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SPY (777.38) is 0.49% below its own zero-gamma flip (781.18) — but the chain's aggregate dealer gamma is still net positive, +$673M. That's the contradiction worth naming rather than smoothing over: in aggregate, across every strike, the chain leans positive. But dealers hedge at the price SPY is actually trading at, not the chain average — and at 777.38, spot sits on the negative side of the flip. The regime that matters for today's price action is the local one, not the headline total.
The put wall and max pain both land at exactly 777 — five cents below spot — and today's nearest options expiry is today itself (0DTE). That's real pin risk into the close: the biggest single concentration of gamma on the board sits almost exactly where SPY is already trading, on the day those contracts stop existing.
Put wall and max pain sitting on the same strike, five cents from spot, on the day that strike expires is as tight a pin setup as this board logs. Reclaim 781.18 and SPY moves back into positive gamma with the call wall barely a quarter-point above; stay below it and 777 is where the magnets are into the close.
Put wall · Call wall · flip and status pulled live per ticker, not estimated.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| MU | 940.63 | 848.54 | 1025 | ABOVE FLIP | $985P 10/14 — $693,889, the single largest print of the day. A contra bet: MU is comfortably positive gamma, 10.85% above its own flip, and sitting almost exactly on its own 940 put wall. |
| MSFT | 543.85 | 542.66 | 550 | IN ZONE | $500C 10/16 — $663,825, the second-largest print today. MSFT is just 0.22% above its own flip — the one razor-thin read on this list, everything else has real distance. |
| DELL | 561.50 | 643.49 | 600 | BELOW FLIP | $600C 10/16 — $328,145, bullish. DELL is 12.74% under its own flip — a sizable bet against real structural headwind. |
| NVDA | 224.17 | 233.33 | 230 | BELOW FLIP | $265C 1/15/27 — $193,500, a LEAPS call three months out. NVDA is 3.93% below its own flip and sitting almost exactly on its 225 put wall at the same time. |
| META | 734.51 | 663.47 | 750 | ABOVE FLIP | $747.5C 10/14 — $186,000, bullish and consistent with structure. META is 10.71% above its own flip, close to its own 742.5 put wall underneath. |
| INTC | 99.48 | — | 110 | NO FLIP | $115C 11/20 — $184,980, bullish. INTC's raw gamma is genuinely noisy near spot — no reliable flip today, stated as such rather than forced. Sitting 0.52% from its own 100 put wall. |
| JPM | 336.70 | 338.54 | 345 | BELOW FLIP | $350C 11/13 — $174,935, bullish. JPM is just 0.54% under its own flip — another thin read today, on the opposite side of the line from SPY's. |
| CRWD | 261.06 | 299.17 | 275 | BELOW FLIP | $135P 6/17/27 — $168,709, a LEAPS put eight months out, bearish. The one name on this list where the flow agrees with the structure — CRWD is 12.74% under its own flip. |
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