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Market Wave
A cumulative view of options flow across the market, built to show whether buying or selling pressure has been building over the course of a session.
What is market wave?
Market wave is a session chart of net call premium against net put premium, plotted next to the underlying. Traders use it to see whether options buying or selling has been building through the day, instead of reading one snapshot ratio. A widening gap is a stronger lean. Close lines are a quieter, mixed tape.
A tape shows prints. A ratio shows one number. This view shows the shape of the session. Green is Net Call Premium. Red is Net Put Premium. The white line is the ticker, often SPY. When green sits well above red, call premium has been winning the day. When red sits above green, put premium has. When the two hug, the options tape is mixed or thin. The gap can widen on news and still be a hedge, a spread, or a dealer book.
Net Volume sits under the wave as a separate read: green bars above zero, red bars below. Market Price Action Trend and Dark Pool Flow sit further down so you can compare premium to price and off-exchange prints. None of those charts is a buy or sell. Current Day is today's running picture. Historical views change the window, not the job.
On EZPZ, Market Wave is that chart stack. The page starts on SPY. Current Day is the default view. Info and Video Tutorial sit on Market Wave Graph. Movers and Shakers Tide is the same chart job for about 18 mega-cap names, not this full-session wave. Net Flow Graph is one ticker you search with Filter ticker, plus Cumulative Volume Delta. Historical Net Premium is the 15D Cumulative lookback with a daily table. 0DTE Graph is the same-day premium chart with Filter ticker. The 0DTE dropdown is the lock. Weekly-DTE Graph is the WTE chart of premium that expires by Friday. 7-DTE Graph is the 7DTE chart of premium in the next 7 days. Supply and Demand X-ray is the ITM Call and Put chart of Price, Supply, and Demand. Money Sentiment is Bought Ratio, Net Sentiment, and Netflow Graph for one ticker. Net Premium Heatmap is the strike-by-expiration grid of Net Premium for one ticker. Index Trader is the index dashboard with Premium Traffic Lights, not a session wave. Ticker Explorer is the one-symbol dashboard. Net Call Premium and Net Put Premium there are cards, not this running chart. Largest Premium By Tickers is the Bullish Flow / Bearish Flow leaderboard when you do not have a name yet. Top 20 Optionable ranks listed-option names by Vol. * Price. Gamma Exposure is the strike table with Call Wall and Put Wall. Market Maker Exposure is the SPX Flip Level chart with Call Wall, Put Wall, and Expected Move(VEM) and DEM. Market Cross Flow is the SPY, SPXW, and QQQ GEX grid next to candles. Greeks Heatmap is the strike-by-expiration grid with Gravity Magnet Score. Option Depth Flow is the searchable strike-by-time Bubble or Gradient chart. Live Flow is the tape of prints. Unusual Activity keeps only large, sweep, and block prints. Unusual Activity Intraday is the session scan with a date range. $1M Plus Flow keeps only million-dollar premium. 0DTE Flow keeps only prints that expire today. SPX and SPY Flow locks the tape to SPX, SPXW, and SPY. Option Chain is the listed book for one ticker. GEX Heatmap is the strike-by-expiration GEX grid with a GEX Details table. GEX and DEX is the Intraday GEX and DEX chart pair with Gamma Flip. Spot Gamma and Delta is the ($) Open Interest versus ($) Volume bar pair with a Spot line. Expected Move is the DEM and VEM band chart by expiration. Put to Call Ratio is the Intraday Put/Call Ratio chart of Traded PCR, OI PCR, and Sentiment PCR. Max Pain is Intraday Max Pain with O-Max Pain, P-Max Pain, and V-Max Pain. Open Interest Scan is the OI per Strike and OI per Expiration chart pair. Volume Scan is the Volume by Strike and Volume by Expiration chart pair. Volatility Analysis is Volatility By Open Interest, Open Interest, and Implied Volatility Smile for one ticker. IV Rank Explorer is Current IV (30D), IV Rank (1Y), period IV Rank, and IV Percentile (1Y) plus the IV Rank chart. Historical Volatility is 10D through 90D Volatility versus Price. Volatility Surface 3D is Raw Contracts and Smoothed Mesh for one ticker.
