FOUR gamma levels
From the closing options book · October 20, 2026
FOUR closed at 40.46 on October 20, 2026. Its call wall was 45, put wall 35, the Apex (the strike with the most dealer gamma) 35. Net dealer gamma was negative, so hedging tends to amplify moves.
These are the October 20, 2026 closing levels. Members see FOUR's board live all session, with the odds of reaching each level.
FOUR's closing options book on October 20, 2026 carried −$83K of net dealer gamma spread across 5 expirations and 6 contracts. The sign is negative, so hedging runs with the move rather than against it.
The heaviest call-side strike sits at 45 and the heaviest put-side strike at 35, a band 25% wide. FOUR has averaged 5.73% between its high and its low over the last 64 sessions, which makes the full width of that band about 4.3 average sessions of travel. It closed close to the middle of that band.
FOUR closed at 40.46 — 11% below the call wall and 13% above the put wall. The call side is the nearer of the two at 11% 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.
FOUR's apex — the strike carrying the most gamma in absolute terms — is 35, 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 not moved off 45 once, and its put wall has not moved off 35 once. Walls that stay put and walls that migrate every session are different objects.
What FOUR's walls are — and aren't
FOUR's book has been recorded on 64 sessions. Its average daily range over that stretch was 5.73% 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.
FOUR levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Oct 20 | 40.46 | 35 | 45 | 35 |
| Oct 19 | 39.77 | 35 | 45 | 35 |
| Oct 16 | 39.43 | 35 | 45 | 35 |
| Oct 15 | 39.34 | 35 | 45 | 35 |
| Oct 14 | 37.99 | 35 | 45 | 35 |
| Oct 13 | 38.84 | 35 | 45 | 35 |
| Oct 12 | 39.85 | 35 | 45 | 35 |
| Oct 9 | 40.00 | 35 | 45 | 35 |
| Oct 8 | 39.52 | 35 | 45 | 35 |
| Oct 7 | 38.99 | 35 | 45 | 35 |
Common questions
FOUR's heaviest call-side gamma strike is 45, measured from the closing options book on October 20, 2026. That is 11% above where it closed, against an average daily range of 5.73%.
The heaviest put-side strike is 35, 13% below the October 20, 2026 close. Together with the 45 call wall it brackets a band 25% wide.
FOUR 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 (FOUR's book has been recorded on 64 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.