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Call wall and put wall explained

Call wall / put wall – strikes with the largest estimated gamma

Quick definition: The call wall is the strike with the largest estimated call gamma (open interest weighted by gamma at the current price), not simply the strike with the most contracts — so strikes near price weigh more.

The put wall is the same for puts. DeepDom only counts expiries within 45 days, using Deribit data.

When an order-book wall sits within ±0.3% of one of these levels, the Gamma box notes the match.

💡 Example

Suppose BTC is at 102,000. The 110,000 strike has the most call contracts but is far from price; the 105,000 strike has fewer contracts but sits closer, so its estimated gamma is larger → the call wall is 105,000.

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Related terms

Positive gamma, negative gamma and zero gammaGamma here is an estimate of how much of the underlying market makers would need to buy or sell as price moves…Open Interest (OI)Open Interest is the total value of futures contracts that are still open (not yet closed) in the market.…Order book: bids and asksThe order book lists resting orders that have not been filled yet. Bids are resting buy orders below the curre…

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Educational content for reference only, not financial advice. Leveraged trading carries the risk of losing your entire capital.