Options Gamma Levels Lite [Strikeline]

How it works

Option dealers hedge what they sell. Near strikes where a lot of gamma was traded, that hedging tends to brake price: they sell into rallies and buy into dips. This indicator finds the two strikes where that effect is strongest today.

Call gamma wall: the strike at or above price with the most call gamma. Price often slows or stalls into it. Put gamma wall: the strike at or below price with the most put gamma. Price often finds support near it.

It is an estimate built from today’s traded volume, not from open interest or dealers’ real positions. The walls are a map of where hedging is heavy, not a forecast.

Step by step

1. Add it to your chartIn TradingView open Indicators, search “Options Gamma Levels Lite” and click it. Use SPY or QQQ on a 2- to 15-minute chart.
2. Read the two wallsThe teal line above price is the call gamma wall, the orange line below is the put gamma wall.
3. Watch price at the wallsInto a wall, look for price to slow. A clean break through a wall with volume says hedging is no longer holding it.
4. Give it half an hourIn the first 30 minutes volume is thin and the walls can move.
5. Mind the delayFree OPRA data on TradingView is about 15–20 minutes late.

Best timeframe

The math

Gamma = φ(d1) ÷ (S · σ · √T) · Weight per strike = gamma × today’s volume · Wall = strongest call strike ≥ price, strongest put strike ≤ price

For each strike it backs out the contract’s implied volatility from its own price (Black-Scholes, no rates, no dividends) and computes its gamma at the current price. Gamma × today’s volume gives the weight per strike.

Settings

Worked examples

Reading the chart: SPY, Monday 9 Nov 2026, 10:58 New York

1 — Price: 751.53, after a strong morning rally from 741.

2 — Call gamma wall: 752. The strike above price where today’s call trading carries the most gamma. Price is pressing right into it.

3 — Put gamma wall: 748. The strike below price with the most put gamma, the level that held the morning pullbacks.

4 — The reading line: the two walls in one plain sentence, in English, Arabic, Spanish or Turkish.

5 — The indicator name and its settings. Nothing to set: strikes and expiration are picked automatically.

How traders use it

• Buyers avoid chasing a call right under the call wall, or a put right above the put wall.
• The space between the two walls is today’s hedging range; a break of either one tells you the day may be trending.
• Pair it with Options Strike Probability Map: a wall that sits on a “likely” strike is a level both maps agree on.

Good to know

• An estimate from traded volume, not open interest or dealers’ real positions.
• Works on SPY and QQQ only. The full Options Gamma Map adds the gamma flip, the pin strike on expiration days, the gamma profile and every optionable stock.
• The code is protected (hidden); the indicator is free to use.
• Educational tool. Not a signal and not financial advice.

Changelog