Reading the market regime before prices move
Reading the market regime before prices move
Every number here is computed from the traded ARM options chain. The call wall is where dealer hedging accumulates above spot and caps upside, the put wall is its mirror below, and the gamma flip is the level where hedging stops damping moves and starts amplifying them.
Computed
The gamma walls and flip point for ARM are available to subscribers.
Price moves between these levels whether you see them or not. The difference is knowing them before your decision, not after.
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| Strike | Calls | Puts | Today's volume | Skew |
|---|---|---|---|---|
| 295.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 297.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 300.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 302.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 305.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 307.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 310.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 312.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 315.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 317.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 320.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 322.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
Session closes from to
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-09-28 | 285.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-29 | 295.95 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-30 | 288.29 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-01 | 292.18 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-02 | 308.77 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| Metric | Value |
|---|---|
| Max pain strike | ▮▮▮ |
| Put/Call ratio · today's volume | ▮▮▮ |
| Put/Call ratio · open interest | ▮▮▮ |
| 0DTE gamma flip | ▮▮▮ |
| 0DTE contracts in chain | ▮▮▮ |
| Total contracts read | ▮▮▮ |
Price 308.77 sits above the gamma flip ▮▮▮ by ▮▮▮% — a comfortable margin. Positioning is clearly positive: dealer hedging buys dips and sells rallies, so price tends to grind within a range rather than jump. Flipping this state would require a drop beyond ▮▮▮% — so it is not the nearest session scenario. Price is inside the range between ▮▮▮ and ▮▮▮, closer to Call wall of the two.
The largest call cluster sits at ▮▮▮ and the largest put cluster at ▮▮▮. They are 1.64% apart — a normal range: ARM tends to stay inside it while positioning holds, because hedging at each wall resists a break through it.
Net gamma exposure for ARM is ▮▮▮ — a limited size. Hedging for a 1% move is about ▮▮▮ shares. In this range hedging stays secondary to the stock's own flow, so the levels below should not be asked to carry more than they can.
and this reading is built on 1,044 contracts in the chain.
Over the last 23 days of tracking (248 archived snapshots), ARM stayed above the gamma flip in 69% of readings، and the flip itself moved between ▮▮▮ and ▮▮▮ — a 35.36% range, which means the level moves with the market and does not serve as a fixed reference across days، and net exposure today is above the period average (▮▮▮).
