ᚱ RUNIR
pinning
MRK · 2026-06-12 · 16:01 ET (after hours)

$MRK

MERCK & CO. INC.

$119.04 ▼ -1.71   (-1.42%)

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Set a ward on $MRK

We DM you the instant the $125 call wall or the $110 put wall breaks. No noise, just the break.

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Free ward

Set a ward on $MRK

We DM you the instant the $125 call wall or the $110 put wall breaks.

—

Warded

$MRK is warded

We'll DM you the moment the $125 call wall breaks. Rest easy.

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The Read

$MRK is in long gamma at heat 38, which means dealer hedging damps price swings. The $125 call and $110 put walls are both untested yesterday; however, given their hold rates of 71% and 86%, respectively, these levels dealers typically defend. Spot sits 8.1% above the $110.29 gamma flip, so any move down faces a strong test at the $110 put.

IV percentile · 1y 37 · mid-range
Snapshot $119.04 · · 2026-06-12 · 16:01 ET (after hours)

The Levels

Put Wall $110 held 6 sessions
Gamma Flip $112 +6.5% above flip
Call Wall $125 held 12 sessions
spot $119.04

Regime pinning — moves get faded back to the walls.

Scored Levels

Where the market is positioned

Implied vs Measured

Plays at the Walls

Covered Call

$123 · Jul 10 · 31Δ

$1.53 premium  ·  17%/yr annualized

Cash-Secured Put

$115 · Jul 10 · 31Δ

$1.78 premium  ·  21%/yr annualized

Not investment advice · Informational only

How our calls on $MRK have played out

Over the last 21 sessions · n=24

24 Walls Called
3 Held 100% 0 pinned · 3 rejected
0 Broke 0%
21 Untested

Read the methodology →

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