Dealer Gamma Turns Positive Across the Board: AMD, UBER, DIA, COIN and GOOGL Lean Range
2026-11-09
This is the dealer gamma exposure (GEX) update for November 9, compared with the prior session on Friday. In that prior session, all five names had negative gamma at spot. Today all five show positive gamma at spot. When dealers hold positive gamma, they tend to sell into rallies and buy into dips, which can dampen moves. 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 between positive and negative. Above it, moves tend to be calmer. Below it, moves can speed up. The delta flip is the price where dealer delta positioning switches sides. Every ticker below sits above its gamma flip and between its walls, and every lean is range.
AMD
AMD jumps 13.8% and both walls move higher; gamma at spot turns positive
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 507.30 | +61.53 |
| Call wall | 600.00 | +100.00 |
| Put wall | 500.00 | +60.00 |
| Gamma flip | 480.63 | +0.01 |
| Delta flip | n/a | n/a |
- AMD holds above the 500 put wall Positive gamma at spot can keep trading contained, with the 600 call wall 18.27% above as a distant ceiling.
- AMD breaks below 500 The floor gives way and price could drift toward the 480.63 gamma flip, 5.26% below spot, where dealer hedging can turn less stabilizing.
- AMD falls under 480.63 Below the gamma flip, dealers may chase the move, which can make declines faster.
Lean: range-bound. AMD is above its gamma flip, has positive gamma at spot, and is pinned between walls. Since the prior session the call wall rose by 100 to 600 and the put wall rose by 60 to 500, while the gamma flip barely moved, up 0.01. Spot sits just 1.44% above the put wall, so that level matters most. No delta flip is listed today.
UBER
UBER rises 3.53% and both walls step up by 5
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 71.02 | +2.42 |
| Call wall | 75.00 | +5.00 |
| Put wall | 70.00 | +5.00 |
| Gamma flip | 69.76 | +0.23 |
| Delta flip | 70.03 | +0.11 |
- UBER stays between 70 and 75 Positive gamma at spot favors choppy trading inside the walls.
- UBER drops below the 70 put wall and the 70.03 delta flip Support weakens, and the 69.76 gamma flip, 1.78% below spot, becomes the next key level.
- UBER pushes toward 75 The call wall, 5.6% above spot, may cap the advance as dealer selling picks up.
Lean: range-bound. UBER is above its gamma flip and its delta flip, has positive gamma at spot, and is pinned between walls. Since the prior session the call wall moved up 5 to 75 and the put wall moved up 5 to 70. The gamma flip rose 0.23 to 69.76.
DIA
DIA climbs 2.18% into a tight box, sitting just above its gamma flip
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 523.34 | +11.19 |
| Call wall | 530.00 | -5.00 |
| Put wall | 515.00 | +15.00 |
| Gamma flip | 522.55 | +0.92 |
| Delta flip | 516.24 | -0.23 |
- DIA holds above the 522.55 gamma flip Positive gamma can keep price drifting between 515 and 530.
- DIA slips under 522.55 The gamma flip is only 0.15% below spot, so a small dip could put DIA back in less stable territory, with the 516.24 delta flip and 515 put wall below.
- DIA tests the 530 call wall, 1.27% above The ceiling may slow the rally.
Lean: range-bound. DIA is above its gamma flip and delta flip, has positive gamma at spot, and is pinned between walls. The range narrowed since the prior session: the call wall fell by 5 to 530 and the put wall rose by 15 to 515. Total GEX moved from -0.1751 to 0.0047.
COIN
COIN gamma flip drops 16.35, putting price back above it
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 135.98 | +1.47 |
| Call wall | 140.00 | unch |
| Put wall | 135.00 | +5.00 |
| Gamma flip | 132.54 | -16.35 |
| Delta flip | 148.52 | n/a |
- COIN holds the 135 put wall, 0.72% below Positive gamma at spot favors a range up to the 140 call wall.
- COIN loses 135 Price could slide toward the 132.54 gamma flip, 2.53% below spot.
- COIN breaks above 140 The next notable level is the 148.52 delta flip, 9.22% above spot, but the call wall is the first hurdle.
Lean: range-bound. COIN is above its gamma flip, below its delta flip, has positive gamma at spot, and is pinned between walls. The big change since the prior session is the gamma flip falling 16.35 to 132.54, so spot moved from below it to above it. The put wall rose by 5 to 135 and the call wall held at 140.
GOOGL
GOOGL sits right on its 290 put wall as gamma at spot turns positive
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 290.20 | +5.08 |
| Call wall | 300.00 | unch |
| Put wall | 290.00 | +10.00 |
| Gamma flip | 287.47 | +1.79 |
| Delta flip | 295.32 | +0.21 |
- GOOGL holds 290 Positive gamma at spot can keep price between 290 and the 300 call wall, 3.38% above.
- GOOGL breaks under 290 and the 287.47 gamma flip With total GEX still negative, losing these levels could make selling faster.
- GOOGL reclaims the 295.32 delta flip, 1.76% above Dealer positioning would be more supportive, with 300 as the next ceiling.
Lean: range-bound. GOOGL is above its gamma flip, below its delta flip, has positive gamma at spot, and is pinned between walls. Since the prior session the put wall rose by 10 to 290 and the gamma flip rose 1.79 to 287.47. Gamma at spot turned positive, but total GEX is still negative at -0.1013, and spot is only 0.07% above the put wall.
The shared picture today is a shift from negative to positive gamma at spot, with prices boxed between nearby walls. That setup favors a range until a wall breaks or price slips back under a gamma flip. Watch the put walls closely on AMD, GOOGL and COIN, since spot sits very close to them. Levels can shift with each session, so check them again tomorrow.
New to gamma exposure? Read how GEX works, or the guides to trading with dealer gamma exposure and the gamma flip.
Data: Obelion partners, delayed. Not financial advice. Disclaimer