SPX GEX levels for Tuesday, November 10, 2026: the Call Wall sits at 7,700, the Put Wall at 7,500, and Zero Gamma is below 6,520 (net gamma is negative across the listed strike range). With SPX last near 7,518, aggregate gamma from listed SPX open interest is in a negative gamma regime. Updated each trading day before the open.
Today’s SPX gamma exposure levels
| Level | Strike | What it means today |
|---|---|---|
| Call Wall | 7,700 | Largest call gamma concentration — the structural resistance that caps the expected range above. |
| Put Wall | 7,500 | Largest put gamma concentration — the structural support that bounds the expected range below. |
| Zero Gamma | Below 6,520 | Where cumulative net gamma crosses zero — above it hedging tends to dampen moves, below it hedging tends to amplify them. |
These free levels are computed from listed SPX open interest as of 2026-11-09 and refresh each trading day. SpotGamma subscribers see positioning-aware SGOI™ levels, the Volatility Trigger™, and live intraday updates — see below.
How to read today’s levels
When SPX trades between the Put Wall and Call Wall in a positive gamma regime, hedging flows tend to contain price: rallies stall into the Call Wall and dips find support near the Put Wall. When price breaks below Zero Gamma, that stabilizing flow flips — hedging sells weakness and buys strength, which widens intraday ranges. The full curve behind these levels is on our free SPX GEX chart, and the full playbook is in our guide to trading gamma exposure (GEX), and the mechanics behind each level are covered in the Gamma Exposure (GEX) guide.
What each level means
Call Wall
The strike with the largest call gamma. Dealers short calls at this strike must sell shares as price rises toward it, creating systematic resistance. A sustained break above it often resets the range higher. Full explanation: Call Wall: what it is and how SpotGamma uses it.
Put Wall
The strike with the largest put gamma. Dealers short puts must buy shares as price falls toward it, creating systematic support. Full explanation: Put Wall: what it is and how SpotGamma uses it.
Zero Gamma
Also called the gamma flip: the price where cumulative net gamma across all strikes crosses from positive to negative. It separates the regime where hedging flows dampen moves from the regime where they amplify them.
Want the real positioning?
The levels on this page weight every open contract the same — that is what raw open interest can tell you, and it is a solid structural map. But open interest alone cannot tell you who is long or short each strike. SpotGamma’s SGOI™ levels are built from analysis of actual order flow, so the walls reflect estimated dealer positioning rather than raw contract counts — and subscribers also get the Volatility Trigger™, live intraday level updates, and real-time hedging flow in HIRO and TRACE. See SpotGamma plans or explore Equity Hub for levels on SPY, QQQ, and 3,500+ single stocks.
Frequently asked questions
How often do these levels update?
This page updates once per trading day before the U.S. market open. Levels can migrate intraday as positioning changes; SpotGamma subscribers see live updates in Equity Hub.
Where do the levels come from?
They are computed from listed SPX options open interest: per-strike gamma is aggregated across all expirations, the Call Wall and Put Wall are the strikes with the largest call and put gamma concentrations, and Zero Gamma is where cumulative net gamma crosses zero. They are positioning-based structural levels, not chart-drawn support and resistance.
Are these the same levels SpotGamma subscribers see?
No. These free levels use raw open interest, which treats every contract equally. SpotGamma’s subscriber levels use SGOI™ — order-flow-based estimates of actual dealer positioning — which can place the walls at different strikes and include the Volatility Trigger™. When the two disagree, the SGOI view reflects who actually holds the risk.
This page is for educational purposes only and does not constitute financial advice.