SMH · gamma levels · Tue Oct 6, 2026
Did SMH's walls hold yesterday?
Where SMH's dealer levels stood at the open on Tue Oct 6, 2026, and what price actually did with them.
- CHEDDAR 639.96 held
high 639.47 — held as the ceiling - BLUE 627.44 not tested
low 631.49, 4.05 above it — never tested - MELT 604.79 no cross
never reached — stayed above it all session - MAX PAIN 630 off it
closed 632.5, 2.5 above it
The last 20 sessions
14 of 20 closed between CHEDDAR and BLUE
Each bar is a session, oldest on the left; green closed between the walls it opened with.
| Day | CHEDDAR | BLUE | Close | Closed |
|---|---|---|---|---|
| Oct 6 | 639.96 | 627.44 | 632.5 | inside |
| Oct 5 | 639.83 | 609.99 | 633.9 | inside |
| Oct 2 | 639.65 | 604.66 | 630.6 | inside |
| Oct 1 | 614.83 | 569.99 | 617.81 | above |
| Sep 30 | 614.84 | 570 | 609 | inside |
| Sep 29 | 614.52 | 570.01 | 606.9 | inside |
| Sep 28 | 614.76 | 569.86 | 600.01 | inside |
| Sep 25 | 609.55 | 569.99 | 606.56 | inside |
| Sep 24 | 614.98 | 569.75 | 600.52 | inside |
| Sep 23 | 610.01 | 569.65 | 601.41 | inside |
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How to read this. These are the levels as they stood at the open of the last completed session, published after the fact. Today's are for members. CHEDDAR is the call wall overhead, BLUE the put wall underneath, MELT the price where dealer gamma flips sign, and max pain the strike where the most option value expires worthless.
A wall counts as tested when the high (or low) came within 0.3% of it or half a strike, whichever is wider, and as held when the session closed back on its side. MELT crossings are counted on 15-minute readings, so a quick round trip between two readings is not counted.
The levels are built from open interest, and they assume the usual dealer-sign convention: dealers net long calls and net short puts. That holds on aggregate index flow and is shakier on a single name. Positioning is context, not a signal — nothing here is advice.