Dealer gamma · SMCI
Computed 2026-10-12 after the close from SMCI's listed option chain. Nothing here is predicted: these are the strikes where dealer hedging concentrates, recomputed every trading night.
Computed 2026-10-12 21:55 · refreshed nightly
| Night | Spot | Flip | Call wall | Put wall | Net gamma |
|---|---|---|---|---|---|
| 2026-10-12 | 41.86 | 44 | 42.5 | 39 | +$0.02bn |
| 2026-10-11 | 41.86 | 45 | 50 | 30 | +$0.01bn |
| 2026-10-10 | 41.86 | 45 | 50 | 30 | +$0.01bn |
| 2026-10-08 | 44.94 | 44 | 45 | 41 | +$0.03bn |
| 2026-10-07 | 43.46 | 43.5 | 45 | 30 | +$0.04bn |
| 2026-10-06 | 43.19 | 43.5 | 45 | 41 | +$0.04bn |
| 2026-10-05 | 43.19 | 43.5 | 45 | 25 | +$0.03bn |
| 2026-10-04 | 43.69 | 44 | 50 | 30 | +$0.02bn |
| 2026-10-03 |
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.
| 43.69 |
| 44 |
| 50 |
| 30 |
| +$0.02bn |
| 2026-10-02 | 41.92 | 43 | 43.5 | 25 | +$0.10bn |
