IBM gamma levels.

Where IBM tends to stick and where it slips: the call wall, put wall, gamma flip and Volt, 15-minute delayed and free.

• IBM $231.38 · up 0.00% on the day · positive gamma overall (moves grind and levels hold)
• Levels: ★ Volt — biggest level 220 (below price · 11.38 / 4.92% away); ↯ Surge — live flow 235 (above price · 3.62 / 1.56% away); ‖ call wall — ceiling, sticky 240 (above price · 8.62 / 3.73% away); ‖ put wall — floor, slippery 220 (below price · 11.38 / 4.92% away); ⚡ gamma flip 226.62 (below price · 4.76 / 2.06% away); ↘ Reversal 240 (above price · 8.62 / 3.73% away)
• Expected move today ±7.85 · pre-open reference
• Strikes nearest the money (high to low): 237.5 positive, 235 positive, 232.5 positive, 230 negative, 227.5 negative, 225 negative
• Since yesterday's close, positioning grew at 260.
• Event pricing: the options market prices an unusually large move into 2026-10-23 (±$31.08 by that date, about 2.2x this board's normal daily move). On single names this is usually an earnings report. Descriptive of the market's own pricing, never a forecast.
• ATM implied volatility 35.8%