What · these levels summarize options open interest and model estimates. Open interest counts outstanding contracts; it does not identify their owners or trade side. Concentrated strikes can be useful reference levels, not guaranteed price magnets or walls.
How to read · the white dot marks the current price. Levels above are potential resistance; levels below are potential support. The shaded bands show the expected trading range for today and this week based on implied volatility.
Resistance · strike with the highest call open interest. Heavy call positioning often caps upside moves, at least temporarily.
Support · strike with the highest put open interest. Typically acts as a floor because dealers hedge by buying the underlying as price approaches.
Stability Threshold · boundary between two zones. Above it, dealer hedging dampens moves (stable zone). Below it, dealer hedging amplifies moves (volatile zone).
Max Pain · the price at which the most options expire worthless. Price often gravitates here heading into expiration.
OI markers · recent call or put series with increased or newly observed open interest. These do not identify customer side, opening action, or a linked multi-leg trade. Levels outside the weekly expected range are dimmed (less likely to come into play).
What · these levels summarize options open interest and model estimates. Open interest counts outstanding contracts; it does not identify their owners or trade side. Concentrated strikes can be useful reference levels, not guaranteed price magnets or walls.
How to read · the white dot marks the current price. Levels above are potential resistance; levels below are potential support. The shaded bands show the expected trading range for today and this week based on implied volatility.
Resistance · strike with the highest call open interest. Heavy call positioning often caps upside moves, at least temporarily.
Support · strike with the highest put open interest. Typically acts as a floor because dealers hedge by buying the underlying as price approaches.
Stability Threshold · boundary between two zones. Above it, dealer hedging dampens moves (stable zone). Below it, dealer hedging amplifies moves (volatile zone).
Max Pain · the price at which the most options expire worthless. Price often gravitates here heading into expiration.
OI markers · recent call or put series with increased or newly observed open interest. These do not identify customer side, opening action, or a linked multi-leg trade. Levels outside the weekly expected range are dimmed (less likely to come into play).
GEX · Gamma Exposure measures how much market makers need to hedge when prices move. Their hedging can either dampen moves (positive GEX) or amplify them (negative GEX).
Context · how unusual is today's reading compared to the past 20 sessions. Extreme negative readings are historically rare and tend to normalize. When they do, the sudden shift from amplified to dampened moves can produce sharp reversals.
Expect tighter ranges — hedging pulls price back toward the middle. Not a directional call.
How the session's options volume split between opening new positions and closing old ones, measured against the next morning's open interest.
| Right | Traded | Sides opened | Sides closed | Opening share | Net new OI |
|---|---|---|---|---|---|
| Calls | ≈870,000 | ≈1,000,000 | ≈720,000 | 58% | ≈+150,000 |
| Puts | ≈1,800,000 | ≈2,300,000 | ≈1,400,000 | 62% | ≈+440,000 |
| Total | ≈2,700,000 | ≈3,300,000 | ≈2,100,000 | 61% | ≈+590,000 |
| Strike | Calls | Puts |
|---|---|---|
| $815 | ||
| $805 | ||
| $775 | ||
| $770 | ||
| $767 | ||
| $765 | ||
| $763 | ||
| $762 | ||
| $760Call wall | ||
| $757 | ||
| $756SpotGEX flip | ||
| $755 | ||
| $754 | ||
| $753 | ||
| $752 | ||
| $751 | ||
| $750 | ||
| $749 | ||
| $748 | ||
| $747 | ||
| $745 | ||
| $744 | ||
| $742 | ||
| $740 | ||
| $738 | ||
| $730 | ||
| $725Put wall | ||
| $690 | ||
| $680Max pain | ||
| $605 |
Spot is this session's. Walls, GEX flip and max pain are the Level Map's current levels.
Each trade has two sides; opened and closed count sides, not who traded. Descriptive only, not a forecast. 4 contracts' open interest also moved by exercise/assignment (left out above).
These are structural observations, not recommendations. Levels shift daily.
