Reading the market regime before prices move
Reading the market regime before prices move
Every number here is computed from the traded AVGO 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.
| Strike | Calls | Puts | Today's volume | Skew |
|---|---|---|---|---|
| 345.00 | 1,680 | 13,106 | 4,105 | Put |
| 347.50 | 667 | 756 | 1,008 | Put |
| 350.00 | 11,411 | 17,609 | 7,812 | Put |
| 352.50 | 2,381 | 1,021 | 1,970 | Call |
| 355.00 | 2,493 | 3,821 | 11,046 | Put |
| 357.50 | 970 | 728 | 5,978 | Call |
| 360.00 | 14,122 | 13,591 | 13,840 | Call |
| 362.50 | 2,315 | 439 | 2,563 | Call |
| 365.00 | 5,332 | 3,086 | 6,914 | Call |
| 367.50 | 1,894 | 748 | 3,488 | Call |
| 370.00 | 13,812 | 9,928 | 15,807 | Call |
| 372.50 | 1,320 | 373 | 1,542 | Call |
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-08-06 | 422.31 | 397.93 | 425.00 | 420.00 |
| 2026-08-07 | 425.46 | 401.98 | 430.00 | 422.50 |
| 2026-08-10 | 424.52 | 397.40 | 430.00 | 420.00 |
| 2026-08-11 | 414.77 | 406.92 | 430.00 | 410.00 |
| 2026-08-12 | 414.93 | 413.71 | 420.00 | 410.00 |
| Metric | Value |
|---|---|
| Max pain strike | 360.00 |
| Put/Call ratio · today's volume | 0.40 |
| Put/Call ratio · open interest | 0.89 |
| 0DTE gamma flip | 344.22 |
| 0DTE contracts in chain | 188 |
| Total contracts read | 884 |
السعرُ الآن 357.89 ونقطةُ الانقلاب 356.26، بينهما 0.46٪ فقط. Positioning is positive but the gap is narrow: a small break flips gamma negative, turning hedging from a brake on movement into an amplifier of it within the same session. This level, not the walls, is what deserves watching today. Price is inside the range between 350.00 and 360.00, closer to Call wall of the two.
The largest call cluster sits at 360.00 (0.59% from price) and the largest put cluster at 350.00 (-2.21% from price). They are 2.86% apart — a normal range: AVGO tends to stay inside it while positioning holds, because hedging at each wall resists a break through it.
صافي تعرّض الغاما لـAVGO يبلغ 15.01 مليون، وهو حجمٌ محدود. Hedging for a 1% move is about 41,946 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 884 contracts in the chain.
Over the last 27 days of tracking (1,633 archived snapshots), AVGO stayed above the gamma flip in 55% of readings، وتنقّلت نقطةُ الانقلاب نفسُها بين 354.50 و417.49، أي بنطاق 17.77٪، وهو ما يعني أنّ 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 (−6.11 مليون).
