Reading the market regime before prices move
Every number here is computed from the traded ON 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 ON 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 |
|---|---|---|---|---|
| 79.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 80.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 81.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 82.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 83.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 84.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 85.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 86.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 87.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 88.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 89.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 90.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
Session closes from to
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-09-28 | 75.53 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-29 | 75.69 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-30 | 77.10 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-01 | 80.39 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-02 | 85.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 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 | ▮▮▮ |
The largest call cluster sits at ▮▮▮ and the largest put cluster at ▮▮▮ — 20.00% apart, a wide range. That does not imply a move is coming, only that the walls are far enough apart not to confine ON during the session, so flow leads rather than hedging.
Net gamma exposure for ON 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 480 contracts in the chain.
Over the last 23 days of tracking (255 archived snapshots), ON stayed above the gamma flip in 85% of readings، and the flip itself moved between ▮▮▮ and ▮▮▮ — a 28.33% 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 (▮▮▮).