Put Wall
A strike below the current price with a heavy concentration of put open interest, where options-dealer hedging tends to cushion declines. Read as a soft support zone — most reliable when price has already displaced toward it.
TL;DR: The put wall is a strike below spot stacked with put open interest, where declines tend to find a cushion — a soft support zone, not a floor you can count on.
The mechanism is dealer hedging around a big open interest cluster: as price falls toward the wall, that hedging tends to slow the decline. Traders read it as a place where support may firm up.
The honest caveat from backtests since 2012: sitting right at the put wall is roughly a coin-flip — price slices through as often as it holds. The put wall only shows a modest edge when price has displaced toward it (roughly 1% or more below the day's open), where the bounce rate rises to around 60%. Even then it's a soft zone to confirm another way, not a floor to buy blind. Reliability varies by ticker. More: Call Wall & Put Wall: Options Support and Resistance.
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