Put Wall（看跌墙）

中文解释

Put Wall 通常指看跌期权敞口集中的 strike 或 strike 区域。它经常被用作下方结构参考，用来观察对冲流、支撑行为或波动敏感度是否变化。和所有 GEX 派生水位一样，Put Wall 应该结合趋势、流动性和事件背景一起看，而不是机械地当成支撑线。

English definition

Put Wall usually refers to a strike or strike cluster with concentrated put-side exposure. It often becomes a downside reference where hedging flows, support behavior, or volatility sensitivity may change. Like any GEX-derived level, a put wall should be read with spot trend, liquidity, and event context instead of being treated as a mechanical support line.

在 Nightwatch 里怎么看

Nightwatch 的 GEX 结构图会把 Put Wall 与 Call Wall、Gamma Flip 一起标出，作为整体 GEX 结构的一部分来读，而不是机械的支撑线。仅作市场结构参考，不构成买卖建议。

The Nightwatch GEX structure view marks Put Wall alongside Call Wall and Gamma Flip, to be read as part of the overall GEX profile rather than as a mechanical support line. It is market-structure context, not financial advice.