Net gamma exposure by strike ($M per 1% move) · estimated from the AIG options chain (Polygon).
These are the 5 strikes carrying the most dealer gamma in AIG right now. The heaviest is 80 at +0.2M per 1% move, 6.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 80 | +0.2M | 6.2% | pins price |
| 77.5 | +0.1M | 2.9% | pins price |
| 75 | -0.2M | -0.4% | accelerates moves |
| 73 | -0.1M | -3.1% | accelerates moves |
| 70 | -0.1M | -7.1% | accelerates moves |
As of the latest session, AIG is trading at $75.33 (-0.46% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 80 (upside magnet / resistance) and the put wall at 75 (downside level). Max pain is 76, and the options market is pricing a 1-sigma expected move of about ±2.8% (ATM IV 27%).
One strike dominates the map: 75, carrying −$0M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±2.8% (±$2.14) into the nearest expiry, with ATM implied volatility at 27% — neither stretched nor giving anything away.
That leaves a working band of 75 to 80 — 6.6% of spot, with +6.20% of room to the call wall and −0.44% 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 AIG on the live gamma map → · see how AIG compares across the whole board on the free market regime tracker · new to this? What is GEX →
AIG is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
AIG's flip isn't resolvable from the current chain — check the live map for today's level.
AIG's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
AIG's call wall (80) is a magnet and resistance; the put wall (75) is support in positive gamma but a through-level once price is below the flip.
76, for the 2026-09-25 expiry — 4 days out. Spot is $75.33, so max pain sits 0.9% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-09-25 expiry — though spot is below the zero-gamma flip, so hedging at this price runs with the move and adds to it. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the AIG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
