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Gamma levels · SPY, QQQ, IWM

The dealers' map,
before the open.

Every option position has to be hedged, and the sum of those hedges shapes how the tape moves. These are the levels where that hedging changes direction today — computed from the full option chain, not drawn on a chart.

Today's levelsLevels publish each market morning

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What the levels mean

Three numbers, one structural read.

None of this is a prediction. It is where the market's own hedging is positioned to push or hold — the context a chart cannot show you. Decisions are yours.

Call wall

The strike carrying the most call gamma. Dealers who are short those calls sell stock into it as price rises, so rallies tend to slow there. Above it, hedging flips and the tape can accelerate.

Put wall

The strike carrying the most put gamma. Dealer hedging buys into it on the way down, so selloffs tend to find support there — and break faster once it gives.

Gamma flip

Where cumulative dealer gamma crosses zero. Above it hedging dampens moves and the tape grinds; below it hedging amplifies them. It is the line between a mean-reverting session and a trending one.

Longer version: call wall, put wall and gamma flip, explained.

Levels for the names you trade

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OptionScout is an analytical tool, not investment advice. Options involve risk; decisions are yours.