buying and selling pressure is building before it hits price, based on the options positioning across those names.
Two analytical lenses are available within Equity Hub. Total OI Lens (available on all plans) shows the overall open interest picture for each name, surfacing support and resistance levels derived from options positioning. Synthetic OI Lens (Alpha plan only) is described as a newer model that shows how options positioning is influencing price directly, cutting through noise to reveal true dealer long and short positioning.
Subscribers can build a personalized watchlist of names, view 10-day historical changes in key levels to identify trends, and access SpotGamma’s proprietary Volatility Risk Premium and Squeeze Scanners within the hub to find names with interesting setups. The scanner capability allows traders to quickly identify names worth examining across their watchlist rather than reviewing each individually.
Equity Hub is included in all plans. The Synthetic OI Lens is an Alpha plan exclusive.
TRACE
TRACE is SpotGamma’s S&P 500 heatmap tool, described as a way to visualize how the options market exerts pressure on the SPX Index in real time. It ingests all options traded across US exchanges to display the dynamic influence of the Greeks using three separate models: Gamma, Delta Pressure, and Charm Pressure. A strike plot within TRACE also shows gamma exposure and open interest across strikes, surfacing the levels to watch for market movement.
TRACE is designed specifically for 0DTE and intraday SPX traders who need real-time visibility into where the index may find support, resistance, heightened volatility, or price consolidation during the trading session. SpotGamma describes it as a tool powered by their proprietary Options Inventory Model. TRACE is included in all retail plans.
Compass and Scanners
Compass is SpotGamma’s proprietary super scanner for discovering trade ideas across multiple stocks simultaneously. It plots names on a 2-dimensional grid showing both volatility expectations and directional positioning. A trader can see at a glance which stocks in their watchlist have relatively high or low implied volatility and whether their setup is bullish or bearish, all on one screen.
Axes in Compass are fully customizable, with over a dozen different metrics available for plotting. This allows traders to create whatever combination of criteria is most relevant to their strategy rather than being locked into a preset view.
Compass also generates a proprietary list of names to watch each day, which SpotGamma describes as surfacing real-time potential trade setups based on the day’s options positioning data. This scanner output provides a starting point for traders who want to identify opportunities without manually reviewing a fixed watchlist every session. Compass is included in all plans.
Volatility Dashboard
The Volatility Dashboard provides multi-tab volatility analysis across 3,500+ US stocks. Three core views are available.
The Fixed Strike Matrix gives a comprehensive look at implied volatility across all strikes and expirations for any stock. Statistical and Comparison modes are available within the matrix, allowing traders to identify whether current volatility levels are statistically elevated or suppressed relative to historical norms, and to compare volatility across related names.
The Term Structure tab shows how at-the-money IV changes across expirations over time. This surface reveals the relative pricing of near-term versus longer-dated uncertainty and highlights the pricing impact of specific events like earnings or FOMC dates on the curve.
Volatility Skew shows whether expectations of volatility are more call-driven or put-driven at any given time, giving directional sentiment context that IV alone does not provide. This is relevant for traders running volatility strategies where the skew shape affects entry pricing. For a deeper comparison of how SpotGamma’s volatility tools compare to other platforms in the category, the best implied volatility screener roundup covers the field.
The Volatility Dashboard is included in all plans.
Tape: Options Flow
Tape is SpotGamma’s live options flow tool. It displays real-time trade details for over 3,000 US stock tickers, highlights high-volume activity, and allows filtering to surface trends and impactful trades from the noise. Both Flow Data and Contract Data views are available.
Tape is designed to be used in combination with HIRO and other SpotGamma indicators, pairing raw flow data with the hedging impact analysis the platform is built around. Seeing a large sweep in the flow tool is one signal; seeing that same flow reflected in HIRO as significant delta hedging pressure is a different and stronger signal. The integration between these tools is the intended workflow.
Tape is included in all plans and covers over 3,000 tickers. For traders who primarily want a dedicated options flow scanner with deep filtering, SpotGamma’s Tape functions as a complementary tool rather than a primary flow platform. Dedicated flow platforms like FlowAlgo and Cheddar Flow offer more developed flow-specific features for traders whose core workflow is flow-based.
FlowPatrol
FlowPatrol is SpotGamma’s daily report on unusual flows and the most impactful institutional trades. It is included as part of all subscription plans and provides a daily digest rather than a real-time feed. FlowPatrol identifies which institutional trades are most significant given the day’s overall options market structure, contextualizing flow activity rather than simply listing it. A free version of FlowPatrol is also available without a subscription.
