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SPY (760.48) opens 0.48 above a 760 put wall that holds −$652M — the largest strike on the board, and the chain behind it has more than doubled to −$2,778M. Yesterday it was −$1,368M. Of today's total, −$3,055M sits below spot and +$277M above. From 750 to 763 every one of fourteen strikes is negative and they sum to −$3,017M. There is no zero-gamma flip in the feed, and implied vol (ATM) is 23, up from 18 yesterday and 15 the day before.
Yesterday's put wall was the close. SPY's implied prior close, backed out of the −0.46% change, is about 763.97 — within a few cents of the 764 put wall we flagged Thursday. The wall has since stepped down to 760 and grown two and a half times, from −$258M to −$652M. The call wall also moved, from 776 to 770 (+$139M, still the largest positive strike but only one of several in a +$729M positive band from 764 to 780). Max pain is 766, 5.52 above spot, and the 0DTE expected move is ±0.9% — ±$6.47 for a 754.01–766.95 range
The ladder around spot is far heavier below than above. Every strike from 755 to 761 outweighs the largest positive strike, 770 (+$139M): 760 (−$652M), 755 (−$471M), 761 (−$330M), 757 (−$226M), 759 (−$194M), 756 (−$186M) and 758 (−$169M). The first positive strike is 764 (+$83M), 3.52 above spot, and 769 (−$161M) interrupts the positive band just above the expected move. This feed carries only the 0DTE chain (one expiry, 250 contracts), so open interest further out is not in these numbers — and today is weekly expiry, so this chain is carrying more than the usual share of the day's positioning.
Net gamma by strike near spot: 753 −$165M, 754 −$98M, 755 −$471M, 756 −$186M, 757 −$226M, 758 −$169M, 759 −$194M, 760 −$652M, 761 −$330M, 762 −$153M, 763 −$83M, 764 +$83M, 765 +$22M, 766 +$107M, 767 +$121M, 768 +$83M, 769 −$161M, 770 +$139M, 771 +$40M, 772 +$64M, 773 +$49M, 774 +$28M. Spot sits on the biggest strike; one positive band at 764–768, a negative 769, then positive again from 770 up.
Flip · Call wall · flip and status pulled live per ticker, not estimated. AAPL is the one name inside the half-percent line — spot is 0.06% under its 348.21 flip. Four names have no flip. Most of today's prints are 10/23 expiry, which is today.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| MU | 863.32 | 969.53 | 900 | BELOW FLIP | The biggest tape in the feed by a wide margin — thirteen prints, $3.70M of calls and $1.82M of puts. Calls: $850C 11/20 for $1,367,560 (1.5% in the money), $855C 10/28 for $1,180,715, $860C 10/28 for $469,480, $865C 10/23 for $267,935, plus $905C and $890C. Puts: $885P 10/26 for $628,345, $855P 10/28 for $438,345, and four more 10/23 puts adding $749,929. MU is up 0.8% after yesterday's 3.9% drop, 12.3% under its flip with the 900 call wall 4.2% overhead and the 850 put wall 1.5% below. Yesterday's MU prints totaled $213K; the feed doesn't say who is buying or selling, and both sides are large. |
| TSLA | 373.22 | 393.31 | 385 | BELOW FLIP | One $380P 10/23 print for $733,805, 1.8% in the money and expiring today, plus a $200P 1/21/2027 for $83,388 and a $367.5C 10/23 for $79,313: $817K of puts against $79K of calls. TSLA is down 0.4%, 5.4% under its flip, with the 385 call wall 3.2% overhead and the 370 put wall 0.9% below. |
| AAPL | 348.00 | 348.21 | 350 | BELOW FLIP | Twelve prints, eleven of them calls for $484,764 against one $350P 10/23 for $52,101. Seven $350C 10/23 prints total $378,945, with three $352.5C adding $126,831 and a $355C 10/26 for $31,089 — all stacked on or just above the 350 call wall. AAPL is down 0.1% and sits 0.06% under its flip, with the 350 call wall 0.6% overhead and the 340 put wall 2.3% below. |
| META | 642.36 | — | 660 | NO FLIP | $650C 10/23 — two prints for $175,186 ($125,475, $49,711), against a $635P 10/28 for $121,700. META is down 1.1%, and it is 5.7% under the 681.21 we showed yesterday; Thursday's $529K $702.5 call is now 9.4% out of the money. The 650 put wall is 1.2% above spot, the 660 call wall 2.7% above, and chain gamma is −$212M. No reliable flip. |
| WDC | 344.03 | — | 380 | NO FLIP | A $360C 10/23 for $149,635, 4.6% out of the money and expiring today, against a $330P 10/23 for $33,929. WDC is down 3.1%, 1.2% over its 340 put wall, with the 380 call wall 10.5% overhead. No reliable flip. |
| NVDA | 212.29 | — | 217.5 | NO FLIP | Two $210P 10/23 prints for $126,946 ($63,542 and $63,404) against one $212.5C 10/23 for $47,564. NVDA is flat on the day, down 2.0% from the 216.69 in yesterday's brief, with the 210 put wall 1.1% below and the 217.5 call wall 2.5% overhead. Yesterday's flip at 225.31 is gone. No reliable flip. |
| SPCX | 147.35 | 150.46 | 146 | BELOW FLIP | $62,511 of puts to $107,879 of calls: a $145P 10/23, a $147C 10/26 for $57,651 and a $152.5C 10/23 for $50,228. SPCX is up 1.6% but 4.7% below the 154.58 in yesterday's brief, 2.1% under its flip, 0.9% above its own 146 call wall, with the 140 put wall 5.0% below. The $162.5 calls from yesterday are now 10% out of the money. |
| AMD | 508.50 | — | 520 | NO FLIP | Two puts and one call, all far from spot: a $605C 11/6 for $51,032 (19% out of the money), a $375P 11/13 for $42,076 (26% below) and a $457.5P 10/28 for $31,032 (10% below) — $73K of puts to $51K of calls. AMD is up 0.1% with the 520 call wall 2.3% overhead and the 500 put wall 1.7% below. No reliable flip. |
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