A gamma wall is a strike carrying a big concentration of dealer gamma. These levels tend to act like magnets or barriers: call walls often behave as resistance, put walls as support, because dealer hedging clusters around them.
Walls are tendencies, not guarantees. Price can and does push through them — but knowing where the biggest hedging piles sit tells you which levels are likely to matter intraday.
Related terms
- Gamma exposure (GEX) — An estimate of how much dealer hedging is stacked at each price level. Positive = dampened, negative = amplified.
- Gamma flip — The level where net dealer gamma changes sign — roughly where a calm regime turns volatile.
- Max pain — The strike where the most options expire worthless. A rough magnet level near expiration.
See it in the flow
Open the dashboard to watch real options flow free, or read the beginner guides. Watch-only — not financial advice.