Net gamma exposure by strike ($M per 1% move) · estimated from the AFL options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in AFL right now. The heaviest is 125 at +2.7M per 1% move, 0.0% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 140 | +0.2M | 12.0% | pins price |
| 135 | +0.2M | 8.0% | pins price |
| 130 | +1.2M | 4.0% | pins price |
| 125 | +2.7M | 0.0% | pins price |
| 120 | +0.5M | -4.0% | pins price |
| 113 | -0.1M | -9.6% | accelerates moves |
As of the latest session, AFL is trading at $125.00 (+1.02% on the day). Net dealer gamma is positive, with the zero-gamma flip near 119.55. The call wall sits at 125 (upside magnet / resistance) and the put wall at 115 (downside level). Max pain is 120, and the options market is pricing a 1-sigma expected move of about ±3.5% (ATM IV 67%).
AFL holds a working cushion above its flip. Spot 125 sits +4.36% clear of 119.55, roughly 1.2× 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.
Unusually, the gamma mass sits below spot: +$4M underneath against only +$2M overhead. AFL has more structure supporting it than capping it, and the thin overhead is why upside moves can travel further than the walls suggest.
One strike dominates the map: 125, carrying +$3M per 1% move — sitting right at spot. 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 67%, pricing a 1-sigma move of ±3.5% (±$4.38) 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 (+0.00% 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 115–125 band spans 8.0% 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 +4.36% of room above the 119.55 flip (about 1.2× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +4.36%, which is roughly 1.2× the ±3.5% 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 flip is 119.55, with spot at $125.00. The level AFL would have to lose is 119.55, about 1.2× the ±3.5% one session is priced for.
AFL's call wall (125) is a magnet and resistance; the put wall (115) is support in positive gamma but a through-level once price is below the flip.
120, for the 2026-11-06 expiry — 1 day out. Spot is $125.00, so max pain sits 4.0% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +5M per 1% move into the 2026-11-06 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 AFL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
