Net gamma exposure by strike ($M per 1% move) · estimated from the AAPL options chain (Polygon).
As of the latest session, AAPL is trading at $312.33 (-7.65% on the day). Net dealer gamma is negative, with the zero-gamma flip near 285.1. The call wall sits at 340 (upside magnet / resistance) and the put wall at 310 (downside level). Max pain is 330, and the options market is pricing a 1-sigma expected move of about ±14.2% (ATM IV 385%).
AAPL is in negative gamma. Dealers are net short gamma — they chase the move (buy strength, sell weakness), which amplifies volatility. Moves trend and extend, and the 310 put wall is a through-level, not a floor. It only calms on an accepted reclaim of 285.1.
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AAPL is currently in negative gamma, with the zero-gamma flip near 285.1. Negative gamma means dealers amplify moves — a trending, more volatile tape where dips and rips extend.
AAPL's zero-gamma flip is around 285.1 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
AAPL's call wall (340) is a magnet and resistance; the put wall (310) is support in positive gamma but a through-level once price is below the flip.
AAPL's max pain is 330 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the AAPL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
