Dealer Gamma Levels for October 27: Four Tickers Pinned, IWM Below Its Flip
2026-10-27
This is the first edition of this report, so there is no prior day to compare against. Everything below is a snapshot of dealer positioning for October 27. A few terms first. A call wall is the strike with the heaviest call positioning, and it often acts like a ceiling because dealer hedging tends to sell into rallies near it. A put wall is the strike with the heaviest put positioning, and it often acts like a floor. The gamma flip is the price where dealer gamma changes sign. Above it, dealers usually hedge in a way that dampens moves. Below it, their hedging can add to moves. The delta flip is a similar dividing line based on dealer delta. Four of the five tickers today sit above their flips and between their walls. IWM is the exception.
AMZN
AMZN sits just under its 250 call wall, well above its gamma flip
| Level | Value |
|---|---|
| Spot | 249.40 |
| Call wall | 250.00 |
| Put wall | 240.00 |
| Gamma flip | 234.12 |
| Delta flip | 237.53 |
- Price pushes up into the 250 call wall, only 0.24% above spot Dealer hedging may slow the advance and keep price pinned near 250.
- Price drifts lower toward the 240 put wall, 3.77% below spot The put wall may act as a floor while price stays in the positive gamma zone.
- Price breaks below the 237.53 delta flip and heads toward the 234.12 gamma flip Dampening from dealers would fade and moves could become larger.
Lean: range-bound. AMZN is above its gamma flip and delta flip, gamma at spot is positive, and price is pinned between the 240 put wall and 250 call wall.
TLT
TLT trades between an 82 call wall and an 80 put wall
| Level | Value |
|---|---|
| Spot | 81.61 |
| Call wall | 82.00 |
| Put wall | 80.00 |
| Gamma flip | 78.44 |
| Delta flip | 80.00 |
- Price rises to the 82 call wall, 0.47% above spot Selling from dealer hedging may cap the move near 82.
- Price slips to 80, where the put wall and delta flip line up, 1.98% below spot That shared level may hold as support.
- Price falls through 80 and toward the 78.44 gamma flip Positive gamma support would weaken and swings could widen.
Lean: range-bound. TLT is above its gamma flip and delta flip, gamma at spot is positive, and price is pinned between the 80 put wall and 82 call wall.
DIA
DIA sits close to both its put wall and gamma flip
| Level | Value |
|---|---|
| Spot | 522.97 |
| Call wall | 530.00 |
| Put wall | 520.00 |
| Gamma flip | 519.80 |
| Delta flip | 513.17 |
- Price holds above the 520 put wall, 0.57% below spot Positive gamma may keep DIA in a range below the 530 call wall.
- Price climbs toward the 530 call wall, 1.34% above spot Dealer hedging may slow the rally near that strike.
- Price drops below 520 and the 519.8 gamma flip DIA would move into negative gamma, where declines can speed up, with the 513.17 delta flip next below.
Lean: range-bound. DIA is above its gamma flip and delta flip, gamma at spot is positive, and price is pinned between the 520 put wall and 530 call wall. The gamma flip is only 0.61% below spot, so this cushion is thin.
PLTR
PLTR presses against its 200 call wall
| Level | Value |
|---|---|
| Spot | 198.84 |
| Call wall | 200.00 |
| Put wall | 190.00 |
| Gamma flip | 185.61 |
| Delta flip | n/a |
- Price tests the 200 call wall, 0.58% above spot Dealer selling may hold price near or just below 200.
- Price pulls back toward the 190 put wall, 4.45% below spot The put wall may provide support while gamma stays positive.
- Price falls below the 185.61 gamma flip Dealer hedging would shift to adding to moves rather than dampening them.
Lean: range-bound. PLTR is above its gamma flip, gamma at spot is positive, and price is pinned between the 190 put wall and 200 call wall. No delta flip is available for PLTR today.
IWM
IWM is below its gamma flip in negative gamma territory
| Level | Value |
|---|---|
| Spot | 276.99 |
| Call wall | 280.00 |
| Put wall | 270.00 |
| Gamma flip | 283.98 |
| Delta flip | 281.78 |
- Price weakens toward the 270 put wall, 2.52% below spot With negative gamma, dealer hedging can add to the decline until the put wall is reached.
- Price bounces toward the 280 call wall, 1.09% above spot The call wall may cap the rebound below the delta flip.
- Price recovers above the 281.78 delta flip and the 283.98 gamma flip IWM would return to positive gamma and the down lean would no longer apply.
Lean: down. IWM is below its gamma flip and below its delta flip, and gamma at spot is negative, which means dealer hedging can amplify moves rather than calm them.
Today's picture is mostly calm: AMZN, TLT, DIA and PLTR are in positive gamma and boxed between their walls, which tends to favor range trading. IWM is the one to watch, sitting below both its gamma flip and delta flip with negative gamma at spot, where moves can stretch further. Since this is the first run, tomorrow's report will be able to show how these levels shift.
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Data: Cboe, delayed. Not financial advice. Disclaimer