ERAS gamma levels
From the closing options book · October 20, 2026
ERAS closed at 14.62 on October 20, 2026. Its call wall was 17.5, put wall 12.5, the Apex (the strike with the most dealer gamma) 17.5, and the gamma flip 13.75. Net dealer gamma was positive, so hedging tends to absorb moves.
These are the October 20, 2026 closing levels. Members see ERAS's board live all session, with the odds of reaching each level.
ERAS's closing options book on October 20, 2026 carried +$437K of net dealer gamma spread across 5 expirations and 6 contracts. The sign is positive, so hedging leans against the move rather than with it.
The heaviest call-side strike sits at 17.5 and the heaviest put-side strike at 12.5, a band 34% wide. ERAS has averaged 6.44% between its high and its low over the last 59 sessions, which makes the full width of that band about 5.3 average sessions of travel. It closed close to the middle of that band.
ERAS closed at 14.62 — 20% below the call wall and 15% above the put wall. The put side is the nearer of the two at 15% away, which is the only reason it is worth watching more closely than the other. Most levels drawn on a chart are never reached at all, and the distance is what separates them.
The gamma flip is at 13.75, 6% below the close. It is the price where the summed book changes sign — an estimate read from the chain, shown as a price rather than a line price respects.
ERAS's apex — the strike carrying the most gamma in absolute terms — is 17.5, the same strike as its call wall. When those stack on one level the book is concentrated rather than spread, and that single strike is doing most of the work.
Across the last 10 recorded sessions its call wall has printed two different strikes, and its put wall has not moved off 12.5 once. Walls that stay put and walls that migrate every session are different objects.
What ERAS's walls are — and aren't
ERAS's book has been recorded on 59 sessions. Its average daily range over that stretch was 6.44% of price. Walls are where dealer hedging is heaviest — positive gamma absorbs moves, negative gamma amplifies them. They are not bounce points, and across our grading they contained price no better than a same-width band around the prior close.
ERAS levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Oct 20 | 14.62 | 17.5 | 17.5 | 12.5 |
| Oct 19 | 13.62 | 15 | 15 | 12.5 |
| Oct 16 | 13.39 | 15 | 15 | 12.5 |
| Oct 15 | 14.87 | 15 | 15 | 12.5 |
| Oct 14 | 14.70 | 15 | 15 | 12.5 |
| Oct 13 | 14.78 | 15 | 15 | 12.5 |
| Oct 12 | 15.46 | 15 | 15 | 12.5 |
| Oct 9 | 16.03 | 15 | 15 | — |
| Oct 8 | 15.46 | 15 | 15 | 12.5 |
| Oct 7 | 14.12 | 15 | 15 | 12.5 |
Common questions
ERAS's heaviest call-side gamma strike is 17.5, measured from the closing options book on October 20, 2026. That is 20% above where it closed, against an average daily range of 6.44%.
The heaviest put-side strike is 12.5, 15% below the October 20, 2026 close. Together with the 17.5 call wall it brackets a band 34% wide.
ERAS's gamma flip is at 13.75, 6% below the close. Above it the book is net positive gamma; below it, net negative.
Not reliably. Walls mark where dealer hedging is heaviest — positive gamma absorbs moves, negative gamma amplifies them — but levels are not bounce points, and across our grading walls contained price no better than a same-width band around the prior close (ERAS's book has been recorded on 59 sessions).
No. This page is built from the closing options book and rebuilt each night, so it describes October 20, 2026. Walls build and dissolve through a session — the live intraday board is inside FlowMonkey, and a free 15-minute delayed SPY board is public at flowmonkey.net/spy-gamma-heatmap.
These are closing levels. The board moves all day.
Walls build and dissolve through the session. FlowMonkey shows the live board on 400+ symbols, with every level priced by whether price can actually reach it today. Start with the free SPY board — no account needed.
Levels are measured from the closing options book and rebuilt nightly. Gamma is an estimate of dealer hedging pressure, not a forecast of direction. Not investment advice.