How to Read the Options Matrix

The Matrix at a Glance

The Options Matrix is GammaLens's flagship tool — a strike-level table that shows you everything happening in the options chain at once.

Each row is a strike price. The columns show Net OI, Net Delta, Net Gamma, Net Charm, Call OI, Put OI, P/C ratio, IV, and IV change. The bar columns (OI, Delta, Gamma, Charm) use visual bars so you can spot concentration at a glance.

The header bar shows you the key stats: ticker, spot price, total GEX, expected move range, call wall, put wall, and the current regime badge. The right sidebar provides expiration filtering, key levels, expected move details, and flow data.

It's a lot of information — but once you know what to look for, it becomes the fastest way to assess any ticker's structural landscape.

Reading the Bar Columns

The four bar columns are the heart of the Matrix. Each one visualizes a different dimension of exposure:

Net OI bars show the balance between call and put open interest at each strike. Green (right) means call-dominant. Red (left) means put-dominant. This tells you the positioning bias.

Net Delta bars show directional exposure. Large red bars indicate strikes where dealer delta hedging creates selling pressure. Large green bars indicate buying pressure.

Net Gamma bars show hedging intensity — the core of market structure analysis. Tall green bars are stabilizing levels. Tall red bars are destabilizing levels.

Net Charm bars show how gamma is decaying with time. Charm tells you how today's structural levels will shift by tomorrow. Large charm values mean the landscape is changing quickly.

Special Rows: SPOT, CW, PW

Three rows in the Matrix are highlighted with color-coded labels:

SPOT (cyan) — the row nearest to the current stock price. This is your reference point. Everything above is potential resistance, everything below is potential support.

CW (green) — the Call Wall. The strike with the highest positive call gamma. This is your primary ceiling.

PW (red) — the Put Wall. The strike with the highest positive put gamma. This is your primary floor.

Quickly scanning the distance between SPOT and CW/PW tells you how much room price has to move in each direction before hitting structural resistance. If SPOT is near the CW, upside is limited. If it's near the PW, downside support is close.

Using the Sidebar

The right sidebar provides context for the table data:

Expirations: filter by specific dates, AM/PM settlement, or view all. This is critical for isolating near-term structure (driven by weekly/0DTE options) vs longer-term structure.

Key Levels: quick reference for all structural levels — Call Wall, Put Wall, +GEX, -GEX, and transition levels.

Expected Move: the implied range with low, spot, and high markers.

Flow: total GEX, DEX, VEX, and CEX (Charm Exposure) aggregated across all strikes. This gives you the macro picture before you drill into individual strikes.

A Practical Matrix Workflow

Here's how experienced traders use the Matrix:

First, check the header — spot price, GEX (positive or negative?), regime badge. This sets the context in 2 seconds.

Second, scan the gamma bars — where are the biggest green bars above spot (resistance) and below spot (support)? These are your key levels.

Third, check the P/C ratio column — strikes with P/C above 70% are put-dominated (bearish pressure). Below 30% are call-dominated (bullish pressure).

Fourth, use expiration filters — isolate this week's expiration to see intraday structure, or look at monthly to see the bigger picture.

Fifth, check the sidebar flow — is total GEX getting more negative (structural deterioration) or more positive (structural strengthening)?

This entire workflow takes under 30 seconds once you're familiar with the layout.