Options gamma
Call Wall and Put Wall
The two strikes where options gamma is heaviest. They often act as resistance and support.
Available for Windows 10 and Windows 11
How the walls work
Call Wall
The strike above price with the largest call gamma. Hedging flows near it tend to slow advances.
Put Wall
The strike below price with the largest put gamma. Hedging flows near it tend to slow declines.
The range
Between the two walls, hedging tends to pull price back toward the middle.
A break
A close beyond a wall removes that support or resistance. The wall often steps to a new strike the next session.
Illustration
Gold sample · 21 Sept 2026 to 3 Nov 2026
How the walls moved
Gold, expiries within 30 days. The walls step to new strikes as positions roll.
- Call Wall
- Zero Gamma
- Put Wall
- Reference close
Average width
5.1% of price
Call Wall, first to last
4,362.78 → 3,984.15
Put Wall, first to last
4,253.71 → 3,765.85
Sample data. Live levels update after every US session.
Model estimates of where dealer hedging concentrates. Not trading signals.
Reading the walls
Distance
Measure the distance from price to each wall. A nearby wall matters more than a distant one.
Width
A narrow range between the walls points to contained trading. A wide range leaves room to travel.
Direction
A wall that steps the same way for several sessions shows positions rolling with the trend.
Confluence
A wall that sits on a chart level, such as a prior high, carries more weight.
Across six markets
The last sample session of each market.
| Market | Put Wall | Reference close | Call Wall |
|---|---|---|---|
| Gold →XAU/USD | 3,765.85 | 3,921.50 | 3,984.15 |
| Silver →XAG/USD | 48.73 | 49.66 | 50.95 |
| S&P 500 →US500 | 7,522.94 | 7,544.00 | 7,723.55 |
| Nasdaq 100 →USTEC | 27,951.10 | 27,995.90 | 28,773.19 |
| WTI Crude →XTI/USD | 92.01 | 97.02 | 101.82 |
| Bitcoin →BTC/USD | 75,925 | 77,779 | 79,456 |
Questions
What is a Call Wall?
The strike above the current price with the largest call gamma. Hedging around it tends to slow rallies, so it often acts as resistance.
What is a Put Wall?
The strike below the current price with the largest put gamma. Hedging around it tends to slow declines, so it often acts as support.
Does price always respect the walls?
No. The walls are model estimates of where dealer hedging concentrates. Strong flows and news can carry price through them. They are not trading signals.
How often do the walls change?
They are recalculated once a day, after the US session. A wall can step to a new strike when positions roll or expire.
Which markets have walls in Arka?
Gold, silver, the S&P 500, the Nasdaq 100, WTI crude and Bitcoin. Each level is converted to the symbol's chart price.
The terminal built for a new generation of traders
Available for Windows 10 and Windows 11
