NK225 OPTION MONITOR — DAILY MARKET STRUCTURE　20260910

Daily data centered around 65,000–65,250, but at night it dropped to 64,350. It clearly breached the Wall and Zero Gamma, diverging significantly from the daily Option Map’s central band.

65,000C and 66,500C show large unwinding, while 64,500C and 65,500C show new formation. As expiration nears, some Call positions may be unwound widely and reallocated to nearer strikes.

Call Wall is65,000 / UNWINDING。OI 4,356、1D -458、5D -813。 Call positions around 65,000 are clearly shrinking.

However, due to expiration on the final trading day, this should not be weighed the same as a typical bullish signal. From tomorrow, verify new Call Wall formation positions for the October contract.

Near-Market P/C OI Ratio：1.105(from previous day 1.140, down)

Near-Market P/C Volume Ratio：1.023

Put remains weaker and volume is near balance. Numerically, it suggests bearish tilt, but expiration-driven OI unwinding should temper interpretation compared to a normal day.

Call Near-Market OI Center：66,684.85（1D -71.88 / 3D +37.34 / 5D +66.02）

Put Near-Market OI Center：63,292.99（1D -66.37 / 3D +78.31 / 5D +25.01）

ATM Average IV：28.61%（previous day 31.06%、-2.45pt）

Put Skew：+0.57pt（previous day +2.72pt、-2.15pt）

Call Skew：+4.15pt（previous day +1.69pt、+2.46pt）

IV declines, Put Skew declines, and Call Skew rises are bullish factors for Option Bias. However, the actual price fell sharply at night, indicatinginternal option improvements and price structure clearly diverge. Today’s most notable feature is this divergence.

Total GEX：+2.01 JPY bn / 1%

Gamma Regime：NEAR ZERO

Zero Gamma：65,246.55

The current price 64,350 is close to the strong Negative GEX at 64,000. If the downside continues, price range around 64,000 may widen; conversely, a sharp rebound could accelerate upward. 65,000 is a large Positive GEX level, but it is not a guaranteed support/resistance level that will stop moves.

Ignore SW1/SW2/SW3 tables at bottom-right; judge using actual swing structure and the three moving averages only.

September contract final-day data is bullish 8/10. Deep Put unwinding, IV decline, Put Skew decline, Call Skew rise, and 65,000 Call/Put Wall unwinding are all bullish factors tallied.

But expiration strongly affects OI resolution, so you should discount the bullish signals compared to a normal day. Also, price as of 21:24 has fallen to 64,350, and is below 65,000 Wall, Zero Gamma 65,247, and 20/80/320 EMA in all regards.

Conditions that would further reinforce a bearish tilt includebreaking the near-term low band of 64,150–64,170 and breaking below 64,000. In that case, watch for expansion in the downside to 63,840, then 63,720/63,710.

Conversely, for bullish structure on the option side to manifest in price, we would first need to recover 64,920, then reclaim 65,000, Zero Gamma 65,247, and 65,300. If price settles above 65,300, short-term bearish pressure will ease significantly.