We believe the Call Wall is the strike with the most positive gamma associated with it. We think it acts as a market magnet to draw the market in and hold it. Interestingly it’s not that often that the market closes above the Call Wall. Below are some stats:
From 1/1/18-5/27/20, out of 603 days:
The market has closed above the Call Wall 60 times, closing an average of 0.08% above it.
If you filter for just positive gamma days, the close was above the Call Wall only 47 times.
The market opened above the Call Wall 43 times, with with the close holding above this strike 34 times.
Therefore 34/60 closings above the Call Wall began with the market opening > the Call Wall.
The market high was above the Call Wall 93 times.