Is call resistance the same as the call wall?

They name the same idea. Owl Mastery's call resistance is the strike with the largest net gamma exposure, with put exposure subtracted from call exposure. Another site's call wall may use call gamma alone or call open interest, so the strike can differ.

Does price bounce off the put wall?

Not reliably. Put support is a strike where a decline may slow. Under the dealer-hedging model, hedging tied to a strike with negative exposure may add to moves near it. A break below put support may come with faster selling.

Can price trade above call resistance or below put support?

Yes. The walls are strikes, not limits. Price can close above call resistance or below put support, and the levels table then shows that level with a negative or positive distance from the close.

How often do the call wall and put wall change?

Owl Mastery recomputes them once a day, after each US close, from the options open interest for that day. They can move from one day to the next as positions open, close and expire.

Call wall and put wall explained

Call wall and put wall are common names for the strikes where call or put options positioning is largest. On Owl Mastery, call resistance (call wall) is the strike with the largest net gamma exposure. Put support (put wall) is the strike with the most negative net gamma exposure. Other sites may define their walls by call-only or put-only gamma or by open interest, so their strikes can differ.

SPX levels for the Nov 10, 2026 close
Level	Price	From close
Call resistance (call wall) and gamma wall	8,100.00	+7.70%
HVL	7,660.00	+1.85%
1-day range high	7,592.67	+0.95%
Close	7,520.93
Put support (put wall)	7,500.00	-0.28%
1-day range low	7,449.19	-0.95%

How Owl Mastery computes call resistance and put support

Both levels come from net gamma exposure (GEX) by strike. For each strike, exposure is the dollars of delta-hedging exposure per $1 move in the underlying, summed across all expiries. Calls count as positive, puts as negative, and net exposure is call plus put.

Call resistance, the call wall, is the strike with the largest net exposure.
Put support, the put wall, is the strike with the most negative net exposure.

Owl Mastery computes both over every strike, once a day after the US close. Its ticker pages label them "Call resistance (call wall)" and "Put support (put wall)" so that both names point to the same level. The methodology page lists the formulas.

Why they are called resistance and support

The names are trader conventions. Under the dealer-hedging model, a strike with large positive net exposure is one where dealers are long gamma. As price rises toward it, their hedging tends to sell into the rally, so call resistance is a place where rallies may stall.

Put support is less straightforward. A strike with large negative net exposure is one where dealers are short gamma, and their hedging there tends to add to moves. It may still be a place where a decline slows, but a break below it can come with faster selling. Read both levels as places where flows may change, not as prices that have to hold.

Owl Mastery's levels compared with other walls

Sites that publish a call wall and a put wall do not all define them the same way. Before you compare numbers, check the definition.

Level	Owl Mastery's definition	Other definitions you may see
Call resistance (call wall)	The strike with the largest net gamma exposure, puts subtracted, across all expiries	The strike with the most call gamma alone, or the most call open interest
Put support (put wall)	The strike with the most negative net gamma exposure	The strike with the most put gamma alone, or the most put open interest
Gamma wall	The strike with the largest gamma times open interest, puts counted as negative, the same strike as call resistance	Definitions may vary, so check whether calls and puts are combined and how

A worked example

The numbers below are illustrative, not live data. Exposure is in millions of dollars per $1 move.

Strike	Call exposure	Put exposure	Net exposure
100	+10	-45	-35
105	+15	-20	-5
110	+40	-30	+10
115	+25	-2	+23

A call wall built from call exposure alone lands on 110, the strike with the most call exposure. Owl Mastery's call resistance lands on 115, because the heavy puts at 110 offset most of its calls. Here put support and a put-only wall agree on 100. Two sites can therefore show different call walls for the same stock on the same day without either being wrong.

How to read call resistance and put support

A range to watch. When the close sits between the two, they frame a range. The close can also sit above call resistance or below put support, so check where it is first.
Distance. Each ticker page shows how far each level sits from the close, in percent. Compare that with the one-day range to see whether a level is within reach of a typical day.
Breaks. A close through either level may change how dealer hedging behaves. Gamma at a strike is largest when price is near it, so the hedging tied to that strike tends to weaken as price moves away.
The HVL. The HVL often sits between the two walls and says which hedging regime the close is in. It can also sit outside them.

The SPX page lists call resistance, put support and their distances from the latest close.

Limits of call resistance and put support

Net hides size. A strike with heavy calls and heavy puts can net to a small number, so a busy strike may not show up as a wall at all.
Assumed positioning. The signs assume dealers are long the calls and short the puts their customers trade. Open interest does not show who holds each side, so the real picture can differ.
All expiries together. The levels sum every expiry. When a large near-term expiration passes, its open interest drops out and a wall can move.
Once a day. The levels come from the options open interest for that day and stay fixed through the next session.
Not limits. Price can trade through either level. News, earnings and broad market flows can outweigh hedging at any strike.