FORM gamma levels
From the closing options book · October 20, 2026
FORM closed at 107.70 on October 20, 2026. Its put wall 115, the Apex (the strike with the most dealer gamma) 115. Net dealer gamma was negative, so hedging tends to amplify moves.
These are the October 20, 2026 closing levels. Members see FORM's board live all session, with the odds of reaching each level.
FORM's closing options book on October 20, 2026 carried −$161K of net dealer gamma spread across 5 expirations and 15 contracts. The sign is negative, so hedging runs with the move rather than against it.
FORM's apex — the strike carrying the most gamma in absolute terms — is 115, 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 put wall has printed 4 different strikes. Walls that stay put and walls that migrate every session are different objects.
What FORM's walls are — and aren't
FORM's book has been recorded on 84 sessions. Its average daily range over that stretch was 5.68% 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.
FORM levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Oct 20 | 107.70 | 115 | — | 115 |
| Oct 19 | 110.16 | 115 | — | 115 |
| Oct 16 | 105.01 | 125 | — | 125 |
| Oct 15 | 113.34 | 115 | 115 | 110 |
| Oct 14 | 119.71 | 130 | 130 | 125 |
| Oct 13 | 128.09 | 140 | 140 | 145 |
| Oct 12 | 130.28 | 140 | 140 | 145 |
| Oct 9 | 139.67 | 140 | 140 | 145 |
| Oct 8 | 137.13 | 140 | 140 | 145 |
| Oct 7 | 139.80 | 145 | 140 | 145 |
Common questions
FORM does not currently have a clear call-side gamma concentration in its book.
The heaviest put-side strike is 115, 6.8% above the October 20, 2026 close.
FORM 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 (FORM's book has been recorded on 84 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.