EW gamma levels
From the closing options book · September 4, 2026
EW's closing options book on September 4, 2026 carried +$2.3 million of net dealer gamma spread across 5 expirations and 18 contracts. The sign is positive, so hedging leans against the move rather than with it.
The heaviest call-side strike sits at 92.5 and the heaviest put-side strike at 82.5, a band 11% wide. EW has averaged 2.43% between its high and its low over the last 89 sessions, which makes the full width of that band about 4.6 average sessions of travel. It closed in the upper third of that band.
EW closed at 89.90 — 2.9% below the call wall and 8.2% above the put wall. The call side is the nearer of the two at 2.9% 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 90, 0.1% above the close. Crossing it is the single change that most alters how the book behaves, because it inverts the direction dealer hedging pushes — so it matters more than its distance suggests.
EW's apex — the strike carrying the most gamma in absolute terms — is 92.5, 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 not moved off 92.5 once, and its put wall has not moved off 82.5 once. Walls that stay put and walls that migrate every session are different objects, and the difference shows up here before it shows up in price.
How EW has behaved around these levels
Over the last 89 recorded sessions, EW closed between the previous session's put wall and call wall 76 times. Its average daily range over that stretch was 2.43% of price. These are descriptions of what already happened — they are not a forecast, and no level holds every time.
EW levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Sep 4 | 89.90 | 92.5 | 92.5 | 82.5 |
| Sep 3 | 89.78 | 92.5 | 92.5 | 82.5 |
| Sep 2 | 90.82 | 92.5 | 92.5 | 82.5 |
| Sep 1 | 90.74 | 92.5 | 92.5 | 82.5 |
| Aug 31 | 90.75 | 92.5 | 92.5 | 82.5 |
| Aug 28 | 90.21 | 92.5 | 92.5 | 82.5 |
| Aug 27 | 89.95 | 92.5 | 92.5 | 82.5 |
| Aug 26 | 90.78 | 92.5 | 92.5 | 82.5 |
| Aug 25 | 90.87 | 92.5 | 92.5 | 82.5 |
| Aug 24 | 90.50 | 92.5 | 92.5 | 82.5 |
Common questions
EW's heaviest call-side gamma strike is 92.5, measured from the closing options book on September 4, 2026. That is 2.9% above where it closed, against an average daily range of 2.43%.
The heaviest put-side strike is 82.5, 8.2% below the September 4, 2026 close. Together with the 92.5 call wall it brackets a band 11% wide.
EW's gamma flip is at 90, 0.1% above the close. Above it the book is net positive gamma; below it, net negative.
Over the last 89 recorded sessions, EW closed between the previous session's put wall and call wall 76 times, and 9 of the last 9. Those are counts of what already happened for this symbol — not a forecast, and not a claim about any level holding.
No. This page is built from the closing options book and rebuilt each night, so it describes September 4, 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.