SPX Surface - Charm
A heat map of market-maker charm: the drift that time decay puts on hedging.
What it shows
The same price-by-time grid as the gamma surface, coloured by charm exposure: how much the market maker's delta changes per day from the passage of time alone, at each price and time. The white Zero line is the charm zero line.
What it is built from
Market-maker charm from the same book as the gamma surface: how much the market maker's delta changes per day from the passage of time alone, at each price and time.
Reading
How to read it
- Negative charm is supportive: 'wind at your back' in the product's own words.
- Positive charm is suppressive: 'wind in your face'.
- Price sitting on the negative-charm side of the Zero line reads as supportive drift; on the positive side, suppressive.
- Charm matters most on 0DTE in the afternoon, when time decay is fastest.
Controls
What each control does
| Control | Options | What it changes |
|---|---|---|
| Same toolbar as the gamma surface | Metric, 0DTE | All, candle interval, Opacity, Range | See SPX Surface - Gamma. Default opacity for charm is 100%. |
Read it with
- SPX Surface - Gamma — the usual pair in the triple layout
- Premium Flow — in the bullish case studies supportive charm coincided with MM call buying and put selling
Good to know
- The sign is the market maker's: negative is supportive, positive is suppressive.
- Colour is scaled within each minute; read dollar values from the hover.
A real session
See it happen
10:30 ET
Charm turns supportive at 10:30 with price at 7396; follow it to 14:30 as price grinds up to 7440.
Case 14 · Jun 29, 2026
Everything lined up: the dive, the bounce, and one strike left above
10 slides
The walk-through, slide by slide
Slide 1 / 10
From the product
Real frames
Shot off the live product, nothing redrawn. Click the right side of a frame for the next one, the left side to go back.
Product frame 1 / 3
These pages describe what the displays show and what the data did on the sessions shown. They are not trading advice, and a past session is not a forecast of a future one.