Options data

Options Gamma Levels

Where dealer hedging concentrates, converted to chart prices for six markets.

Available for Windows 10 and Windows 11

Sample session · 3 November 2026

Market	Call Wall	Zero Gamma	Put Wall	Regime
Gold →XAU/USD	3,984.15	4,049.19	3,765.85	Negative gamma
Silver →XAG/USD	50.95	50.07	48.73	Negative gamma
S&P 500 →US5002 Nov	7,723.55	7,741.70	7,522.94	Negative gamma
Nasdaq 100 →USTEC2 Nov	28,773.19	29,672.69	27,951.10	Negative gamma
WTI Crude →XTI/USD	101.82	96.96	92.01	Positive gamma
Bitcoin →BTC/USD	79,456	76,272	75,925	Positive gamma

Sample data. Live levels update after every US session.

Model estimates of where dealer hedging concentrates. Not trading signals.

In Arka Terminal

Options gamma levels, mapped to your chart

Key levels
Call Wall, Put Wall, Max Gamma and Zero Gamma on the chart, with their distance from price and their change from the previous session. The free plan shows the three main levels for every symbol
Gamma profile and heatmap
Net gamma by price right of the latest candle, with each session's distribution and the walls' history behind the candles
Expected moves
30-day implied volatility and where it sits in its range, plus the range options imply for each upcoming session
AI daily brief
Updated after every US session, and Arka Copilot takes the gamma levels into account when it answers

Reading the levels

What each figure measures.

Call Wall

The strike above price carrying the largest call gamma.

Put Wall

The strike below price carrying the largest put gamma.

Zero Gamma

The price at which net dealer gamma changes sign.

Regime

Above Zero Gamma, dealer hedging tends to dampen moves. Below it, hedging tends to amplify them.

Expiry range

Levels are computed within 7 days, within 30 days and across all expiries. These pages show within 30 days.

Price conversion

Levels are converted from the options market to the chart price of each symbol.

Reference close

The session close converted to the same chart price, for comparison with the levels.

Update

Once a day, after the US session closes.

The concepts

Call Wall and Put WallThe two strikes where options gamma is heaviest. They often act as resistance and support.

Gamma Flip and Zero GammaThe price where net dealer gamma changes sign. Above it, moves tend to dampen. Below it, moves tend to extend.

Expected MoveThe range the options market prices for the next session, derived from implied volatility.

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