Net gamma exposure by strike ($M per 1% move) · estimated from the AFL options chain (Polygon).
As of the latest session, AFL is trading at $126.11 (+0.43% on the day). Net dealer gamma is positive, with the zero-gamma flip near 119.28. The call wall sits at 125 (upside magnet / resistance) and the put wall at 124 (downside level). Max pain is 120, and the options market is pricing a 1-sigma expected move of about ±2.5% (ATM IV 68%).
AFL holds a working cushion above its flip. Spot 126.11 sits +5.42% clear of 119.28, roughly 2.2× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided AFL was cheap.
Gamma is close to evenly split around spot — +$4M above, +$5M below. Neither side is pulling AFL, which usually means chop until a catalyst redraws the map.
One strike dominates the map: 125, carrying +$3M per 1% move — below 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 68%, pricing a 1-sigma move of ±2.5% (±$3.19) 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.
Note that AFL has already traded through its call wall at 125 (−0.88% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 124–125 band spans 0.8% of spot.
Want it interactive? Open AFL on the live gamma map → · see how AFL compares across the whole board on the free market regime tracker · new to this? What is GEX →
AFL is in positive gamma with +5.42% of room above the 119.28 flip (about 2.2× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +5.42%, which is roughly 2.2× the ±2.5% 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.
AFL's zero-gamma flip is around 119.28 — 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.
AFL's call wall (125) is a magnet and resistance; the put wall (124) is support in positive gamma but a through-level once price is below the flip.
AFL's max pain is 120 — 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 AFL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
