Learn · options market structure
What are gamma walls in options?
A gamma wall is a strike with unusually large options open interest, where dealer hedging is concentrated. As price approaches it, hedging can slow the move (a wall) or pull price toward the strike (a magnet). Call-heavy strikes above price usually act as resistance and put-heavy strikes below as support while dealers are long gamma.
Dealers amplify moves: trending and higher intraday volatility.
Call wall and put wall
The call wall is the strike above price with the most call open interest; the put wall is the strike below with the most put open interest. They are the two levels most traders mark first.
When walls hold and when they break
Walls tend to hold in positive gamma, when hedging leans against moves. In negative gamma they hold less often, because hedging adds to the move once a strike gives way. Open interest also changes daily, so walls move as positions open and close.
Where to see them
GammaPulse lists the nearest walls above and below price for 200+ stocks on its free gamma page, refreshed about once a minute during the session.
Related
- Call wall vs put wall: what's the difference?
- Where is SPY's gamma wall today?
- What is gamma exposure (GEX)?
Education and market data, not investment advice. GammaPulse does not publish a track record or performance claims.