Tool · guide
Which gamma lines matter most, what each one is for, and real examples from my own trades. Today's levels are at the bottom.
New to gamma? Start with what gamma levels are. In one line: they show where big options positions sit, and dealers' hedging around those prices can slow price down, turn it, or speed it up.
| Rank | Level | What it is | Use it for |
|---|---|---|---|
| 1 | Call Resistance / Put Support | The strikes with the most call gamma above price and the most put gamma below it | The main walls. Where to look for reactions |
| 2 | 1D Max / 1D Min | The day's expected range, from option prices | Stops and targets. Spotting stretched moves |
| 3 | HVL (zero gamma) | Where dealer hedging flips from calming to fuelling | The mood of the day. Below it, moves run further |
| 4 | GEX 1–5, next-expiry levels | Smaller gamma clusters near price | Pauses and small turns. Weaker on their own |
Why the top two matter most: that's where dealers hold the biggest positions, so it's where they have to hedge the hardest. They usually sit on big round strikes too (4,100 and 4,200 on gold futures), where lots of traders hold options anyway.
On 6 October gold rallied into the Call Resistance at 4,172. The 13:00 UK hour poked through to 4,179.7 but closed back below. Price then fell $28 to the next-expiry Put Support at 4,147, wicked under it and closed back above. I bought that bounce for 1.1R (journal).
How to use it: a wick through a wall that closes back on the 1-hour is the signal. A wick on its own isn't. Wait for the close.
On 7 October gold broke my support levels one after another and dropped $55 in one hour. It stopped at 4,066.5: under the Put Support (4,073.8) and 30 cents from the 1D Min (4,066.8). Two gamma levels $7 apart made a floor.
How to use it: on a fast, stretched move into a wall, a limit order at the wall with the stop beyond the 1D Min can beat waiting for the close (by the time this hour closed, price was already $13 higher). I made 2R this way. Full write-up: how I use gamma levels for limit orders.
Walls don't always hold. When price is below the HVL, dealer hedging runs with the move. If a 1-hour candle closes fully through a wall, it often keeps going to the next level (the 1D Min, or the next gamma line) instead of bouncing.
How to use it: don't buy a Put Support that has already closed below. Look to the next level down instead, and use your stop as normal.
Our own calculation, converted to my broker's prices (Vantage). Updated with every session markup.
CME settlement 10/30/2026 · below the HVL: moves tend to run
| #1Call Resistance | 4,090.7 | medium wall |
| GEX 1 | 3,990.7 | big wall |
| GEX 2 | 3,940.7 | medium wall |
| #21D Max | 3,922.6 | |
| Call Res (next expiry) | 3,890.7 | big wall |
| GEX 3 | 3,840.7 | small wall |
| #21D Min | 3,829.3 | |
| Put Sup (next expiry) | 3,815.7 | small wall |
| GEX 4 | 3,790.7 | medium wall |
| #1Put Support | 3,690.7 | medium wall |
Deribit, 31 Oct, 10:52 UK · above the HVL: moves tend to calm
| #1Call Resistance | 80,081 | big wall |
| #21D Max | 78,385 | |
| Call Res (next expiry) | 77,581 | small wall |
| Put Sup (next expiry) | 77,081 | small wall |
| #3HVL (zero gamma) | 76,849 | |
| #21D Min | 76,333 | |
| GEX 1 | 76,081 | medium wall |
| GEX 2 | 75,081 | medium wall |
| #1Put Support | 74,081 | medium wall |
See them live on my charts: gold · bitcoin. Gamma levels are a guide to where reactions are likely, not a promise. Not financial advice.
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The levels I’m watching, the setups I’ll take and how yesterday went. Short, honest, no hype.