The Menthor Q Option Matrix is a powerful tool that summarizes a lot of data including 0DTE data for a ticker. Every morning it becomes your key data feed where the majority of our data can be found. 

The Option Matrix can be accessed via our Premium Membership for Stocks, ETFs, Futures and Indices and soon Crypto. It will break down our data throughout the month by individual expiration dates.

Option Matrix - Option Matrix NEW
Option Matrix 5

In the first row you will find the Total Exposure. In that row, that is the total exposure by each field for the entire option chain. For example, if we look at the GEX column by Total Exposure we see 458.60M. That is telling you that by looking at the entire option chain, our total net gamma exposure is 458.60M. That also means the market is currently in positive gamma. You can do the same exercise for all of the other columns.

Option Matrix Columns

Now let’s breakdown what each of the columns represents: 

  • Expiration date: The first column represents the expiration date of the options in the chain.
  • DTE: this is the time to expiry. For example if you take 1, that would represent the 0DTE row or 1 day to expiration.
  • GEX & DEX: those are your Net GEX and DEX, similar to what you can find on the main screen. We aggregate those levels by splitting it by expiration.
  • GEX and DEX Normalized: what we are doing here is taking the total amounts of GEX and DEX for the chain and dividing it by the GEX & DEX of the specific expiration. This allows us to see how much Net GEX & DEX there is in a specific expiration date.
  • OI Normalized: we take the total Open Interest for the chain and divide by the Open Interest of the specific expiration. Expiration Dates with big OI are of interest for traders.
  • GEX Change 1D: it represent the change in GEX versus the previous day
  • DEX Change 1D: it represent the change in DEX versus the previous day
  • In the next columns you will find our gamma levels. This is interesting because we create the levels throughout the entire month for a specific date. This can give you a good sense of how the market is positioned at the specific time when the Option Matrix has been ran. You can access Call Resistance, Put Support and High Vol Level for each expiration date.
  • Expected Move: finally we have our proprietary indicator, the Expected Move. This gives us the range of movement of price at the expiration.

You can access the Option Matrix via the MenthorQ Dashboard.

How can we use the Option Matrix to gain an Edge?

The purpose of the Option Matrix is to simplify the options chain. Within the matrix we can:

  • Aggregate and display key options data by expiration date, including 0DTE (zero days to expiration) options.
  • Understand how investors are positioned, where gamma and delta exposures lie, and identify key support/resistance levels from options activity.
  • Reveal expected price movements and market sentiment embedded in options positioning.

How to interpret its outputs:

  • Look at Gamma Exposure (GEX) and Delta Exposure (DEX) to gauge how dealers might be hedging and how that could impact price dynamics.
  • Identify expirations with high open interest or gamma concentration, which often correspond to important price levels or potential volatility points.
  • Use Call Resistance and Put Support levels derived from options strikes to anticipate where price may face barriers or support.
  • Monitor changes day-to-day to see shifts in market positioning and potential directional bias.