SPX gamma levels
From the closing options book · September 28, 2026
SPX closed at 7683.69 on September 28, 2026. Its call wall was 7800, put wall 7600, the Apex (the strike with the most dealer gamma) 7580. Net dealer gamma was negative, so hedging tends to amplify moves.
These are the September 28, 2026 closing levels. Members see SPX's board live all session, with the odds of reaching each level.
Start 7-day free trialSPX's closing options book on September 28, 2026 carried −$31.95 billion of net dealer gamma. The sign is negative, so hedging runs with the move rather than against it.
The heaviest call-side strike sits at 7800 and the heaviest put-side strike at 7600, a band 2.6% wide. SPX has averaged 0.76% between its high and its low over the last 51 sessions, which makes the full width of that band about 3.4 average sessions of travel. It closed close to the middle of that band.
SPX closed at 7683.69 — 1.5% below the call wall and 1.1% above the put wall. The put side is the nearer of the two at 1.1% 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.
The apex strike, where absolute gamma is heaviest, is 7580 — separate from both walls, so SPX's book has more than one heavy concentration.
Across the last 10 recorded sessions its call wall has moved almost every session, and its put wall has moved almost every session. Walls that stay put and walls that migrate every session are different objects.
What SPX's walls are — and aren't
SPX's book has been recorded on 51 sessions. Its average daily range over that stretch was 0.76% 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.
SPX levels, last 10 sessions
| Session | Close | Apex | Call wall | Put wall |
|---|---|---|---|---|
| Sep 28 | 7683.69 | 7580 | 7800 | 7600 |
| Sep 25 | 7743.41 | 7745 | 7740 | 7650 |
| Sep 24 | 7704.13 | 7675 | 7800 | 7600 |
| Sep 23 | 7706.03 | 7735 | 7800 | 7600 |
| Sep 22 | 7764.64 | 7800 | 7780 | 7600 |
| Sep 21 | 7764.70 | 7785 | 7775 | 7500 |
| Sep 18 | 7650.50 | 7700 | 7645 | 7625 |
| Sep 17 | 7637.76 | 7700 | 7645 | 7550 |
| Sep 16 | 7551.81 | 7500 | 7680 | 7500 |
| Sep 15 | 7585.73 | 7595 | 7680 | 7580 |
Common questions
SPX's heaviest call-side gamma strike is 7800, measured from the closing options book on September 28, 2026. That is 1.5% above where it closed, against an average daily range of 0.76%.
The heaviest put-side strike is 7600, 1.1% below the September 28, 2026 close. Together with the 7800 call wall it brackets a band 2.6% wide.
SPX 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 (SPX's book has been recorded on 51 sessions).
No. This page is built from the closing options book and rebuilt each night, so it describes September 28, 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.