Net gamma exposure by strike ($M per 1% move) · estimated from the AAPL options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in AAPL right now. The heaviest is 355 at +33.7M per 1% move, 3.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 362.5 | +22.8M | 5.7% | pins price |
| 355 | +33.7M | 3.5% | pins price |
| 335 | -16.9M | -2.3% | accelerates moves |
| 330 | -23.9M | -3.8% | accelerates moves |
| 325 | -16.7M | -5.2% | accelerates moves |
| 320 | -21.4M | -6.7% | accelerates moves |
As of the latest session, AAPL is trading at $342.95 (-0.49% on the day). Net dealer gamma is positive, with the zero-gamma flip near 285.37. The call wall sits at 355 (upside magnet / resistance) and the put wall at 330 (downside level). Max pain is 350, and the options market is pricing a 1-sigma expected move of about ±5.5% (ATM IV 74%).
AAPL is deep in positive-gamma territory. Its flip sits all the way down at 285.37 — +16.79% below spot, or about 3.1 full sessions of expected movement away. Practically, the regime is not changing today. Dealer hedging is a heavy damper on realised volatility, and AAPL should behave like a range until something moves that flip.
The gamma is stacked above spot: +$99M sits overhead against +$1M underneath, a 164.5-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 355 — but it is also why there is so little to catch AAPL if it goes the other way.
One strike dominates the map: 355, carrying +$34M per 1% move — above the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
Options are expensive here: ATM implied volatility is 74%, pricing a 1-sigma move of ±5.5% (±$18.88) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
That leaves a working band of 330 to 355 — 7.3% of spot, with +3.51% of room to the call wall and −3.78% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open AAPL on the live gamma map → · see how AAPL compares across the whole board on the free market regime tracker · new to this? What is GEX →
AAPL is in positive gamma with +16.79% of room above the 285.37 flip (about 3.1× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +16.79%, which is roughly 3.1× the ±5.5% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
AAPL's flip is 285.37, with spot at $342.95. The level AAPL would have to lose is 285.37, about 3.1× the ±5.5% one session is priced for.
AAPL's call wall (355) is a magnet and resistance; the put wall (330) is support in positive gamma but a through-level once price is below the flip.
350, for the 2026-11-04 expiry — 2 days out. Spot is $342.95, so max pain sits 2.1% above the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About -34M per 1% move into the 2026-11-04 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the AAPL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
