For example, if I want to read the middle value from magic(5), I can do so like this:
magic(5)
M = magic(5); value = M(3,3);
to get
Your initial notation is the most concise way to do this:
M = magic(5); %create value = M(3,3); % extract useful data clear M; %free memory
If you are doing this in a loop you can just reassign M every time and ignore the clear statement as well.