Dealer Edge Charm Lens
The Charm lens is the fourth heatmap view on Dealer Edge. It shows time-decay drift exposure by strike - useful near expiry when delta moves faster than gamma pinning alone explains.
Core rule: Charm measures how option delta changes as time passes. Those changes can force dealers to adjust hedges and create pressure around specific strikes. Do not use color alone - always read where the Charm concentration sits relative to current price, especially on 0DTE and short-dated expirations.
Four lenses on one grid
| Lens | Colors | Best for |
|---|---|---|
| GEX | Red / green | Dealer gamma regime, Anchor and Flip reads |
| Vol | Red / green | Options volume concentration by strike |
| VEX | Red / green | Volatility exposure |
| Charm | Purple / amber | Time-decay drift near 0DTE and weekly expiries |
Charm uses a different color ramp from GEX so you do not confuse greek lenses:
- Negative charm: purple (
#8B5CF6) - Positive charm: amber (
#D9A42A)
Color identifies the concentration. Location above or below price determines whether pressure is upward, downward, or overhead.
Charm location rules
Read the strongest Charm strike and note whether it sits above or below current price:
| Color | Location vs price | Typical pressure read |
|---|---|---|
| Amber (positive charm) | Above price | Potential upside drift target |
| Amber | Below price | Potential pull lower |
| Purple (negative charm) | Above price | Potential overhead pressure |
| Purple | Below price | Potential downside pressure |
Do not use color alone
"Amber = up" without checking location is incomplete. A strong amber stack below price reads differently from amber above price.
Two different jobs: GEX vs Charm
| Lens | Maps |
|---|---|
| GEX | Dealer magnet (Anchor) and volatility regime (Flip, Rating) |
| Charm | Time-decay concentration - interpreted by position above/below price |
GEX proposes structure. Charm adds time pressure before the closing bell.
Confluence and chop
High confluence
When the GEX Anchor and the strongest Charm concentration stack at the same strike, the level has both positioning and time-decay support.
Chop warning
When GEX structure and the location-based Charm read conflict, expect price to fight between the two forces until one clearly wins. Reduce size or wait for agreement.
0DTE rule
Add Charm to every 0DTE read.
- GEX tells you the wall or magnet
- Charm shows where time-decay pressure is concentrated
- Read that concentration above or below current price before deciding how pressure may resolve into the close
When to use Charm
Switch to Charm when:
- You are trading 0DTE or front-week options
- GEX says pin but price keeps drifting through your strike
- You need to size and stop based on time, not gamma alone
Charm Drift on Pulse
On Pulse, enable Charm Drift to plot the session's strongest time-decay drift level on the live chart alongside GEX levels. See Charm + Pulse Workflow.
Web and mobile
Charm is available on web (Trade Echo dashboard) and mobile (Markets → Dealer Edge → lens selector). Pro mode on mobile remains GEX-only; use the main heatmap toggle for Charm.