Dealer Gamma Levels for November 6: TSLA, MSTR, SMCI, AMD and BA
2026-11-06
Here is the dealer gamma picture after the close on November 6, compared with November 5. A few terms first. The call wall is the strike with the heaviest call positioning, and it often acts like a ceiling. The put wall is the strike with the heaviest put positioning, and it often acts like 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 amplify them. The delta flip is a similar line where dealer delta positioning changes sign. This is not financial advice.
TSLA
TSLA climbs above its gamma flip as the flip drops and the put wall rises
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 358.08 | +15.96 |
| Call wall | 400.00 | unch |
| Put wall | 350.00 | +20.00 |
| Gamma flip | 352.30 | -16.16 |
| Delta flip | 349.62 | -10.45 |
- TSLA holds above the gamma flip at 352.3 Dealer hedging tends to dampen moves, keeping price drifting between the put wall at 350 and the call wall at 400.
- TSLA falls below 352.3 and the put wall at 350 Price would be back in negative gamma territory, where moves can speed up to the downside.
- TSLA pushes higher toward 400 The call wall, 11.71% above spot, is the likely ceiling where call positioning may slow the advance.
Lean: range-bound. TSLA closed above both the gamma flip and the delta flip, gamma at spot is positive, and price is pinned between the walls. Since November 5 spot rose 4.67%, the gamma flip fell by 16.16 from 368.46, and the put wall moved up 20 from 330 to 350.
MSTR
MSTR slips just under a rising gamma flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 128.88 | +0.51 |
| Call wall | 135.00 | unch |
| Put wall | 120.00 | -5.00 |
| Gamma flip | 129.64 | +4.30 |
| Delta flip | 139.92 | +5.03 |
- MSTR stays below the gamma flip at 129.64 Dealer hedging can amplify moves, with the put wall at 120, 6.89% below spot, as the next floor.
- MSTR reclaims 129.64 Gamma would turn supportive and the call wall at 135, 4.75% above spot, comes into view.
- MSTR breaks below 120 With no put wall support left beneath, downside moves could extend.
Lean: down. MSTR is below the gamma flip and below the delta flip at 139.92, and gamma at spot is negative. The gamma flip rose 4.3 from 125.34 since November 5 while spot only gained 0.4%, and the put wall dropped 5 from 125 to 120.
SMCI
SMCI rallies to sit just above its gamma flip, walls unchanged
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 28.75 | +1.75 |
| Call wall | 30.00 | unch |
| Put wall | 25.00 | unch |
| Gamma flip | 28.53 | +0.05 |
| Delta flip | 30.95 | n/a |
- SMCI holds above the gamma flip at 28.53 Positive gamma tends to calm price action, with the call wall at 30, 4.35% above spot, as the ceiling.
- SMCI drops below 28.53 Price moves into negative gamma, where swings can widen, and the put wall at 25 is 13.04% below spot.
- SMCI breaks above 30 and toward the delta flip at 30.95 Clearing the call wall and the delta flip would weaken the range picture.
Lean: range-bound. SMCI is above the gamma flip, gamma at spot is positive, and price is pinned between the walls, though it remains below the delta flip. Spot rose 6.49% since November 5 while both walls stayed the same and the gamma flip moved up 0.05.
AMD
AMD's big rally lifts both walls, but price is still under the gamma flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 445.77 | +39.28 |
| Call wall | 500.00 | +70.00 |
| Put wall | 440.00 | +40.00 |
| Gamma flip | 480.62 | n/a |
| Delta flip | 409.78 | -23.49 |
- AMD holds above the put wall at 440 The put wall, just 1.29% below spot, acts as nearby support while price stays below the gamma flip.
- AMD loses 440 In negative gamma, a break of the floor can lead to faster selling toward the delta flip at 409.78.
- AMD climbs to the gamma flip at 480.62 Crossing 7.82% higher would put AMD in positive gamma, with the call wall at 500 above.
Lean: range-bound. AMD is below the gamma flip and gamma at spot is negative, but it is above the delta flip, so the signals are mixed. Since November 5 spot rose 9.66%, the call wall moved up 70 from 430 to 500, and the put wall moved up 40 from 400 to 440.
BA
BA stays below both flips as the call wall moves up
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 173.49 | +1.89 |
| Call wall | 200.00 | +20.00 |
| Put wall | 165.00 | unch |
| Gamma flip | 179.03 | +2.33 |
| Delta flip | 183.24 | +1.50 |
- BA stays below the gamma flip at 179.03 Negative gamma can amplify moves, with the put wall at 165, 4.89% below spot, as the likely floor.
- BA breaks below 165 Losing the put wall in negative gamma could let selling accelerate.
- BA rises above 179.03 and the delta flip at 183.24 Dealer positioning would turn more supportive, opening room toward the call wall at 200.
Lean: down. BA is below the gamma flip and the delta flip, and gamma at spot is negative. Spot gained 1.1% since November 5, but the gamma flip also rose by 2.33 from 176.7. The call wall moved up 20 from 180 to 200 while the put wall stayed at 165.
The main shift since November 5: TSLA moved from below its gamma flip to above it, and AMD's walls both moved up after its rally. MSTR slipped back under its gamma flip, which turned its lean down. Watch the flip levels first, since they mark where dealer behavior changes.
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Data: Obelion partners, delayed. Not financial advice. Disclaimer