Dealer Gamma Levels for November 4: Every Ticker Leans Range, AMD Slips Below Its Flip
2026-11-04
Here is the dealer gamma picture as of the close on November 4. 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 switches from negative to positive. Above it, dealer hedging tends to dampen moves. Below it, hedging can make moves larger. The delta flip is the price where net dealer delta changes sign, a second reference point for positioning. The day split cleanly. AMD dropped and lost its positive gamma at spot, while NFLX, SLV, DIA and GOOGL rallied and flipped from negative to positive gamma at spot compared with the prior session.
AMD
AMD drops 5.29% and sits just under its gamma flip with negative gamma at spot
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 491.05 | -27.45 |
| Call wall | 500.00 | -100.00 |
| Put wall | 450.00 | -50.00 |
| Gamma flip | 502.42 | -0.58 |
| Delta flip | 433.85 | n/a |
- AMD reclaims the 500 call wall and pushes toward the 502.42 gamma flip Price would be moving back toward positive gamma territory, where dealer hedging tends to calm moves, though the wall itself may cap the push.
- AMD stays between the 450 put wall and the 500 call wall The range lean plays out, but with negative gamma at spot, swings inside that band could be choppy.
- AMD slides toward the 450 put wall The put wall is the next likely floor, and the 433.85 delta flip sits further below as a deeper reference.
Lean: range-bound. AMD is below its gamma flip but above its delta flip, and gamma at spot is negative at -0.0609 after being positive at 0.065 in the prior session. Being stuck between those flips points to a range, with the negative gamma meaning the range may be volatile. Both walls also dropped, the call wall by 100 to 500 and the put wall by 50 to 450.
NFLX
NFLX jumps 5.08% and both walls move up by 5
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 66.36 | +3.21 |
| Call wall | 70.00 | +5.00 |
| Put wall | 65.00 | +5.00 |
| Gamma flip | 64.80 | -0.19 |
| Delta flip | 64.11 | +0.22 |
- NFLX holds above the 65 put wall and the 64.8 gamma flip Positive gamma at spot should help keep price contained between 65 and the 70 call wall.
- NFLX rallies toward the 70 call wall, 5.49% above spot The call wall may act as a ceiling and slow further gains.
- NFLX falls through 65 and the 64.8 gamma flip Price would move into negative gamma, where moves can speed up, with the 64.11 delta flip just below.
Lean: range-bound. NFLX is above both its gamma flip and delta flip, gamma at spot turned positive at 0.0198 from -0.0304 in the prior session, and price is pinned between the 65 put wall and 70 call wall.
SLV
SLV climbs 4.96% and its put wall rises to 45
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 47.15 | +2.23 |
| Call wall | 50.00 | unch |
| Put wall | 45.00 | +5.00 |
| Gamma flip | 45.57 | +0.37 |
| Delta flip | 48.92 | +0.20 |
- SLV stays between the 45.57 gamma flip and the 48.92 delta flip Positive gamma at spot favors a contained range inside the 45 to 50 wall band.
- SLV pushes above the 48.92 delta flip toward the 50 call wall The unchanged 50 call wall, 6.05% above spot, is the likely ceiling.
- SLV drops below the 45.57 gamma flip Price would enter negative gamma, with the 45 put wall, raised by 5 from 40, as the next floor.
Lean: range-bound. SLV is above its gamma flip but below its delta flip, gamma at spot turned positive at 0.022 from -0.0036 in the prior session, and price is pinned between the 45 put wall and the 50 call wall.
DIA
DIA rises 3.38% and total gamma swings to positive 0.3558
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 533.89 | +17.44 |
| Call wall | 540.00 | +20.00 |
| Put wall | 520.00 | +5.00 |
| Gamma flip | 518.33 | -0.75 |
| Delta flip | 513.73 | +0.61 |
- DIA drifts toward the 540 call wall, 1.14% above spot The call wall, which moved up by 20 from 520, may cap the advance.
- DIA holds between the 520 put wall and 540 call wall Strong positive gamma at spot of 0.3703 should keep dealer hedging working against big moves.
- DIA falls below the 520 put wall and the 518.33 gamma flip Price would shift into negative gamma, where declines can extend, with the 513.73 delta flip below.
Lean: range-bound. DIA is above both its gamma flip and delta flip, gamma at spot is positive at 0.3703 after -0.0487 in the prior session, and price is pinned between the 520 put wall and 540 call wall.
GOOGL
GOOGL gains 3.64% and sits right on its raised 290 put wall
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 290.49 | +10.21 |
| Call wall | 300.00 | unch |
| Put wall | 290.00 | +10.00 |
| Gamma flip | 285.09 | +1.42 |
| Delta flip | 294.28 | +0.64 |
- GOOGL holds the 290 put wall, just 0.17% below spot With positive gamma at spot, price likely stays in the band below the 294.28 delta flip.
- GOOGL clears the 294.28 delta flip The unchanged 300 call wall, 3.27% above spot, becomes the next likely ceiling.
- GOOGL loses 290 and the 285.09 gamma flip Price would move into negative gamma, where selling can pick up speed.
Lean: range-bound. GOOGL is above its gamma flip but below its delta flip, gamma at spot turned positive at 0.0896 from -0.0676 in the prior session, and price is pinned between the 290 put wall, which rose by 10, and the 300 call wall.
All five names lean range today, but for different reasons. AMD's range comes with negative gamma at spot, so swings there may be wider. The other four are sitting in positive gamma between their walls, which tends to keep price contained. Watch the gamma flips and walls listed above for any break that would change the picture. This is not financial advice.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer