IWF gamma levels
From the closing options book · September 4, 2026
IWF's closing options book on September 4, 2026 carried +$3.1 million of net dealer gamma spread across 5 expirations and 39 contracts. The sign is positive, so hedging leans against the move rather than with it.
The heaviest call-side strike sits at 120 and the heaviest put-side strike at 121, a band 0.8% wide. IWF has averaged 1.42% between its high and its low over the last 89 sessions, which makes the full width of that band about -0.6 average sessions of travel.
IWF closed at 123.41 — 2.8% above the call wall and 2% above the put wall. The put side is the nearer of the two at 2% 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 110, 11% below 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.
IWF's apex — the strike carrying the most gamma in absolute terms — is 120, 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 printed 4 different strikes. 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 IWF has behaved around these levels
Over the last 89 recorded sessions, IWF closed between the previous session's put wall and call wall 24 times. Its average daily range over that stretch was 1.42% of price. These are descriptions of what already happened — they are not a forecast, and no level holds every time.
IWF levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Sep 4 | 123.41 | 120 | 120 | 121 |
| Sep 3 | 123.43 | 120 | 120 | 121 |
| Sep 2 | 121.81 | 120 | 120 | 121 |
| Sep 1 | 121.21 | 120 | 120 | 121 |
| Aug 31 | 122.71 | 120 | 120 | 132 |
| Aug 28 | 122.75 | 120 | 120 | 132 |
| Aug 27 | 123.89 | 120 | 120 | 110 |
| Aug 26 | 121.75 | 120 | 130 | 120 |
| Aug 25 | 121.83 | 120 | 120 | 121 |
| Aug 24 | 121.04 | 120 | 120 | 121 |
Common questions
IWF's heaviest call-side gamma strike is 120, measured from the closing options book on September 4, 2026. That is 2.8% below where it closed, against an average daily range of 1.42%.
The heaviest put-side strike is 121, 2% below the September 4, 2026 close. Together with the 120 call wall it brackets a band 0.8% wide.
IWF's gamma flip is at 110, 11% below the close. Above it the book is net positive gamma; below it, net negative.
Over the last 89 recorded sessions, IWF closed between the previous session's put wall and call wall 24 times, and 1 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.