Options Calculator
The Options Calculator within the platform allows traders to model profit and loss for their positions using real-time options data. Time decay, implied volatility adjustments, and skew across expirations can all be adjusted within the calculator. Support and resistance levels from SpotGamma’s proprietary data can be visualized directly against the PnL diagram for a position, allowing traders to assess how their risk profile relates to key options-derived levels before entering a trade. The calculator is included in all plans.
Education and Community
SpotGamma includes twice-weekly Q&A sessions and an active Discord community in all subscription tiers. SpotGamma Academy is a separate educational platform. Free training is also available via a webinar on the site. Tool demonstration sessions are available on the website. A Support Center covers definitions, trading examples, and tool-specific guides in substantial depth.
Pricing
SpotGamma currently shows two distinct sets of plan names on its pricing page, which appears to reflect a product refresh in progress. Both plan structures are confirmed from the directly fetched pricing page.
Current retail plans:
| Plan | Monthly | Annual |
|---|---|---|
| Essential | $99/month | $74/month (billed $891/year) |
| Alpha | $299/month (first month $49) | $224/month (billed $2,691/year) |
| Institutional | From $1,999/month | Contact sales@spotgamma.com |
An older plan structure (Standard at $89/month, Pro at $129/month, Alpha at $299/month) also appears on the pricing page. Pricing pages in transition sometimes show legacy and current tiers simultaneously. Traders should verify current active plan options directly at spotgamma.com/subscribe-to-spotgamma before subscribing.
What Essential includes: Founder’s Notes (AM and PM), FlowPatrol, Key Levels for major indices, twice-weekly Q&As and Discord, Options Calculator, Equity Hub with Total OI Lens, Compass and Scanners, Tape, TRACE, HIRO (the pricing page shows HIRO appearing for Essential in one structure and locked to Alpha in another), Volatility Dashboard.
What Alpha adds over Essential: Equity Hub with Synthetic OI Lens, HIRO confirmed as exclusive in the Alpha-specific FAQ and HIRO page, API access for HIRO data, all features in bold on the pricing page.
Institutional plan adds desk licenses, real-time alerts, custom risk indicators, live training and onboarding, and advanced education sessions. Contact sales@spotgamma.com for pricing and configuration.
Given the overlapping plan structures visible on the pricing page, confirm which specific features are active in each tier before purchasing. The key differentiators between Essential and Alpha are: Synthetic OI Lens in Equity Hub, HIRO (confirmed Alpha-exclusive per the HIRO page FAQ), and API access.
Trustpilot and External Validation
No Trustpilot profile exists for SpotGamma as of April 2026. The platform has been featured in Bloomberg, Wall Street Journal, Reuters, MarketWatch, and ZeroHedge, all confirmed from source. Subscriber testimonials on the site include specific references to the Founder’s Notes and HIRO use cases.
The absence of a public independent review record on Trustpilot is a gap. Given the platform has thousands of members per the About page, the absence of any Trustpilot presence suggests the company has not actively cultivated that channel for public accountability.
Pros
- Unique methodology: models dealer hedging requirements rather than simply showing raw flow, providing leading rather than lagging signals
- Founder Brent Kochuba has direct Wall Street derivatives background at Credit Suisse, Bank of America, and Wolverine Execution
- HIRO updates in real time, covering 500+ individual stocks plus all major indices and futures
- Equity Hub covers 3,500+ tickers with options-derived support and resistance levels
- Synthetic OI Lens (Alpha) adds a distinct analytical layer showing true dealer positioning
- TRACE provides dedicated SPX intraday heatmap for 0DTE traders built on the proprietary Options Inventory Model
- Compass scanner plots volatility and directional positioning across multiple names simultaneously with customizable axes
- Volatility Dashboard includes Fixed Strike Matrix, Term Structure, and Skew views for any of 3,500+ stocks
- Founder’s Notes delivered pre-market and post-market every trading day; repeatedly cited by subscribers as the most valuable single product
- Press coverage across Bloomberg, WSJ, Reuters, MarketWatch confirmed from source
- Institutional plan available with custom configurations for hedge funds and banks
Cons
- No physical address disclosed anywhere on the website
- No Trustpilot profile and no independent public review record at scale
- Pricing page currently shows two overlapping plan structures, creating confusion about which plans are active and what each includes
- HIRO, the platform’s most distinctive real-time tool, is locked to the Alpha plan at $299/month
- The Synthetic OI Lens in Equity Hub is also Alpha-only, meaning the full analytical picture for individual stocks requires the top tier
- No free trial is offered; the pricing page shows discounted first-month pricing but no obligation-free trial period
- No mobile app confirmed; the platform is web-based
Bottom Line
SpotGamma is purpose-built for traders who want to understand options market structure rather than simply watch flow. HIRO is the clearest expression of that purpose: it tells traders what dealers will be forced to do, not what traders have done. The Founder’s Notes translate that same methodology into daily written analysis that frames the trading session before the open. Together, these two products are what distinguishes SpotGamma from the broader options flow scanner category.
