Dealer Gamma Turns Negative Across the Board: November 5 GEX Levels for COIN, SMCI, NVDA, TSLA and DIA
2026-11-05
November 5 was a heavy day for this group. Spot fell for all five tickers compared with November 4, and each one now sits below its gamma flip with negative gamma at spot. A few terms first. A call wall is the strike with the largest call positioning, which often acts as a ceiling. A put wall is the strike with the largest put positioning, which 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 in either direction. The delta flip is a similar line based on dealer delta positioning. When price is below both flips, the setup favors faster, more directional trading.
COIN
COIN sits just under its gamma flip after walls drop sharply
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 136.00 | -15.96 |
| Call wall | 142.00 | -28.00 |
| Put wall | 130.00 | -20.00 |
| Gamma flip | 136.14 | -1.46 |
| Delta flip | 151.06 | -0.02 |
- COIN reclaims the gamma flip at 136.14 Dealer hedging could start to calm moves, with the call wall at 142 as the next ceiling.
- COIN stays below 136.14 and drifts lower Negative gamma can speed up selling toward the put wall at 130.
- COIN breaks below 130 The floor from the put wall gives way, and moves could extend in a negative gamma setting.
Lean: down. Spot is below the gamma flip, below the delta flip at 151.06, and gamma at spot is negative. Spot fell 10.51 percent since November 4, the call wall moved down 28 to 142, and the put wall moved down 20 to 130. Total GEX went from 0.0256 to -0.0064. The gamma flip is only 0.1 percent above spot, so this one is close to the line.
SMCI
SMCI loses its gamma flip as the call wall steps down
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 27.00 | -2.75 |
| Call wall | 30.00 | -5.00 |
| Put wall | 25.00 | unch |
| Gamma flip | 28.48 | -1.19 |
| Delta flip | n/a | n/a |
- SMCI rallies back above the gamma flip at 28.48 Hedging pressure could ease, opening a path toward the call wall at 30.
- SMCI holds below 28.48 Negative gamma keeps moves choppy and directional, with the put wall at 25 as the main floor.
- SMCI breaks below 25 The unchanged put wall fails as support and selling could accelerate.
Lean: down. Spot is below the gamma flip, which is 5.48 percent above, and gamma at spot has turned negative. Spot fell 9.25 percent since the prior session. The call wall moved down 5 to 30 while the put wall stayed at 25. No delta flip is available today.
NVDA
NVDA drops toward its put wall with deeply negative gamma
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 181.91 | -19.32 |
| Call wall | 200.00 | -10.00 |
| Put wall | 180.00 | -20.00 |
| Gamma flip | 194.44 | -5.90 |
| Delta flip | 190.10 | -2.75 |
- NVDA holds the put wall at 180 The floor could support a bounce, though the delta flip at 190.1 and gamma flip at 194.44 sit overhead.
- NVDA breaks below 180 With negative gamma at spot, losing the put wall could lead to a faster move lower.
- NVDA climbs back above 194.44 Dealer hedging would likely turn calmer, with the call wall at 200 as the ceiling.
Lean: down. Spot is below the gamma flip, which is 6.89 percent above, below the delta flip at 190.1, and gamma at spot is negative. Spot fell 9.6 percent since the prior session. The call wall moved down 10 to 200, the put wall moved down 20 to 180, and the gamma flip moved down 5.9. Total GEX went from -0.1155 to -0.5229, the largest negative reading in the group. The put wall is only 1.05 percent below spot.
TSLA
TSLA put wall falls 50 points as spot slides well under the flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 342.12 | -42.04 |
| Call wall | 400.00 | unch |
| Put wall | 330.00 | -50.00 |
| Gamma flip | 368.46 | -7.98 |
| Delta flip | 360.07 | -1.68 |
- TSLA holds above the put wall at 330 The floor may slow the drop, but the delta flip at 360.07 remains the first hurdle on any bounce.
- TSLA breaks below 330 Negative gamma could amplify the move lower once the floor is lost.
- TSLA recovers above the gamma flip at 368.46 Hedging could start to dampen moves, with the unchanged call wall at 400 far overhead.
Lean: down. Spot is below the gamma flip, which is 7.7 percent above, below the delta flip, which is 5.25 percent above, and gamma at spot is negative. Spot fell 10.94 percent since November 4. The put wall moved down 50 to 330 while the call wall stayed at 400, and the gamma flip moved down 7.98. Total GEX went from 0.0972 to -0.301.
DIA
DIA trades in a tight band between its walls, below both flips
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 513.04 | -20.85 |
| Call wall | 520.00 | -20.00 |
| Put wall | 510.00 | -10.00 |
| Gamma flip | 520.25 | +1.92 |
| Delta flip | 518.95 | +5.22 |
- DIA holds the put wall at 510 Price may stay boxed between 510 and the delta flip at 518.95.
- DIA breaks below 510 Losing the put wall in negative gamma could bring a quicker move lower.
- DIA pushes above the call wall at 520 and the gamma flip at 520.25 Dealer positioning would turn more supportive and moves could become calmer.
Lean: down. Spot is below the gamma flip, which is 1.41 percent above, below the delta flip, which is 1.15 percent above, and gamma at spot is negative. Spot fell 3.91 percent since November 4. The call wall moved down 20 to 520 and the put wall moved down 10 to 510, while the gamma flip moved up 1.92. Total GEX went from 0.3558 to -0.1692. The put wall is just 0.59 percent below spot.
The common thread today is that every ticker closed below its gamma flip with negative gamma at spot, so all five lean down. In that setup, moves can stretch further than usual, and the put walls are the nearest levels to watch for support. A recovery back above the gamma flip would be the first sign that dealer hedging is shifting back toward calming price action. Check back tomorrow to see how these levels shift.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer