Dealer Gamma Turns Negative Across the Board on October 30
2026-10-30
All five names on our list fell on October 30, and each one now sits below its gamma flip with negative dealer gamma at the current price. A few terms first. A call wall is the strike with the heaviest call positioning above price, and it often acts as a ceiling. A put wall is the strike with the heaviest put positioning below price, and it often acts as a floor. The gamma flip is the price where dealer gamma switches from positive to negative. Above it, dealer hedging tends to calm moves. Below it, hedging tends to add to moves in either direction. The delta flip is a related level where net dealer delta changes sign. Every put wall on this list moved lower since the prior session, which suggests protection is being rebuilt further down.
MSTR
MSTR drops 7.39 percent and both walls step lower
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 130.75 | -10.44 |
| Call wall | 135.00 | -17.50 |
| Put wall | 125.00 | -15.00 |
| Gamma flip | 136.29 | +0.68 |
| Delta flip | 140.62 | +0.17 |
- MSTR stays below the 136.29 gamma flip Negative gamma keeps moves amplified, with the 125 put wall, 4.4 percent below spot, as the next floor.
- MSTR climbs toward the 135 call wall, 3.25 percent above The call wall may cap the bounce just under the gamma flip.
- MSTR reclaims 136.29 and pushes toward the 140.62 delta flip Dealer hedging would start to calm price action and the down lean would weaken.
Lean: down. Spot is below the gamma flip and below the delta flip, and gamma at spot is negative. Since the prior session the call wall fell by 17.5 to 135 and the put wall fell by 15 to 125, while the gamma flip rose by 0.68.
COIN
COIN falls 9.29 percent and its put wall drops by 20
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 144.00 | -14.75 |
| Call wall | 170.00 | unch |
| Put wall | 130.00 | -20.00 |
| Gamma flip | 159.29 | +3.63 |
| Delta flip | n/a | n/a |
- COIN holds below the 159.29 gamma flip, 10.62 percent above spot Negative gamma favors wider swings, with the 130 put wall, 9.72 percent below, as the main floor.
- COIN slides toward 130 The put wall is the level where support from put positioning may show up.
- COIN rallies back above 159.29 The setup would shift toward steadier trading, with the unchanged 170 call wall as the upper reference.
Lean: down. Spot is below the gamma flip and gamma at spot is negative. The put wall moved down by 20 to 130 and the gamma flip rose by 3.63, widening the gap above price. No delta flip is reported today.
AVGO
AVGO sees its put wall drop by 40 as spot falls 5.15 percent
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 326.66 | -17.72 |
| Call wall | 350.00 | unch |
| Put wall | 300.00 | -40.00 |
| Gamma flip | 342.40 | +0.63 |
| Delta flip | 342.04 | +0.44 |
- AVGO stays below the 342.04 delta flip and 342.4 gamma flip Negative gamma keeps the tape choppy, with the 300 put wall, 8.16 percent below, as the next floor.
- AVGO rebounds into the flips, 4.71 and 4.82 percent above The clustered flips are likely resistance on a first test.
- AVGO closes above 342.4 The down lean would weaken and the unchanged 350 call wall becomes the next target.
Lean: down. Spot is below the gamma flip and below the delta flip, and gamma at spot is negative. Gamma at spot was positive in the prior session and is now negative, and the put wall moved down by 40 to 300.
AMD
AMD drops 10.54 percent and lands just above its new 500 put wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 505.03 | -59.50 |
| Call wall | 600.00 | unch |
| Put wall | 500.00 | -50.00 |
| Gamma flip | 535.23 | +6.12 |
| Delta flip | n/a | n/a |
- AMD holds the 500 put wall, only 1 percent below spot Put positioning may provide a floor and slow the decline.
- AMD breaks below 500 With negative gamma at spot, dealer hedging could speed up the move lower.
- AMD recovers above the 535.23 gamma flip, 5.98 percent above Conditions would calm, with the unchanged 600 call wall far overhead.
Lean: down. Spot is below the gamma flip and gamma at spot is negative, after being positive in the prior session. The put wall moved down by 50 to 500 and the gamma flip rose by 6.12. No delta flip is reported.
NVDA
NVDA sits right at its gamma flip with a range lean
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 204.88 | -7.88 |
| Call wall | 220.00 | unch |
| Put wall | 200.00 | -10.00 |
| Gamma flip | 205.29 | -3.99 |
| Delta flip | 193.59 | -2.42 |
- NVDA reclaims the 205.29 gamma flip, just 0.2 percent above Gamma would turn supportive and price could drift toward the 220 call wall, 7.38 percent above.
- NVDA stays below 205.29 but holds the 200 put wall, 2.38 percent below Trading likely stays boxed between the put wall and the flip.
- NVDA loses 200 Negative gamma could extend the drop toward the 193.59 delta flip, 5.51 percent below.
Lean: range-bound. Spot is below the gamma flip with negative gamma at spot, but it is still above the delta flip, so the signals are mixed. Since the prior session the gamma flip fell by 3.99 and the put wall moved down by 10 to 200, while the 220 call wall did not change.
The common theme on October 30 is negative gamma at spot on every name, so larger daily swings are more likely than usual. The gamma flips are the key levels to watch: reclaiming them would point to calmer trading, while staying below them keeps the down lean in place. Put walls are the nearest floors to test. This is not financial advice.
New to gamma exposure? Read how GEX works.
Data: Obelion partners, delayed. Not financial advice. Disclaimer