What is a put wall?
A put wall is the strike at or below spot with the most put gamma in our model. It is computed from settled open interest under an assumed dealer positioning; it describes modeled exposure, not where price goes.
SPX Put Wall Today: 7300 (Nov 6)
As of Nov 6, 08:15 ET
SPX PUT WALL (EST.) $7300
As of Nov 6, 08:15 ET, the SPX put wall is $7300 (est.), from the full SPX option chain with open interest settled Nov 5, method gex_v2.
A put wall is the strike at or below spot with the most put gamma in our model. It is computed from settled open interest under an assumed dealer positioning; it describes modeled exposure, not where price goes.
SPX last price $7376.86 as of Nov 6, 16:04 ET. The wall was built from the book above; the price is a later read of the index only.
SPX DEALER GAMMA BY STRIKE
Part of the SquawkFlow GEX Calculator: gamma by strike for any US stock. Compare with SPX GEX.
Net gamma exposure at each strike near SPX's spot price, signed from the dealer perspective, calls positive, puts negative. Green strikes are where hedging tends to dampen moves; red is where it tends to amplify them. Dealer positioning is an assumption rather than an observable, so treat these as a map of where hedging pressure concentrates, not a forecast.
Unit: USD of dealer gamma per 1 percent move in spot. Full SPX option chain, every listed expiration and strike, 20,738 contract rows, crossed with settled open interest.
New to these levels? Start with the call wall and put wall, or the zero gamma level where the sign of dealer hedging flips.
SORT
All captured expirations. Levels as of .
| Strike | Net GEX | Call GEX | Put GEX | Concentration |
|---|---|---|---|---|
| 7500.5 | — | — | — | |
| 7449.5 | — | — | — | |
| 7425.8 | — | — | — | |
| 7400 | — | — | — | |
| 7375.3SPOT | — | — | — | |
| 7350.1 | — | — | — | |
| 7324.7 | — | — | — | |
| 7299.5 | — | — | — | |
| 7249 | — | — | — | |
| 7199.8 | — | — | — |
How to read it
Each strike carries dollar gamma from the calls and puts open there. The put wall is the largest put-side figure at or below spot. The strike table above marks it beside the call wall and the Flip Line, so the distance between them is visible in one place.
Every figure here is an estimate from daily-settled open interest and an assumed dealer positioning. It describes modeled exposure and is not a signal about price.
METHODOLOGY NOTE
Method: gex_v2
Full SPX option chain, every listed expiration and strike, 20,738 contract rows, crossed with settled open interest. The gamma sign describes modeled net exposure under the assumed dealer positioning, not a forecast of volatility or direction.
Frequently Asked Questions
What is the SPX put wall today?
It is the SPX strike at or below spot with the most put gamma in our model. The SPX put wall is currently $7300 (est.). The level is rebuilt from each settlement of open interest and dated at the top of this page.
How is the put wall different from the call wall?
The call wall is the strike at or above spot with the most call gamma in our model. The put wall is the matching strike on the put side, at or below spot. Both come from the same book and describe modeled exposure.
Why does the put wall change?
Open interest settles once a day, so the put wall is rebuilt from each new settlement. It can move when open interest shifts between strikes or when expirations roll off.
More on this level: the SPX gamma exposure page, the gamma heatmap by strike and expiration, and the call wall and put wall explainer.
Other symbols: SPY, QQQ, NVDA, TSLA.
Machine-readable document at /put-wall.md.