Options Gamma Levels
Bitcoin Options Gamma Levels
Call Wall, Put Wall and Zero Gamma for Bitcoin, estimated from listed options and converted to the BTC/USD price.
Call Wall
79,456
Previous 79,583
Zero Gamma
76,272
Previous 76,391
Put Wall
75,925
Previous 76,046
Price closed above Zero Gamma. Dealer hedging tends to dampen moves.
Reference close77,779
AI daily brief
The all-expiry Call Wall dropped from above 88000 to 79456, sharply compressing upside room, while the 7-day Zero Gamma at 76403 sits only 1.8% below spot, so intraday crosses back and forth look easy.
The full brief is in Arka Terminal.→Sample data. Live levels update after every US session.
Sign up for live levelsModel estimates of where dealer hedging concentrates. Not trading signals.
The last 24 sessions
Daily levels for expiries within 30 days, against the reference close.
- Call Wall
- Zero Gamma
- Put Wall
- Reference close
Sessions in the sample
24
Closes above Zero Gamma
23 of 24
Average Put Wall to Call Wall width
5.0% of price
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.
Session history
| Session | Call Wall | Zero Gamma | Put Wall | Reference close |
|---|---|---|---|---|
| 79,456 | 76,272 | 75,925 | 77,779 | |
| 79,583 | 76,391 | 76,046 | 76,665 | |
| 81,463 | 77,990 | 70,837 | 76,787 | |
| 81,261 | 79,999 | 79,494 | 80,749 | |
| 83,032 | 79,712 | 79,499 | 81,513 | |
| 84,764 | 79,577 | 79,467 | 80,703 | |
| 84,789 | 79,112 | 77,723 | 79,878 | |
| 84,792 | 79,651 | 79,492 | 81,188 | |
| 84,819 | 80,719 | 80,401 | 81,391 | |
| 84,707 | 79,859 | 81,177 | 84,425 |
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