Matrix Effect - Roareye Black

First off grab your pixel art. For mine I'm using a character design that is copyright to me. Don't use this artwork, please use your own, I chose him because I like the stance and how it will make the piece turn out. Also this requires a knowledge of Dithering, with which I have already made a tutorial (In the Intermediate section). Take a look at that tutorial first if you don't know Dithering.

Remove all colour and replace with a bold colour that stands out against the green. Red is a perfect choice.

Now set up your palette. The Matrix green is roughly Hue: 105, Sat: 141 and Lum:167 (Double click a Swatch and edit the colour through the Define Custom Colours>> option) and you'll be wanting a minimum of three, preferably four different hues of that green. Because these aren't necessarily going to be close to each other, it's best to make the difference quite bold. Once this is done, start dithering the lightest tone in the areas the light will hit the character/object.

Finish the shading in Dithering. For the eyes, make sure to fill the black/red area with the darkest green so that it still has a bulk form otherwise the eyes get lost in the style.

The finishing touch is to select the bulk colour (In my case red) as your first colour and have black as your second colour (Right click), then select the rubber tool and hold the right click down and move across your work. It'll replace only the red with black and you'll see a more impressive way of getting the finish (As it'll happen as you do it) and also saves time on pixel-by-pixel colour editting.