NK225 OPTION MONITOR — DAILY MARKET STRUCTURE 20261005
NK225 OPTION MONITOR — DAILY MARKET STRUCTURE
Today's Market Judgement
Option Bias
Judgement:Bullish 7/10
Key Points:Model Score +4.5. Explanations in the body to include the standard deviation for comparison
Position Structure
Judgement:Deallocation of Calls / Reallocation toward Put near-term belts
Key Points:Deep Put is decreasing; 68,000–69,500 Put is forming
Wall Structure
Judgement:Call deallocation / Put forming across multiple days
Key Points:70,000 Call has decreased across all tenors. 65,000 Put decreases on the day
Gamma Environment
Judgement:Constrained
Key Points:Positive Gamma maintained; Total GEX is expanding
Against the backdrop of the deallocation of Deep Puts and rising OI center of gravity across multiple days, the provided model has turned Bullish. However, Calls are mainly focused on depleting existing positions rather than adding new upper formations, and Puts are being added near the current level with a reduction in far OI. ATM IV and Put Skew are rising, so we do not treat the downside as having faded.
1. Overall Market Position
Nikkei 225 Spot
Value:69,946.86
Assessment:JPX Daily Data Standard
Nikkei 225 Futures
Value:70,090
Assessment:Futures price from provided data
ATM Strike
Value:70,000
Assessment:October contract / DTE 4
Call Wall
Value:70,000
Assessment:Major Wall Price
Put Wall
Value:65,000
Assessment:Major Wall Price
Zero Gamma
Value:66,816.76
Assessment:Regime-change Benchmark
Total GEX
Value:+116.66 JPY bn / 1%
Assessment:Foundational indicator for the Gamma environment
Spot is just below 70,000, while futures sit just above. Both spot and futures exceed Zero Gamma, and Put Walls lie in the lower belt by about -7.26% versus futures. Day-on-day comparison shows spot up +1,637.40 yen, futures +1,440 yen. Daily OI and price at 19:40 are not the same as the trade information at that time.+1,637.40円、Futures+1,440円。Daily OI and 19:40 generation time price are not the contemporaneous trade information.