Dealer Gamma Levels for November 10: NVDA Leans Down, Four Names Hold a Range
2026-11-10
Here is the dealer gamma picture after the close on November 10, compared with the prior session. A few terms first. A call wall is the strike with the heaviest call positioning. It often acts like a ceiling because dealer hedging tends to lean against moves into it. A put wall is the strike with the heaviest put positioning and 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 based on dealer delta. Today NVDA is the one name with a down lean. The other four lean toward a range.
AVGO
AVGO rallies into positive gamma, with the put wall raised to 320
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 331.92 | +12.84 |
| Call wall | 340.00 | unch |
| Put wall | 320.00 | +20.00 |
| Gamma flip | 328.47 | -6.42 |
| Delta flip | 331.10 | -1.29 |
- Price holds above the gamma flip at 328.47 Positive gamma at spot should keep moves contained, with drift between the put wall at 320 and the call wall at 340.
- Price pushes toward the call wall at 340, which is 2.43 percent above spot Expect selling pressure from dealer hedging near that strike. The call wall did not change from the prior session.
- Price falls back below 328.47 Gamma would turn negative and moves could speed up toward the put wall at 320, which is 3.59 percent below spot.
Lean: range-bound. Spot is above both the gamma flip and the delta flip and gamma at spot is positive. Price is also pinned between the walls. Since the prior session, spot rose 4.02 percent and the gamma flip dropped by 6.42 from 334.89. The put wall rose by 20 from 300. Gamma at spot moved from -0.0877 to 0.0224.
DIA
DIA slips just under its gamma flip as gamma at spot turns negative
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 522.26 | -1.08 |
| Call wall | 530.00 | unch |
| Put wall | 520.00 | +5.00 |
| Gamma flip | 523.53 | +0.98 |
| Delta flip | 516.90 | +0.66 |
- Price reclaims the gamma flip at 523.53, which is 0.24 percent above spot Hedging would turn stabilizing again and price could work toward the call wall at 530.
- Price tests the put wall at 520, which is 0.43 percent below spot That strike may act as a floor. A break would leave the delta flip at 516.9 as the next line.
- Price stays between 520 and 523.53 Expect choppy trade. Negative gamma can make small swings feel larger.
Lean: range-bound. Spot is below the gamma flip and gamma at spot is negative, but it remains above the delta flip, so the signals are mixed. Gamma at spot went from 0.0245 in the prior session to -0.0517. The put wall rose by 5 from 515, and the gamma flip rose by 0.98.
UBER
UBER sits right under a lower call wall at 70
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 69.95 | -1.07 |
| Call wall | 70.00 | -5.00 |
| Put wall | 65.00 | -5.00 |
| Gamma flip | 69.19 | -0.57 |
| Delta flip | 69.82 | -0.21 |
- Price stays near the call wall at 70, which is just 0.07 percent above spot Positive gamma and the nearby wall favor pinning around that strike.
- Price drops below the delta flip at 69.82 and the gamma flip at 69.19 Support from hedging would fade, and there is open room toward the put wall at 65, which is 7.08 percent below spot.
- Price closes firmly above 70 The ceiling would be cleared. The call wall was at 75 in the prior session before shifting down by 5.
Lean: range-bound. Spot is above both the gamma flip and the delta flip with positive gamma at spot, and it is pinned between the walls. Since the prior session, spot fell 1.51 percent. The call wall and put wall each moved down by 5, and the gamma flip slipped by 0.57.
NVDA
NVDA falls further below both flips as negative gamma deepens
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 168.87 | -9.38 |
| Call wall | 200.00 | unch |
| Put wall | 150.00 | -20.00 |
| Gamma flip | 178.49 | -6.98 |
| Delta flip | 182.01 | -3.92 |
- Price stays below the gamma flip at 178.49, which is 5.7 percent above spot Negative gamma means dealer hedging can amplify moves. That keeps downside pressure in play toward the put wall at 150, which is 11.17 percent below spot.
- Price rallies back above 178.49 and then the delta flip at 182.01 The down lean would weaken and hedging could start to dampen moves.
- Price chops between 168.87 and 178.49 Expect wide swings, since gamma at spot is negative at -0.3096.
Lean: down. Spot is below the gamma flip and below the delta flip, and gamma at spot is negative. Since the prior session, spot fell 5.26 percent. The put wall dropped by 20 from 170 to 150, and the gamma flip fell by 6.98 from 185.47. Total GEX moved from -0.3636 to -0.4135.
COIN
COIN hovers just above its gamma flip with the put wall down to 130
| Level | Value | Change vs prior day |
|---|---|---|
| Spot | 132.12 | -3.86 |
| Call wall | 140.00 | unch |
| Put wall | 130.00 | -5.00 |
| Gamma flip | 131.54 | -1.00 |
| Delta flip | 144.61 | -3.91 |
- Price holds above the gamma flip at 131.54, which is only 0.44 percent below spot Light positive gamma at spot should keep trade between the put wall at 130 and the call wall at 140.
- Price breaks below 131.54 and the put wall at 130 Gamma would turn negative and the floor would be gone, which could let selling extend.
- Price climbs toward the call wall at 140, which is 5.96 percent above spot Expect resistance there. The delta flip at 144.61 sits even higher, at 9.45 percent above spot.
Lean: range-bound. Spot is above the gamma flip with positive gamma at spot, and it is pinned between the walls, but it is below the delta flip. Since the prior session, spot fell 2.84 percent. The put wall moved down by 5 from 135, and the gamma flip moved down by 1 from 132.54.
NVDA is the name to watch for follow through. It is well below both flips, and its put wall dropped from 170 to 150. In the range names, the walls and the gamma flip are the lines that matter. A close beyond them would change the picture. We will check how these levels shift after the next session.
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