Nasdaq 100 Gamma Levels: NDX and QQQ
- NDX — call wall $29,725.00, gamma flip $28,949.75, put wall $29,200.00. Closed at $29,745.98.
- QQQ — call wall $724.00, gamma flip $719.73, put wall $680.00. Closed at $723.08.
- Both NDX and QQQ opened in long gamma and the wider of the two ran 1.27% high to low. NDX closed above its call wall while QQQ did not.
- These are the previous session's closing levels. Today's levels move with the chain and are on the dashboard.
Closing levels, side by side
NDX and QQQ track the same underlying index, so once you put the ETF on the index's scale their levels should line up. The fourth column does that conversion, using the closing price ratio of 41.1379.
| Level | NDX | QQQ | QQQ on NDX scale |
|---|---|---|---|
| Call Wall | $29,725.00 | $724.00 | $29,783.83 |
| Close | $29,745.98 | $723.08 | $29,745.98 |
| Gamma Flip | $28,949.75 | $719.73 | $29,608.17 |
| Put Wall | $29,200.00 | $680.00 | $27,973.76 |
| Net GEX | $4.40B | $5.74B | — |
The converted column is for comparison, not for trading. $29,783.83 is not a NDX strike — NDX contracts trade on a coarser grid than that. It shows where QQQ's wall would sit if you measured it in NDX points, so the two complexes can be read on one scale.
On this close the two complexes disagreed by 58.8 points on the call wall and 658.4 points on the gamma flip, in NDX terms. That gap is normal — NDX and QQQ are different pools of contracts with different open interest — but it means the level you act on depends on which one you are looking at.
What happened on August 7, 2026
| NDX | QQQ | |
|---|---|---|
| Regime at the open | long gamma | long gamma |
| Session range | 1.27% | 0.96% |
| Reached the call wall | Yes | Yes |
| Reached the put wall | No | No |
| Crossed the gamma flip | Yes | No |
| Contracts in the chain | 4,806 | 4,857 |
How to read these levels
The gamma flip is the price where aggregate dealer gamma crosses zero. Above it, hedging tends to dampen moves; below it, hedging tends to amplify them. It is a regime boundary, not a target.
The call wall and put wall mark where gamma is most concentrated on each side. They are real features of the chain — but we measured what happens when price actually reaches one, across 100 trading days, and the wall held 44% of the time. Treat them as context, not as triggers. Here is the full study, including the parts that didn't work.
Where these numbers come from
GEXBoard computes dealer gamma exposure across the option chain every ten seconds and stores the result. The figures above are the last reading before the close on August 7, 2026, taken from that stored history — not recalculated, not adjusted.
This page regenerates automatically after every session. Nothing on it is written by hand.
These are yesterday's. See today's, live.
Levels recomputed every ten seconds through the session, for NDX, QQQ and 28 more tickers. From $19/mo during beta.