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SPY (765.46) opens sitting on its put wall. The 765 strike carries −$587M, the deepest negative gamma in the window and nearly double the next-deepest (766, −$304M), and spot is 0.46 above it. The 770 call wall is 4.54 overhead at +$281M. Max pain is 768. The 0DTE expected move is ±1.1% ($8.08), so the day's range (757.38–773.54) runs well past both walls, and implied vol (ATM) reads 29 versus 10 in Monday's brief.
This time the flag and the ladder agree. The feed returned no flip, and the regime reads negative on the chain total: −$1,230M, with +$1,101M of gamma above spot against −$2,331M below. The ladder shows the same thing: every strike from 752 through 767 is negative, sixteen in a row summing to −$2.60B, and that run includes 766 (−$304M) and 767 (−$177M), which sit above spot. Positive gamma starts at 768, 2.54 over spot, and runs +$1.52B through 779, peaking at 770 (+$281M) and 771 (+$270M). In negative gamma, dealer hedging tends to push with the move rather than against it, so the range is wide and the levels are lines to react to, not floors.
Monday's pin is gone. Monday's brief had the same two wall strikes — 765 and 770 — but a +$1.42B chain, 766–781 all positive, vol at 10 and a ±0.4% move. Today those walls are the same numbers on a much weaker map: the chain total has flipped to −$1.23B and the 765 put wall has grown from −$189M to −$587M. SPY's implied prior close is about 766.71 (from the −0.16% pre-market change), so it is trading close to where it closed while the map under it has changed. The feed marks this chain truncated (240 contracts) and carries only the 0DTE expiry, so outer strikes are partial and open interest further out is not in these numbers.
Net gamma by strike near spot: 758 −$148M, 759 −$157M, 760 −$185M, 761 −$148M, 762 −$113M, 763 −$192M, 764 −$172M, 765 −$587M, 766 −$304M, 767 −$177M, 768 +$209M, 769 +$187M, 770 +$281M, 771 +$270M, 772 +$107M, 773 +$178M, 774 +$103M, 775 +$98M, 776 +$31M. One seam, between 767 and 768, 2.54 above spot: everything under it is negative, everything over it positive, and the biggest single negative strike is the one spot is standing on.
Flip · Call wall · flip and status pulled live per ticker, not estimated. The sweeps feed carries recent prints, not only today's: NVDA and AMZN each show contracts that expired Monday (10/19), marked below. Only NOW is inside the half-percent line.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| SPCX | 146.72 | 168.92 | 155 | BELOW FLIP | $140P 10/23 — three prints for $447,427 ($307,131, $77,550, $62,746), plus a $134P 10/23 for $31,720 and a $140P 10/21 for $21,742: $501K of puts, against one $148C 10/23 for $73,159. Every $140 print is on the 140 put wall, 4.6% under spot. This is the third brief in a row with SPCX puts at the top — Friday's were $150P/$135P 11/20, Monday's $140P/$135P 10/21. SPCX is down 0.8% and sits 13.1% under a flip that is far from price; the feed doesn't say who is buying or selling. |
| NVDA | 216.00 | 222.60 | 220 | BELOW FLIP | The biggest print, $215C 10/19 for $237,225, expired Monday. Live flow is puts: $217.5P 10/21 for $134,014 and $25,828, plus a $215P 10/21 for $16,125 and a $215P 10/23 for $24,988 — $201K of puts expiring this week — against a $220C 10/23 for $22,890. NVDA is down 0.5%, 3.0% under its flip, with the 220 call wall 1.85% overhead and the 210 put wall 2.8% below. |
| CRWV | 59.04 | — | 66 | NO FLIP | One print: $80C 1/21/2028 for $253,580, 35.5% above spot and more than a year out. CRWV was the calls-only name in Monday's brief after a +7.5% day; it is down 3.4% today, about 10% under Monday's 65.90. The 66 call wall is 11.8% overhead and the 55 put wall 6.8% below. No reliable flip. |
| AMZN | 263.18 | 256.98 | 260 | ABOVE FLIP | $257.5C 10/23 for $98,700 (2.2% in the money) and $265C 10/21 for $98,674 (0.7% out), plus two $262.5P 10/19 prints for $48,757 combined that expired Monday. AMZN is up 0.2%, 2.4% above its flip and 1.2% above its 260 call wall, with the 245 put wall 6.9% below. |
| NOW | 146.56 | 145.85 | 150 | IN ZONE | One print: $180C 1/15/2027 for $187,500, 22.8% above spot and about three months out. NOW is up 1.3% and 0.49% above its flip — the only name on the board inside the half-percent line — with the 150 call wall 2.35% overhead and the 135 put wall 7.9% below. |
| CMCSA | 22.10 | — | 23 | NO FLIP | One print: $21P 11/20 for $151,917, 5.0% under spot. CMCSA is up 0.9% with the 23 call wall 4.1% overhead and the 20 put wall 9.5% below. No reliable flip. |
| AMT | 184.00 | 180.14 | 185 | ABOVE FLIP | One print: $185C 11/20 for $136,080, struck exactly on the 185 call wall, 0.5% above spot. AMT is up 0.5% and 2.1% above its flip, with the 170 put wall 7.6% below. |
| OKTA | 186.00 | — | 200 | NO FLIP | One print: $200C 10/30 for $78,615, struck on the 200 call wall, 7.5% above spot. OKTA is down 2.1% and sits 1.9% above its 182.5 put wall. No reliable flip. |
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