Dealer gamma · PANW
Computed 2026-09-21 after the close from PANW's listed option chain. Nothing here is predicted: these are the strikes where dealer hedging concentrates, recomputed every trading night.
Computed 2026-09-21 23:07 · refreshed nightly
| Night | Spot | Flip | Call wall | Put wall | Net gamma |
|---|---|---|---|---|---|
| 2026-09-21 | 363.58 | 390 | 400 | 300 | +$0.04bn |
| 2026-09-20 | 363.58 | 400 | 400 | 300 | +$0.03bn |
| 2026-09-19 | 363.58 | 400 | 400 | 300 | +$0.03bn |
| 2026-09-18 | 375.06 | 382.5 | 365 | 360 | +$0.04bn |
| 2026-09-17 | 375.65 | 362.5 | 380 | 372.5 | +$0.08bn |
| 2026-09-16 | 375.65 | 375 | 380 | 300 | +$0.07bn |
| 2026-09-15 | 373.94 | 365 | 380 | 300 | +$0.07bn |
What a wall is: the strike where dealers' hedging exposure concentrates. Price approaching a large call wall tends to meet hedging flow that leans against the move; losing a put wall can accelerate one. A wall is a level that usually matters — not a promise. Our index levels are graded publicly against every session for exactly that reason.
Where this data goes: this same nightly computation feeds the Intel Clearance morning wire — filings, 13F moves, dark-pool share and these walls on the names you follow, read for you by 07:40. And inside the terminal, the index books recompute through the session as 0DTE flow rebuilds the surface.
