GEX Levels for November 3: AMD Moves Above Its Gamma Flip While AAPL, DIA and XLF Slip Below Theirs
2026-11-03
Here is the dealer positioning picture after the close on November 3, compared with the prior session. 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, hedging tends to add to moves, so swings can get larger. The delta flip is the price where net dealer delta changes sign, and we use it as a second line for direction. The common thread today is that several names closed only slightly below their gamma flips, which puts them in negative gamma territory where moves can stretch.
AMD
AMD rallies 10.44% and settles above its gamma flip, with both walls moving higher
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 518.50 | +49.00 |
| Call wall | 600.00 | +50.00 |
| Put wall | 500.00 | +50.00 |
| Gamma flip | 503.00 | -10.92 |
| Delta flip | n/a | n/a |
- AMD holds above the gamma flip at 503 Positive gamma at spot should keep dealer hedging dampening moves, favoring chop above the put wall at 500 rather than a runaway move.
- AMD drops below 503 and the put wall at 500 It would fall back into negative gamma, where moves can accelerate, and the support from the put wall would be lost.
- AMD extends its rally toward the call wall at 600 The call wall sits 15.72% above spot, so it is a distant ceiling; expect resistance to build only as price approaches it.
Lean: range-bound. The lean is range because AMD is above its gamma flip, gamma at spot is positive, and price is pinned between the walls. Since the prior session the call wall moved up 50 to 600, the put wall moved up 50 to 500, and the gamma flip dropped 10.92 to 503, now 2.99% below spot. Gamma at spot turned from -0.1238 to 0.065. No delta flip was reported today.
SLV
SLV dips 1.56% below its gamma flip as the put wall drops to 40
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 44.92 | -0.71 |
| Call wall | 50.00 | unch |
| Put wall | 40.00 | -5.00 |
| Gamma flip | 45.20 | -0.25 |
| Delta flip | 48.72 | -0.46 |
- SLV stays below the gamma flip at 45.2 Negative gamma at spot means dealer hedging can add to downside moves, with the put wall at 40, 10.95% below, as the next major floor.
- SLV reclaims 45.2 It would move back into positive gamma territory, which could slow the selling, though it would still be below the delta flip at 48.72.
- SLV rallies through the delta flip at 48.72 That would undercut the down lean and bring the call wall at 50 into view.
Lean: down. The lean is down because SLV is below its gamma flip, below its delta flip, and gamma at spot is negative. Spot fell 1.56% since the prior session. The put wall moved down 5 to 40, the call wall stayed at 50, and the gamma flip slipped 0.25 to 45.2, now 0.62% above spot. Gamma at spot turned from 0.0019 to -0.0036.
DIA
DIA trades in a tight box as the call wall drops to 520 and the put wall rises to 515
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 516.45 | -2.89 |
| Call wall | 520.00 | -20.00 |
| Put wall | 515.00 | +5.00 |
| Gamma flip | 519.08 | +1.46 |
| Delta flip | 513.12 | +0.87 |
- DIA stays between the put wall at 515 and the call wall at 520 The walls are very close, 0.28% below and 0.69% above spot, which favors a narrow range even in negative gamma.
- DIA breaks above the gamma flip at 519.08 It would return to positive gamma, where hedging tends to calm moves, with the call wall at 520 just overhead.
- DIA falls below the delta flip at 513.12 Losing both the put wall and the delta flip in negative gamma could let selling build.
Lean: range-bound. The lean is range because DIA is below its gamma flip with negative gamma at spot, but still above its delta flip, so the signals offset. Since the prior session the call wall fell 20 to 520, the put wall rose 5 to 515, and the gamma flip rose 1.46 to 519.08. Total GEX turned from 0.0087 to -0.0657 and spot fell 0.56%.
AAPL
AAPL slips 1.79% and moves below a higher gamma flip, sitting just above its put wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 330.87 | -6.03 |
| Call wall | 350.00 | unch |
| Put wall | 330.00 | unch |
| Gamma flip | 334.97 | +9.51 |
| Delta flip | 315.74 | +6.21 |
- AAPL holds the put wall at 330 The floor sits only 0.26% below spot, so holding it could keep AAPL ranging below the gamma flip at 334.97.
- AAPL breaks below 330 In negative gamma, losing the put wall could let the decline speed up, with the delta flip at 315.74 as the next line, 4.57% below.
- AAPL climbs back above 334.97 A return to positive gamma would likely calm moves and open room toward the call wall at 350, 5.78% above.
Lean: range-bound. The lean is range because AAPL is below its gamma flip with negative gamma at spot, but still above its delta flip. The gamma flip rose 9.51 to 334.97 since the prior session while the walls stayed at 350 and 330. Total GEX swung from 0.3838 to -0.3244, the largest shift in this group.
XLF
XLF closes right at its gamma flip after a 0.71% dip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 57.17 | -0.41 |
| Call wall | 60.00 | unch |
| Put wall | 54.00 | unch |
| Gamma flip | 57.18 | -0.03 |
| Delta flip | 55.38 | +0.08 |
- XLF moves back above the gamma flip at 57.18 With the flip only 0.02% above spot, a small gain would put it in positive gamma, where hedging tends to steady price.
- XLF stays below 57.18 Negative gamma at spot means moves can stretch, though the delta flip at 55.38 sits 3.13% below as a line of support.
- XLF drops below the delta flip at 55.38 That would open the way toward the put wall at 54, 5.54% below spot.
Lean: range-bound. The lean is range because XLF is below its gamma flip with negative gamma at spot, but above its delta flip. The walls held at 60 and 54 since the prior session and the gamma flip barely moved, down 0.03 to 57.18. Total GEX turned from 0.0241 to -0.0143.
The big change today is AMD moving from negative to positive gamma at spot after its 10.44% gain, while AAPL, DIA and XLF all moved the other way. When a stock sits just under its gamma flip, a small move back above it can calm things down, and a push lower can speed things up. Watch the flips and walls listed above, and treat these levels as a map, not a prediction.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer