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SPY (756.60) opens on the positive-gamma side, inside the thickest part of the map. The flip is 753.80, 2.80 under spot, and the call wall at 755 (+$475M) is now 1.60 below price. The strikes around spot are all heavy: 754 (+$197M), 755 (+$475M), 756 (+$319M), 757 (+$460M), 758 (+$408M) and 760 (+$456M). 754 through 760 alone nets +$2,455M, and 750 through 761 nets +$2,891M.
That much positive gamma tends to dampen moves. The whole expected move (752.25–760.95) sits inside the 750–761 positive block. The negative side of the map is thin by comparison: the 59 negative strikes total only −$441M, and the nearest ones are 749 (−$69M), 747 (−$76M, the put wall) and 745 (−$60M). 750 is the last positive strike before them.
The structure changed overnight. Tuesday's open showed a +$301M chain, a 761.63 flip, a 753 call wall and a 735 put wall. Today the chain is +$2,821M, the flip has dropped to 753.80, the walls are 755 and 747, and implied vol (ATM) is 16, down from 27. The expected move shrank from ±1.0% to ±0.6% (±$4.35). Max pain is 749, 7.60 under spot. The feed carries only the 0DTE chain (250 contracts), so open interest further out is not in these numbers. It's Veterans Day: stocks trade a normal session, the bond market is closed.
Net gamma by strike near spot: 740 −$29M, 741 −$9M, 742 −$11M, 743 −$16M, 744 −$31M, 745 −$60M, 746 −$29M, 747 −$76M, 748 −$27M, 749 −$69M, 750 +$73M, 751 +$55M, 752 +$97M, 753 +$58M, 754 +$197M, 755 +$475M, 756 +$319M, 757 +$460M, 758 +$408M, 759 +$141M, 760 +$456M, 761 +$153M, 762 +$111M, 763 +$8M, 764 +$45M, 765 +$73M, 766 +$25M, 767 +$17M, 768 +$12M, 769 +$8M, 770 +$30M. The chain has 59 negative strikes summing to −$441M, against +$3,262M on the positive side.
Flip · Call wall · flip and status pulled live per ticker, not estimated. Six of the eight return a flip, and three of them are right on it — NVDA 0.4% above, SPCX 0.6% above and SMCI 0.5% under. RIOT is 20.4% above its flip; IREN (3.2%) and DKNG (6.6%) are below; NU and NFLX have none. The feed holds 32 prints totalling $2.45M, and the largest is NVDA's $381K call. These eight names account for 27 of them and $2.35M, $2.08M of it calls and $268K puts.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| NVDA | 175.15 | 174.47 | 180 | ABOVE FLIP | Fifteen prints for $1.58M, $1.31M of it calls. The biggest is a $164C December 18 for $380,690 (6.4% in the money), the largest print in the feed, then a $170C 0DTE for $275,156 and a $170C 11/13 for $135,600. Further out: a $182.5C 11/20 for $118,275 and two $180C 11/20 for $140,090 on NVDA's 180 call wall. Puts: a $160P December 18 for $203,750 (8.6% out) and a $165P 0DTE for $64,381 on the 165 put wall. NVDA is quoted up 3.9% at 175.15, just 0.4% above its 174.47 flip (Tuesday's read was 193.48). Chain gamma is +$209M; 0DTE implied vol is 94. |
| NU | 12.33 | — | 12.5 | NO FLIP | Two call prints for $340,066, both on the $12 strike: January 15, 2027 for $208,000 and December 18 for $132,066, 2.7% in the money. NU is at 12.33, quoted up 2.0%, with no reliable flip; the 12.5 call wall is 1.4% overhead and the 11 put wall 10.8% below. Chain gamma is $0M (nearest expiry 11/13). |
| NFLX | 63.00 | — | 66 | NO FLIP | Three call prints for $104,864: a $63C 11/20 for $53,122 and a $63C 11/13 for $10,492 (at the money), and a $64C 11/13 for $41,250 (1.6% out). NFLX is at 63.00, quoted down 0.4%, with no reliable flip; the 66 call wall and 60 put wall sit 4.8% either side. Chain gamma is −$17M (nearest expiry 11/13). |
| IREN | 21.25 | 21.95 | 22 | BELOW FLIP | Two call prints for $89,281, both $25C December 18 ($76,454 and $12,827), 17.6% out of the money. IREN is quoted up 7.7% at 21.25, 3.2% under its 21.95 flip, and the 22 call wall sits right on top of the flip, 3.5% overhead. The 20 put wall is 5.9% below. Chain gamma is +$3M. |
| RIOT | 18.80 | 15.61 | 18 | ABOVE FLIP | One call print: an $18C 11/13 for $71,576, 4.3% in the money and struck on RIOT's 18 call wall. RIOT is quoted up 4.0% at 18.80, 20.4% above its 15.61 flip. Its walls are inverted on this read: the 18 call wall sits 4.3% below spot and the 19.5 put wall 3.7% above. Chain gamma is +$32M. |
| SPCX | 145.37 | 144.51 | 145 | ABOVE FLIP | One call print: a $165C December 18 for $70,290, 13.5% out of the money. SPCX is quoted up 1.8% at 145.37, 0.6% above its 144.51 flip and sitting on its 145 call wall (0.3% under spot); the 140 put wall is 3.7% below. Tuesday it was 7.8% under a 149.79 flip. Chain gamma is +$106M. |
| SMCI | 29.42 | 29.56 | 30 | BELOW FLIP | Two call prints for $60,325, both 11/13: a $28.5C for $37,575 (3.1% in the money) and a $28C for $22,750 (4.8% in). SMCI is quoted up 5.9% at 29.42, 0.5% under its 29.56 flip, with the 30 call wall 2.0% overhead and the 27 put wall 8.2% below. Chain gamma is +$16M. |
| DKNG | 19.36 | 20.72 | 19.5 | BELOW FLIP | One call print: an $18C 11/13 for $27,600, 7.0% in the money. DKNG is at 19.36 (quoted flat, no pre-market change), 6.6% under its 20.72 flip. Its walls are inverted on this read: the 19.5 call wall is 0.7% overhead and the 20 put wall 3.3% above. Chain gamma is $0M (nearest expiry 11/13). |
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