Net gamma exposure by strike ($M per 1% move) · estimated from the ADI options chain (Polygon).
As of the latest session, ADI is trading at $389.87 (+2.28% on the day). Net dealer gamma is positive, with the zero-gamma flip near 409.06. The call wall sits at 395 (upside magnet / resistance) and the put wall at 360 (downside level). Max pain is 380, and the options market is pricing a 1-sigma expected move of about ±7.2% (ATM IV 69%).
ADI is trading below its zero-gamma flip. Spot 389.87 sits −4.92% under 409.06, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in ADI are extending rather than fading right now. Until 409.06 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$6M sits overhead against +$1M underneath, a 9.3-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 395 — but it is also why there is so little to catch ADI if it goes the other way.
One strike dominates the map: 360, carrying −$2M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 69%, pricing a 1-sigma move of ±7.2% (±$28.13) 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.
Spot is effectively at the 395 call wall (+1.32% away), the top of a 360–395 band worth 9.0% 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 in negative gamma — spot is −4.92% below the 409.06 flip. Dealers amplify moves at these levels, so ADI trends rather than pins, and downside levels behave as through-levels instead of support.
About −4.92%, which is roughly -0.7× the ±7.2% 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 zero-gamma flip is around 409.06 — 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.
ADI's call wall (395) is a magnet and resistance; the put wall (360) is support in positive gamma but a through-level once price is below the flip.
ADI's max pain is 380 — 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 ADI options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
