A put wall is the strike carrying the heaviest put-side dealer gamma, and it is a level where declines often find support. This page defines it, shows it on a real published board, and explains where it appears every session — and what it does not promise.
Every options strike carries dealer gamma — the hedging a dealer must do in the underlying as price moves, because of the options positioned at that strike. The put wall is the strike where put-side gamma is heaviest.
The mechanism mirrors the call wall. As price falls toward the wall, dealers hedging those puts buy futures into the decline; the closer price gets, the more hedging the move creates. That one-directional flow leans against the decline, which is why the put wall is a level where declines often find support — a description of the hedging, and of what price typically does against it, not a promise about any one session.
Here is the trio SPECTRE published on the NQ board for 2026-10-06: the put wall — labelled Put Support on our boards — at 29,000, the gamma flip at 30,340.4 above it, and the call wall at 32,000 above that. Every number on this page comes from that published board; none of them is hypothetical.
Read the geometry, not a prediction. With the flip at 30,340.4 dividing the session's two regimes, the put wall at 29,000 marks the heaviest put-gamma strike below — the downside level where the hedging behind the wall leans hardest against a decline approaching it. The call wall at 32,000 is the mirror image overhead. Together the three lines describe the session's structure; none of them describes what price will do.
The same session's ES board carried the put wall at 7,700, below a flip at 7,793.13 and a call wall at 8,000 — the same shape at a different scale.
Every session, before the open, the free board at /levels/NQ/today (and /levels/ES/today for ES) lists the trio in a table: the row labelled Put Support is this level. No sign-in, no account, no paywall — the board is the free product.
After the session closes, every published level is graded in public — read exactly how in how we grade levels. SPECTRE publishes the grades and does not advertise a hit rate.
A wall is a concentration, not a barrier. Price can hold a put wall for a session, cut through it on expanding volume, or turn a few points above it. What the wall gives you is a location where hedging flow is thickest — a place to watch how the tape behaves, rather than a line that forbids a move.
And the failure mode has a shape of its own: when a wall that has held breaks, the hedging flow that was leaning against the decline reverses and moves with it, which is why a break through a well-held put wall tends to be fast — a mechanic of positioning, not a forecast, and the reason SPECTRE grades every level in public instead of quoting a hit rate.
The strike carrying the heaviest put-side dealer gamma. As price falls toward it, dealers hedging those puts buy futures into the decline, which is why a put wall is a level where declines often find support.
No. The wall is wherever the heaviest put-gamma strike sits, which is often below price but does not have to be. The published board shows where the wall is, not where it should be.
No. A wall is a concentration of hedging, not a guarantee. It can hold, bend, or break — and a break through a well-held wall tends to be fast because the flow that was leaning on the level reverses. SPECTRE grades each published level in public rather than advertising a hit rate.
Every session, before the open, as the row labelled Put Support on the free board at /levels/NQ/today and /levels/ES/today — no sign-in. Each level is then graded in public once the session is done.