An iterative method is introduced for determining the exposure schedule for multiplexing holograms in saturable recording materials, such as photopolymers. This method is designed to share all or part of the available dynamic range of the recording material among the holograms to be multiplexed. Using exposure schedules derived from this method, the authors find that the diffraction efficiency of DuPont’s HRF‐150 38‐ and 100‐μm photopolymer scale is (2.2/M)2 and (6.5/M)2 respectively, where M is the number of holograms recorded. Finally, 1000 holograms were multiplexed at a single location in the 100‐μm thick photopolymer using an exposure schedule derived with this method. © 1996 Society of Photo−Optical Instrumentation Engineers.