The practical limitation is price. Getting full access to the platform’s most distinctive features, HIRO and the Synthetic OI Lens, requires the Alpha plan at $299/month. The Essential plan at $99/month includes the Founder’s Notes, TRACE, Compass, Tape, and the Volatility Dashboard, which is substantial, but traders who specifically want the real-time dealer hedging indicator that defines the platform’s identity are paying three times as much to access it.
For index traders and macro-oriented options traders who want to understand why prices move the way they do on any given session, SpotGamma at either tier offers a framework and data infrastructure not available anywhere else in the retail options tool market.
FAQ
What makes SpotGamma different from a standard options flow scanner?
Options flow scanners show what trades are being placed. SpotGamma’s methodology goes one step further: it models what market makers will be forced to do in response to those trades to maintain their delta-neutral positions. That hedging activity creates quantifiable buying or selling pressure in the underlying stock or index. SpotGamma’s tools, particularly HIRO and the Equity Hub, surface that hedging pressure as it builds, giving traders a directional signal before the resulting price move fully appears on a standard chart.
What is HIRO and how does it work?
HIRO stands for Hedging Impact Real-Time Options. It monitors the entire US options market in real time, estimates the delta required to hedge every options trade as it occurs, and translates that into a cumulative directional indicator. When HIRO is rising, dealer hedging is creating net buying pressure. When HIRO is falling, dealers are net sellers. The indicator is described as leading rather than lagging: it reflects hedging activity as it happens, often before the full price impact appears. HIRO covers SPX, SPY, QQQ, IWM, VIX, and 500+ individual stocks. It is exclusive to the Alpha plan.
What is the difference between Essential and Alpha?
Both plans include the Founder’s Notes, FlowPatrol, Key Levels, Compass and Scanners, Tape, TRACE, Volatility Dashboard, Options Calculator, and Equity Hub with Total OI Lens. The Alpha plan adds HIRO, the Equity Hub Synthetic OI Lens showing true dealer positioning, and API access for HIRO data. HIRO is confirmed as an Alpha-exclusive feature on both the HIRO page FAQ and the pricing page. The Synthetic OI Lens is confirmed as Alpha-only on the pricing page.
Is there a free trial?
No standard free trial is available. The pricing page shows a discounted first-month price for new subscribers rather than a no-obligation trial period. SpotGamma offers a free daily FlowPatrol report and free trading tools at spotgamma.com/free-tools without a subscription.
Who is SpotGamma designed for?
SpotGamma’s Essential plan is described on the pricing page as suited to swing traders, options flow traders, support and resistance traders, and active traders. The Alpha plan targets intraday traders, volatility sellers, momentum traders, and experienced traders. The Institutional plan is built for hedge funds, global banks, and asset managers, starting at $1,999/month with custom configurations including desk licenses, real-time alerts, and live onboarding.
Does SpotGamma cover individual stocks or just indices?
Both. The Founder’s Notes and TRACE focus on major indices. HIRO covers SPX, SPY, QQQ, IWM, VIX, and 500+ individual stocks. Equity Hub covers 3,500+ US stocks, indices, and ETFs with options-derived support and resistance levels. The Volatility Dashboard covers 3,500+ US stocks with Fixed Strike Matrix, Term Structure, and Skew analysis. Tape covers options flow across 3,000+ tickers.
What is Compass?
Compass is SpotGamma’s proprietary super scanner. It plots multiple stocks simultaneously on a 2-dimensional grid showing both volatility expectations and directional positioning for each name, allowing traders to quickly assess which names have relatively elevated or suppressed IV combined with bullish or bearish setups. Axes are fully customizable with over a dozen metrics available for plotting. Compass also generates a daily proprietary list of names to watch based on the current options positioning data. It is included in all plans.