EWG gamma levels
From the closing options book · October 21, 2026
EWG closed at 41.70 on October 21, 2026. Its call wall was 43, put wall 40, the Apex (the strike with the most dealer gamma) 40. Net dealer gamma was negative, so hedging tends to amplify moves.
These are the October 21, 2026 closing levels. Members see EWG's board live all session, with the odds of reaching each level.
EWG's closing options book on October 21, 2026 carried −$885K of net dealer gamma spread across 5 expirations and 20 contracts. The sign is negative, so hedging runs with the move rather than against it.
The heaviest call-side strike sits at 43 and the heaviest put-side strike at 40, a band 7.2% wide. EWG has averaged 0.78% between its high and its low over the last 89 sessions, which makes the full width of that band about 9.2 average sessions of travel. It closed close to the middle of that band.
EWG closed at 41.70 — 3.1% below the call wall and 4.1% above the put wall. The call side is the nearer of the two at 3.1% 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.
EWG's apex — the strike carrying the most gamma in absolute terms — is 40, the same strike as its put 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 3 different strikes, and its put wall has printed two different strikes. Walls that stay put and walls that migrate every session are different objects.
What EWG's walls are — and aren't
EWG's book has been recorded on 89 sessions. Its average daily range over that stretch was 0.78% 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.
EWG levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Oct 21 | 41.70 | 40 | 43 | 40 |
| Oct 20 | 41.43 | 40 | 43 | 40 |
| Oct 19 | 41.04 | 40 | 43 | 40 |
| Oct 16 | 41.57 | 40 | 45 | 40 |
| Oct 15 | 41.54 | 42 | 44 | 42 |
| Oct 14 | 40.94 | 40 | 44 | 40 |
| Oct 13 | 41.20 | 42 | 44 | 42 |
| Oct 12 | 40.96 | 40 | 44 | 40 |
| Oct 9 | 40.96 | 42 | 44 | 42 |
| Oct 8 | 40.67 | 40 | 44 | 40 |
Common questions
EWG's heaviest call-side gamma strike is 43, measured from the closing options book on October 21, 2026. That is 3.1% above where it closed, against an average daily range of 0.78%.
The heaviest put-side strike is 40, 4.1% below the October 21, 2026 close. Together with the 43 call wall it brackets a band 7.2% wide.
EWG does not have a well-defined gamma flip in the current book.
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 (EWG's book has been recorded on 89 sessions).
No. This page is built from the closing options book and rebuilt each night, so it describes October 21, 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.
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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.