Reading the market regime before prices move
Reading the market regime before prices move
Every number here is computed from the traded RTX 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 |
|---|---|---|---|---|
| 187.50 | 0 | 42 | 2 | Put |
| 190.00 | 2,629 | 1,233 | 83 | Call |
| 192.50 | 2 | 128 | 28 | Put |
| 195.00 | 876 | 2,159 | 67 | Put |
| 197.50 | 2 | 88 | 26 | Put |
| 200.00 | 1,995 | 3,554 | 535 | Put |
| 202.50 | 84 | 143 | 165 | Put |
| 205.00 | 210 | 200 | 375 | Call |
| 207.50 | 81 | 104 | 103 | Put |
| 210.00 | 2,092 | 2,590 | 282 | Put |
| 212.50 | 73 | 351 | 38 | Put |
| 215.00 | 625 | 73 | 78 | Call |
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-08-10 | 223.83 | 205.19 | 230.00 | 210.00 |
| 2026-08-11 | 223.69 | 207.64 | 230.00 | 220.00 |
| 2026-08-12 | 222.86 | 208.11 | 230.00 | 220.00 |
| Metric | Value |
|---|---|
| Max pain strike | 200.00 |
| Put/Call ratio · today's volume | 0.64 |
| Put/Call ratio · open interest | 0.72 |
| 0DTE gamma flip | 207.63 |
| 0DTE contracts in chain | 96 |
| Total contracts read | 478 |
Price 200.79 is below the gamma flip 201.51 by only 0.36%. التموضّعُ سالبٌ والمسافةُ ضيّقة، وهذا أشدُّ الأوضاع حساسيّةً: a small bounce returns gamma to positive and the market calms abruptly, while a small drop deepens the negative and it accelerates. Direction is undecided; volatility is not. Price is pinned to the put wall at 200.00: this level acts as a floor while positioning holds, and breaking it opens a wider range than its proximity suggests.
The largest call cluster sits at 210.00 (4.59% from price) and the largest put cluster at 200.00 (-0.39% from price). They are 5.00% apart — a normal range: RTX tends to stay inside it while positioning holds, because hedging at each wall resists a break through it.
صافي تعرّض الغاما لـRTX يبلغ −1.81 مليون، وهو حجمٌ محدود. Hedging for a 1% move is about 9,035 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 478 contracts in the chain.
Over the last 27 days of tracking (292 archived snapshots), RTX stayed above the gamma flip in 86% of readings، وتنقّلت نقطةُ الانقلاب نفسُها بين 199.14 و214.48، أي بنطاق 7.70٪، 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 below the period average (14.21 مليون).
