Dealer Gamma Levels for October 29: GOOGL and SLV Lean Down, AVGO, IWM and XLF Hold Ranges
2026-10-29
This update compares levels from October 29 against the previous snapshot. A few terms first. A call wall is the strike with the heaviest call positioning, and it often acts as a ceiling. A put wall is the strike with the heaviest put positioning, and it often acts as a floor. The gamma flip is the price where dealer gamma changes sign. Above it, dealer hedging tends to dampen moves. Below it, their hedging can add to moves. The delta flip is a similar dividing line based on dealer delta. Today the split is clear. Two names are below their flips and lean down, and three are just above their flips and look pinned.
GOOGL
GOOGL fell 11.45% since the previous snapshot and now sits just above its put wall, well below its gamma flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 281.63 | -36.43 |
| Call wall | 300.00 | -50.00 |
| Put wall | 280.00 | -20.00 |
| Gamma flip | 310.08 | -7.29 |
| Delta flip | 311.97 | -5.04 |
- GOOGL holds the put wall at 280 The floor may slow the decline, though negative gamma at spot can keep swings wide.
- GOOGL breaks below 280 With dealers short gamma, hedging could add to selling and extend the move lower.
- GOOGL rallies toward the call wall at 300 That area may cap the bounce, and the gamma flip at 310.08 remains far above.
Lean: down. Spot is below the gamma flip and below the delta flip, and gamma at spot is negative. The whole structure shifted lower since the previous snapshot: the call wall dropped by 50 to 300, the put wall dropped by 20 to 280, and the gamma flip moved down by 7.29 to 310.08.
AVGO
AVGO rose 3.4% since the previous snapshot and moved above its gamma flip, boxed between 340 and 350
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 344.38 | +11.32 |
| Call wall | 350.00 | unch |
| Put wall | 340.00 | +20.00 |
| Gamma flip | 341.77 | -2.50 |
| Delta flip | 341.60 | -0.76 |
- AVGO stays between 340 and 350 Positive gamma at spot favors dealer hedging that dampens moves, keeping price in the box.
- AVGO drops below the gamma flip at 341.77 Dealer support fades and a test of the put wall at 340 becomes more likely.
- AVGO pushes into the call wall at 350 The unchanged call wall may act as a ceiling and slow further gains.
Lean: range-bound. Spot is above the gamma flip and above the delta flip, gamma at spot is positive, and price is pinned between the walls. The put wall rose by 20 to 340 since the previous snapshot, tightening the range below.
IWM
IWM flipped from deeply negative to positive total gamma and sits right under its call wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 283.18 | +6.19 |
| Call wall | 284.00 | +4.00 |
| Put wall | 270.00 | unch |
| Gamma flip | 282.62 | -1.36 |
| Delta flip | 282.21 | +0.43 |
- IWM stays between the gamma flip at 282.62 and the call wall at 284 Positive gamma at spot can keep price contained in a narrow band.
- IWM slips below 282.62 It would return to negative gamma territory, where moves can widen, with the put wall at 270 well below.
- IWM breaks above 284 The call wall, which moved up by 4 since the previous snapshot, would no longer be acting as a cap.
Lean: range-bound. Spot is above the gamma flip and above the delta flip, gamma at spot is positive, and price is pinned between the walls. Total gamma went from -2.4246 in the previous snapshot to 0.2298 today, and spot rose 2.23%.
XLF
XLF climbed 1.49% since the previous snapshot and now sits barely above its gamma flip, just under its call wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 56.85 | +0.83 |
| Call wall | 57.00 | unch |
| Put wall | 54.00 | unch |
| Gamma flip | 56.76 | +0.15 |
| Delta flip | 55.19 | +0.20 |
- XLF holds between 56.76 and 57 Positive gamma at spot favors a quiet, pinned session.
- XLF falls below the gamma flip at 56.76 Dampening from dealers fades, with the delta flip at 55.19 and the put wall at 54 as lower markers.
- XLF clears the call wall at 57 The ceiling would be broken, though the walls have not moved since the previous snapshot.
Lean: range-bound. Spot is above the gamma flip and above the delta flip, gamma at spot is positive, and price is pinned between the walls. Gamma at spot turned from -0.0631 in the previous snapshot to 0.0117 today.
SLV
SLV fell 3.43% since the previous snapshot and slipped below its gamma flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 46.97 | -1.67 |
| Call wall | 50.00 | unch |
| Put wall | 45.00 | unch |
| Gamma flip | 47.34 | -1.17 |
| Delta flip | 50.57 | -0.65 |
- SLV stays below the gamma flip at 47.34 Negative gamma at spot means dealer hedging can add to moves, with the put wall at 45 as the next floor.
- SLV reclaims 47.34 It would move back into positive gamma, which tends to calm price action.
- SLV rallies toward the call wall at 50 That ceiling sits just under the delta flip at 50.57, so this area may slow gains.
Lean: down. Spot is below the gamma flip and below the delta flip, and gamma at spot is negative. Gamma at spot moved from 0.0018 in the previous snapshot to -0.0053 today, while the gamma flip moved down by 1.17.
The common thread today is how close several names sit to their gamma flips. AVGO, IWM and XLF are only slightly above theirs, so a small move could change their character. GOOGL and SLV are below their flips, where moves can run further. Watch the flips and walls listed above as the session unfolds. This is not financial advice.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer