Net gamma exposure by strike ($M per 1% move) · estimated from the ADI options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in ADI right now. The heaviest is 405 at +7.6M per 1% move, 0.4% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 405 | +7.6M | 0.4% | pins price |
| 400 | +6.2M | -0.9% | pins price |
| 385 | -1.6M | -4.6% | accelerates moves |
| 380 | -2.4M | -5.8% | accelerates moves |
| 377.5 | -1.9M | -6.4% | accelerates moves |
| 370 | -1.2M | -8.3% | accelerates moves |
As of the latest session, ADI is trading at $403.51 (+1.71% on the day). Net dealer gamma is positive, with the zero-gamma flip near 402.72. The call wall sits at 405 (upside magnet / resistance) and the put wall at 380 (downside level). Max pain is 385, and the options market is pricing a 1-sigma expected move of about ±1.1% (ATM IV 21%).
ADI is perched right on its flip. Spot 403.51 is only +0.20% above 402.72 — about 0.2× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The book leans mildly upward: +$10M of positive gamma above spot versus +$7M below, a 1.3-to-1 tilt. Enough to bias drift toward 405, not enough to call it a magnet.
One strike dominates the map: 405, carrying +$8M 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 cheap here: ATM implied volatility is just 21%, pricing only ±1.1% (±$4.36) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
Spot is effectively at the 405 call wall (+0.37% away), the top of a 380–405 band worth 6.2% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open ADI on the live gamma map → · see how ADI compares across the whole board on the free market regime tracker · new to this? What is GEX →
ADI is technically in positive gamma, but only just — spot sits +0.20% above the 402.72 flip, inside 0.2× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.20%, which is roughly 0.2× the ±1.1% 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.
ADI's flip is 402.72, with spot at $403.51. The level ADI would have to lose is 402.72, about 0.2× the ±1.1% one session is priced for — inside a normal day's range, so this regime is not safe.
ADI's call wall (405) is a magnet and resistance; the put wall (380) is support in positive gamma but a through-level once price is below the flip.
385, for the 2026-10-02 expiry — 1 day out. Spot is $403.51, so max pain sits 4.6% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +9M per 1% move into the 2026-10-02 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 ADI options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
