Daily intel · the levels & walls board · declassified · updated 2026-07-16 13:02 UTC · auto-refresh every ~2 h
The price at which market makers collect the most at settlement while option buyers lose the most — for every expiry. Plus what no aggregator gives you: the walls of open contracts and the market-maker breakeven corridor. Real Deribit data — not guesses. Below — where the interest flowed over 24h ↓, and our verdict on these levels — every morning at 08:30 in @indiciadesk.
where market-maker hedging dampens the move, and below which line it starts to accelerate it · model (BS gamma from mark_iv × OI, the standard dealer assumption) — an estimate, not a measurement · what is a gamma flip →
📍 Now: spot $64 030 (▲ mark on the axis) — between the put wall $60 000 and the call wall $70 000; zero-gamma $61 410; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
📍 Now: spot $1 874 (▲ mark on the axis) — between the put wall $1 700 and the call wall $1 900; zero-gamma $1 748; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
Max pain — the price at which, at settlement, market makers collect the most and holders of bought contracts get the least. Our public verification board shows: a clean “magnet” pull to this exact point is rare (3 of 34), but the anchor effect is real: near these zones price stalls and gets sticky more often than chance.
Walls — strikes with the largest number of open contracts: calls (right) — upside bets, puts (left) — protection and downside bets. Price often stalls near walls.
MM breakeven corridor (the highlighted zone) — a conditional, model-based range: while price stays inside it, the premium market makers collected still covers the payouts. A break outside = the machines are losing money — their own hedging starts to amplify the move, and that is where a correction can snowball into a crash, and a bounce into a vertical melt-up.
| date | max pain | MM breakeven | put wall | call wall | OI |
|---|---|---|---|---|---|
| 17 Jul 26 | 63 000 | 60 000–64 500 | 56 000 | 64 000 | 19 469 |
| 24 Jul 26 | 63 000 | 58 000–67 000 | 60 000 | 68 000 | 12 560 |
| 31 Jul 26 | 65 000 | 59 000–71 000 | 50 000 | 70 000 | 117 283 |
| 28 Aug 26 | 62 000 | 53 000–71 000 | 50 000 | 75 000 | 32 682 |
| 25 Sep 26 | 72 000 | 56 000–84 000 | 60 000 | 78 000 | 90 131 |
| 25 Dec 26 | 74 000 | 50 000–90 000 | 60 000 | 80 000 | 90 156 |
| 26 Mar 27 | 65 000 | 45 000–92 000 | 50 000 | 150 000 | 23 334 |
| 25 Jun 27 | 60 000 | 30 000–82 000 | 40 000 | 60 000 | 3 581 |
| date | max pain | MM breakeven | put wall | call wall | OI |
|---|---|---|---|---|---|
| 17 Jul 26 | 1 800 | 1 650–1 900 | 1 600 | 1 900 | 122 966 |
| 18 Jul 26 | 1 925 | 1 825–1 975 | 1 750 | 1 950 | 13 723 |
| 19 Jul 26 | 1 875 | 1 800–1 975 | 1 700 | 1 950 | 5 378 |
| 24 Jul 26 | 1 875 | 1 700–2 000 | 1 875 | 1 875 | 61 828 |
| 31 Jul 26 | 1 800 | 1 550–2 050 | 1 600 | 2 300 | 366 299 |
| 07 Aug 26 | 1 800 | 1 800–2 100 | 1 900 | 2 100 | 9 888 |
| 28 Aug 26 | 1 750 | 1 400–2 100 | 1 300 | 2 400 | 114 068 |
| 25 Sep 26 | 2 400 | 1 600–2 900 | 2 000 | 2 500 | 360 681 |
| 25 Dec 26 | 2 200 | 1 300–2 800 | 1 000 | 3 200 | 426 664 |
| 26 Mar 27 | 2 000 | 1 000–2 900 | 1 000 | 3 000 | 100 108 |
| 25 Jun 27 | 1 700 | 800–2 800 | 1 000 | 4 000 | 24 548 |
where big money moved its open positions — from our own hourly archive
📍 Now: biggest call inflow — 72k (+156 156 contracts) · puts — 60k (+13 737) · biggest outflow — 68k. Snapshot 2026-07-16 8:00 UTC.
How to read: bars up — an inflow of new positions at a strike over 24h, down — closures. Blue calls at strikes above spot = bets on an upside break; orange puts below — protection being built. A large inflow into a single strike = someone is building a position. Hover for exact contracts.
📍 Now: biggest call inflow — 2000 (+119 923 contracts) · puts — 1875 (+52 028). Snapshot 2026-07-16 8:00 UTC.
How to read: bars up — an inflow of new positions at a strike over 24h, down — closures. Blue calls at strikes above spot = bets on an upside break; orange puts below — protection being built. A large inflow into a single strike = someone is building a position. Hover for exact contracts.
📍 Now: BTC 0.51 (percentile 0 of history: bottom of the range — little protection, upside bets dominate) · ETH 0.56 (percentile 75 of history: top of the range — the market is loaded with insurance).
How to read: how many downside insurances (puts) stand per one upside bet (call) in open positions — what is the put/call ratio. Above one — protection dominates; a sharp rise in the ratio = the market is buying insurance en masse, a sharp fall = greed. Hover for values on a date; the “Spot” buttons overlay price.
📊 Data — from Deribit (options) and Hyperliquid (futures). Signing up through our links gets you −10% / −4% off fees and earns us a small commission; it does not affect the analysis.
We compute max pain ourselves (coin-terms, the same algorithm as our public verification board — where the pure “magnet” hit only 3 times out of 34, while the anchor effect is confirmed). Walls = strikes with the largest open interest within ±28% of spot. A journal of the system’s decisions, not investment advice. © 2026 INDICIA DESK.