Reading the market regime before prices move
Every number here is computed from the traded NVDA 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
A description of conditions, not a recommendation · the same numbers in the ticker bar, the map and the gamma station ·
| Strike | Calls | Puts | Today's volume | Skew |
|---|---|---|---|---|
| 207.50 | 3,251 | 20,552 | 28,702 | Put |
| 210.00 | 84,663 | 73,809 | 45,467 | Call |
| 212.50 | 4,548 | 24,272 | 36,670 | Put |
| 215.00 | 33,777 | 67,953 | 100,816 | Put |
| 217.50 | 26,420 | 22,510 | 241,635 | Call |
| 220.00 | 121,537 | 61,336 | 629,992 | Call |
| 222.50 | 72,815 | 6,986 | 509,446 | Call |
| 225.00 | 92,677 | 38,970 | 264,272 | Call |
| 227.50 | 65,844 | 4,150 | 66,139 | Call |
| 230.00 | 206,014 | 29,275 | 93,495 | Call |
| 232.50 | 22,409 | 2,402 | 30,445 | Call |
| 235.00 | 57,056 | 15,377 | 33,648 | Call |
Session closes from to
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-10-15 | 217.28 | 218.46 | 220.00 | 215.00 |
| 2026-10-16 | 214.44 | 217.95 | 215.00 | 212.50 |
| 2026-10-19 | 217.26 | 213.82 | 217.50 | 215.00 |
| 2026-10-20 | 216.37 | 212.95 | 220.00 | 215.00 |
| 2026-10-21 | 221.63 | 214.21 | 222.50 | 220.00 |
| Metric | Value |
|---|---|
| Max pain strike | 217.50 |
| Put/Call ratio · today's volume | 0.59 |
| Put/Call ratio · open interest | 0.81 |
| Implied volatility rank | 54% |
| 0DTE gamma flip | 213.26 |
| 0DTE contracts in chain | 106 |
| Total contracts read | 780 |
Price 221.88 sits above the gamma flip 214.33 by 3.52% — 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 3.5% — so it is not the nearest session scenario. Price is inside the range between 220.00 and 222.50, closer to Call wall of the two.
The largest call cluster sits at 222.50 (0.28% from price) and the largest put cluster at 220.00 (-0.85% from price). They are 1.14% apart — a normal range: NVDA tends to stay inside it while positioning holds, because hedging at each wall resists a break through it.
Net gamma exposure for NVDA is 833.81M — a considerable size that keeps hedging clearly present without governing the move on its own. A 1% move calls for about 3.76M shares of hedging. So read the levels below alongside volume, not in isolation from it.
and this reading is built on 780 contracts in the chain.
Over the last 22 days of tracking (1,493 archived snapshots), NVDA stayed above the gamma flip in 91% of readings, and the flip itself moved between 210.48 and 246.35, a 17.04% 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 (675.69M).