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SPY (759.98) is sitting on the line between two very different maps. The 760 strike carries −$884M, the largest on the board, and it is 0.02 above spot. Everything from 745 to 760 nets −$2,570M, led by 760, 755 (−$565M), 753 (−$197M) and 745 (−$187M). Everything from 761 to 770 nets +$1,954M: 765 (+$384M), 764 (+$341M), 761 (+$252M), 766 (+$250M) and 770 (+$239M).
The feed reports no flip, but the sign changes at price. The chain total is still negative (−$546M), so there is no computed zero-gamma level. In practice, below 760 dealers are short gamma, where hedging tends to add to moves; above 761 they are long gamma, where hedging tends to slow them down. The call wall is 765 (+$384M), 0.7% above spot and just inside the top of the expected move (765.48). Max pain is 758.
The structure improved overnight. Thursday's open showed a −$1,824M chain, a 756 put wall and only +$87M at the 765 call wall. Today the chain is −$546M, the put wall moved up to 760, and 765 holds +$384M. Implied vol (ATM) eased from 22 to 20, and the expected move narrowed from ±0.8% to ±0.7% (±$5.50). The feed carries only the 0DTE chain (250 contracts), so open interest further out is not in these numbers.
Net gamma by strike near spot: 740 −$38M, 741 −$20M, 742 −$24M, 743 −$19M, 744 −$21M, 745 −$187M, 746 −$23M, 747 −$44M, 748 −$57M, 749 −$84M, 750 −$133M, 751 −$105M, 752 −$88M, 753 −$197M, 754 −$93M, 755 −$565M, 756 −$41M, 757 −$54M, 758 +$35M, 759 −$51M, 760 −$884M, 761 +$252M, 762 +$157M, 763 −$11M, 764 +$341M, 765 +$384M, 766 +$250M, 767 +$151M, 768 +$107M, 769 +$85M, 770 +$239M. The chain has 64 negative strikes summing to −$2,860M, against 70 positive strikes at +$2,313M.
Flip · Call wall · flip and status pulled live per ticker, not estimated. NVDA and AAPL sit within half a percent under their flips, SPCX (2.1%) and AMD (1.4%) are further under, and S, ABT and AMZN are above theirs. MSTR has no flip. The feed holds 42 live prints totalling $2.83M, and the largest is NVDA's $632K put. These eight names account for 26 of them and $2.36M: $1.28M calls and $1.08M puts.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| NVDA | 168.95 | 169.73 | 175 | BELOW FLIP | Fourteen prints for $1,073,092, $763,411 of it puts. The biggest is a $162.5P 11/16 for $632,271 (3.8% out of the money), the largest print in the feed; three more puts sit on the $160 strike (5.3% out, right on NVDA's 160 put wall) for $131,140. Ten call prints add $309,681, led by a $170C 11/18 for $87,000 (0.6% out) and a $165C 11/13 for $65,895 (2.3% in). NVDA is quoted up 1.7% at 168.95, 0.5% under its 169.73 flip (Thursday's pre-market quote was 160.50 with no flip). The 175 call wall is 3.6% overhead and max pain is 165. Chain gamma is +$181M; implied vol is 116. |
| MSTR | 113.58 | — | 121 | NO FLIP | Two call prints for $393,465: a $116C 11/20 for $380,965 (2.1% out), the second-largest print in the feed, and a $160C December 18 for $12,500 (40.9% out). MSTR is quoted down 0.8% at 113.58 with no reliable flip. The 121 call wall is 6.5% overhead, the 110 put wall 3.2% below, and max pain is 120. Chain gamma is −$5M; implied vol is 166. |
| AAPL | 356.42 | 357.65 | 360 | BELOW FLIP | Four prints for $274,966. One call: a $360C January 15, 2027 for $204,740, 1.0% out and struck on AAPL's own 360 call wall. Three puts for $70,226: a $355P 11/13 for $38,523 (0.4% out), a $345P 11/20 for $18,824 (3.2% out) and a $352.5P 11/13 for $12,879 (1.1% out). AAPL is quoted up 0.4% at 356.42, 0.3% under its 357.65 flip (Thursday it was just above a 355.58 flip); the 350 put wall is 1.8% below. Chain gamma is +$326M. |
| SPCX | 141.35 | 144.39 | 150 | BELOW FLIP | Two call prints on the same contract for $250,831: $150C 11/20 for $129,008 and $121,823, 6.1% out of the money and struck on SPCX's own 150 call wall. SPCX is quoted up 0.9% at 141.35, 2.1% under its 144.39 flip; the 135 put wall is 4.5% below. Chain gamma is +$55M; implied vol is 92. |
| S | 22.99 | 22.83 | 25 | ABOVE FLIP | One call print: a $26C December 18 for $125,033, 13.1% out of the money. S is quoted up 3.1% at 22.99, 0.7% above its 22.83 flip; the 25 call wall is 8.7% overhead and the 22 put wall 4.3% below. Chain gamma is +$2M. |
| AMD | 571.08 | 579.09 | 600 | BELOW FLIP | One put print: a $577.5P expiring today (11/13) for $89,520, 1.1% in the money. AMD is quoted down 2.3% at 571.08, 1.4% under its 579.09 flip; the 600 call wall is 5.1% overhead and the 550 put wall 3.7% below. Chain gamma is +$86M; implied vol is 115. |
| ABT | 108.00 | 104.59 | 110 | ABOVE FLIP | One put print: a $107P 11/20 for $80,938, 0.9% out of the money and struck on ABT's own 107 put wall. ABT is quoted up 0.7% at 108.00, 3.3% above its 104.59 flip; the 110 call wall is 1.9% overhead. Chain gamma is +$15M. |
| AMZN | 270.28 | 268.66 | 275 | ABOVE FLIP | One put print: a $260P expiring today (11/13) for $76,965, 3.8% out of the money. AMZN is quoted up 1.1% at 270.28, 0.6% above its 268.66 flip; the 275 call wall is 1.7% overhead and the 265 put wall 2.0% below. Chain gamma is +$205M; implied vol is 51. |
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