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.
Dealer Edge heatmap with Charm lens selected
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.