Dealer Gamma Levels for November 2: Five Range Setups After Flips Move Lower
2026-11-02
Here is the dealer gamma picture as of the close on November 2, compared with the prior session. A few terms first. A call wall is the strike with the heaviest call positioning. It often acts like a ceiling because dealer hedging tends to lean against moves into it. A put wall is the strike with the heaviest put positioning and often acts like a floor. The gamma flip is the price where dealer gamma switches from positive to negative. Above it, dealer hedging tends to dampen moves. Below it, hedging can add to moves. The delta flip is the price where overall dealer delta changes sign, a second reference for where pressure may shift. Today every name sits above its gamma flip with positive gamma at spot and between its walls, so all of them lean range.
COIN
COIN slides toward a much lower gamma flip as the call wall drops to 142
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 137.91 | -6.09 |
| Call wall | 142.00 | -28.00 |
| Put wall | 130.00 | unch |
| Gamma flip | 136.58 | -22.71 |
| Delta flip | 151.65 | n/a |
- COIN holds above the gamma flip at 136.58 Dealer hedging should keep it trading between 136.58 and the call wall at 142.
- COIN closes below 136.58 It moves into negative gamma, where moves can speed up, with the put wall at 130 as the next floor.
- COIN pushes through the call wall at 142 The delta flip at 151.65 becomes the next reference above.
Lean: range-bound. COIN is above its gamma flip, below its delta flip, has positive gamma at spot, and is pinned between its walls. Spot fell 4.23% from 144 in the prior session, but the gamma flip fell further, from 159.29 to 136.58, and the call wall moved down from 170 to 142. That leaves spot just 0.96% above the flip, so the cushion is thin.
SLV
SLV climbs above its gamma flip as the put wall lifts to 45
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 45.63 | +1.24 |
| Call wall | 50.00 | unch |
| Put wall | 45.00 | +5.00 |
| Gamma flip | 45.45 | -0.83 |
| Delta flip | 49.18 | -0.47 |
- SLV stays above the gamma flip at 45.45 Expect range trading with the put wall at 45 below and room up toward the delta flip at 49.18 and the call wall at 50.
- SLV closes below 45.45 and loses the put wall at 45 It shifts into negative gamma, where declines can extend more easily.
- SLV rallies toward 49.18 The delta flip and the call wall at 50 are likely to slow the move.
Lean: range-bound. SLV is above its gamma flip, below its delta flip, has positive gamma at spot, and is pinned between its walls. Spot rose 2.79% from 44.3899 in the prior session, the gamma flip eased from 46.28 to 45.45, and the put wall moved up from 40 to 45. Spot sits only 0.39% above the flip.
NVDA
NVDA sits just above a lower gamma flip near its 200 put wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 202.43 | -2.45 |
| Call wall | 210.00 | -10.00 |
| Put wall | 200.00 | unch |
| Gamma flip | 200.36 | -4.93 |
| Delta flip | 192.65 | -0.94 |
- NVDA holds above the gamma flip at 200.36 Positive gamma should keep it between the put wall at 200 and the call wall at 210.
- NVDA closes below 200.36 and the put wall at 200 It enters negative gamma, with the delta flip at 192.65 as the next reference below.
- NVDA rallies to 210 The call wall, which moved down from 220, is likely to cap the move.
Lean: range-bound. NVDA is above its gamma flip, above its delta flip, has positive gamma at spot, and is pinned between its walls. Spot slipped 1.19% from 204.88 in the prior session, while the gamma flip fell from 205.29 to 200.36 and the call wall dropped from 220 to 210. Gamma at spot turned from -0.0164 to 0.0951.
MSTR
MSTR gets a wide cushion as its gamma flip drops to 120.5
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 131.11 | +0.36 |
| Call wall | 135.00 | unch |
| Put wall | 120.00 | -5.00 |
| Gamma flip | 120.50 | -15.79 |
| Delta flip | 132.62 | -8.00 |
- MSTR stays between 120.5 and 135 Positive gamma favors range trading inside that band.
- MSTR moves above the delta flip at 132.62 It may test the call wall at 135, where selling pressure from hedging could build.
- MSTR falls to the gamma flip at 120.5 A break below it and the put wall at 120 would put it in negative gamma, where moves can accelerate.
Lean: range-bound. MSTR is above its gamma flip, below its delta flip, has positive gamma at spot, and is pinned between its walls. Spot was nearly flat, up 0.27% from 130.7523 in the prior session, but the gamma flip dropped from 136.29 to 120.5 and total gamma turned from -0.0124 to 0.0525. Spot is now 8.09% above the flip.
DIA
DIA turns positive on total gamma as the call wall rises to 540
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 519.34 | +1.92 |
| Call wall | 540.00 | +5.00 |
| Put wall | 510.00 | unch |
| Gamma flip | 517.62 | +0.08 |
| Delta flip | 512.25 | +0.44 |
- DIA holds above the gamma flip at 517.62 Expect contained trading with room up toward the call wall at 540.
- DIA closes below 517.62 It moves into negative gamma, with the delta flip at 512.25 and the put wall at 510 as nearby supports.
- DIA approaches 540 The call wall, which moved up from 535, is likely to slow further gains.
Lean: range-bound. DIA is above its gamma flip, above its delta flip, has positive gamma at spot, and is pinned between its walls. Spot rose 0.37% from 517.42 in the prior session, the gamma flip barely moved from 517.54 to 517.62, and total gamma turned from -0.0222 to 0.0087. Spot is only 0.33% above the flip.
The common thread on November 2 is calm conditions near spot. Each ticker sits above its gamma flip, between its walls, with positive gamma at the current price. That favors back and forth trading rather than trends. The gamma flips are the lines to watch: a close below one would change the picture from dampened to amplified moves. Recheck the levels next session, since walls and flips can shift quickly, as COIN and MSTR showed.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer