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Definition · updated 2026-10-21
Put wall
The put wall is the strike carrying the most negative gamma exposure in an option chain, usually the strike with the most put open interest below spot. Dealers hedging those puts buy shares as price falls toward it, so declines tend to find support there.
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How to use it
The put wall is the first place to look for a bounce in a selloff and a sensible level for invalidation on a long. Below it, hedging flips from supportive to amplifying, which is why breaks of the put wall often turn into fast moves.
Frequently asked questions
- Why is the put wall support?
- Dealers short those puts hedge by buying shares as price approaches the strike, which absorbs selling.
- What if there is no put wall?
- When no strike carries net negative gamma the chain is call-dominated and there is no put-side level; OptionScout reports that as no wall rather than inventing one.