Cipher Term Structure Views Explained
The Cipher term structure buttons decide how far into the future a positioning read looks, and choosing the wrong tier is the fastest way to misread an otherwise clean chart.
What do the Cipher term structure buttons do?
The four term structure buttons control which expirations feed the positioning calculation. Each button widens the window, moving from the single nearest expiration out to the full multi month exposure picture, and each window suits a different trading horizon entirely.
- 1EXP: the nearest expiration for that underlying
- Compact: roughly three weeks to one month, the swing view
- Full: roughly four to six months, the longer term picture
- Leap: full exposure across thousands of strikes, maximum range
What does the 1EXP view actually show?
1EXP loads the closest expiration available on that underlying, which varies by symbol. On SPY and QQQ the nearest expiration is same day, on names carrying mid week expirations it is zero or one day out, and on monthly only names it can be weeks away.
Which term structure view should a day trader use?
A day trader works from 1EXP, because same session hedging pressure comes from the nearest expiration. The Obsidian desk still checks the compact view before a scheduled catalyst, since event hedging sits outside the nearest expiration and stays invisible on 1EXP.
Which view suits swing trading?
The compact view, covering roughly three weeks to one month, is the swing horizon the Obsidian desk uses for asymmetrical setups and power clusters. The full view extends that read across four to six months for position sizing decisions on longer holds.
Frequently asked questions
Why does the same ticker look different across term structure views?
Each view includes different expirations, so the aggregated positioning genuinely differs. A strike dominating the nearest expiration can be irrelevant across a six month window.