How Market Wave works on EZPZ
Read Market Wave Graph first, then Net Volume, then the two charts under that. It is not a combined rating. Most people start on Current Day with SPY. If the green and red lines hug, the wave is mixed. If you want a longer window, switch to Historical (Cumulative) or Historical (Non-Cumulative). Open Info if you want the in-page glossary. Open Video Tutorial if you want the walkthrough.
How this differs from Index Trader
Index Trader is lights and tables for SPX, QQQ, SPY, and the other index boxes. This page is a time series for one ticker, starting on SPY. Use Index Trader when you want BULLISH, BEARISH, or NEUTRAL in one glance. Use this page when you want Net Call Premium and Net Put Premium through the session. Use Movers and Shakers Tide when you want that clustered mega-cap basket next to SPY. Use Ticker Explorer when you want quote, PCR, GEX charts, and unusual activity for one symbol. Use Largest Premium By Tickers when you still need a name from Bullish Flow or Bearish Flow. Use Top 20 Optionable when you want Vol. * Price rank. Use Gamma Exposure when you want Call Wall and Put Wall. Use Live Flow when you want the prints behind the wave.
Anatomy of the charts
You do not need every chart on every session. Use the tabs if you want a map of the fields.
The top card is labeled Market Wave Graph. Info and Video Tutorial sit on the right of that title.
| Line | What you are looking at |
|---|---|
| Net Call Premium | Green. Call-side premium through the session. Info calls this Net Bullish Premium. |
| Net Put Premium | Red. Put-side premium through the session. Info calls this Net Bearish Premium. |
| SPY | White. The underlying on the right axis, shown for reference. The ticker badge above the charts is the same name plus last price. |
The second card is labeled Net Volume. It is a histogram, not a second wave.
| Bar | What you are looking at |
|---|---|
| Green | Net volume above zero for that bucket. |
| Red | Net volume below zero for that bucket. |
A red block of bars under a still-rising call line is a prompt to look closer. It is not a reversal order.
Three buttons sit under the ticker badge. Only one view is on at a time.
| Button | What you are looking at |
|---|---|
| Current Day | Today's running wave. This is the default, and the filled purple button in the screenshot. |
| Historical (Cumulative) | The same job over a longer, accumulating window. |
| Historical (Non-Cumulative) | The same job without stacking the window into one running total. |
Price action and Dark Pool Flow
Scroll past Net Volume for two more cards. They answer price and off-exchange activity, not options premium.
Market Price Action Trend
- The white line is labeled with the ticker, such as SPY Market Price Action Trend.
- EMA Cross Lines starts checked. Cross labels such as EMA Cross (07:09 pm) sit on the chart when a cross prints.
- Green and red fills mark stretches of the trend. They are overlays, not a score.
Dark Pool Flow
- SPY Price is the white line (the ticker you loaded).
- Buy Amount is green. Sell Amount is red.
- Hover a point for Strike price and the ticker print. Size on the right axis is dollars of reported dark pool amount, not a hidden buyer.
Toolbar
The chrome around the charts is how you change the window, not how you score it.
- Ticker badge: The underlying and last price. The page starts on SPY.
- Replay: The orange play button. It opens a bar to scrub today's session, or Record & Download as MP4, WebM, or MOV, then Exit Replay.
- Current Day / Historical (Cumulative) / Historical (Non-Cumulative): The three views.
- Info: The in-page glossary for Market Wave Graph.
- Video Tutorial: Market Wave Graphs Video Tutorial.
How people actually use it
Start on Current Day
Leave SPY on. Read Net Call Premium versus Net Put Premium first. You are watching the session lean, not picking a strike.
Check Net Volume next
If the wave looks one-sided, see whether Net Volume agrees. A split between premium and volume is a prompt to look at the tape, not a fade.
Compare price and dark pool
Scroll to Market Price Action Trend and Dark Pool Flow. Leave EMA Cross Lines on until the labels get noisy. Then turn them off.
Use it next to the other tools
This page is the session chart. Open Index Trader for the lights. Open Live Flow if a turn in the wave makes you want the prints. Open Gamma Exposure if you want walls on the same name.