Net gamma exposure by strike ($M per 1% move) · estimated from the AMD options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in AMD right now. The heaviest is 500 at -2M per 1% move, 3.2% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 547.5 | -0.9M | 6.0% | accelerates moves |
| 520 | -1.6M | 0.7% | accelerates moves |
| 512.5 | -0.6M | -0.7% | accelerates moves |
| 510 | +1M | -1.2% | pins price |
| 500 | -2M | -3.2% | accelerates moves |
| 480 | -2M | -7.0% | accelerates moves |
As of the latest session, AMD is trading at $516.30 (+2.34% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 510 (upside magnet / resistance) and the put wall at 480 (downside level). Max pain is 557.5, and the options market is pricing a 1-sigma expected move of about ±2.2% (ATM IV 59%).
Gamma is close to evenly split around spot — +$1M above, +$1M below. Neither side is pulling AMD, which usually means chop until a catalyst redraws the map.
One strike dominates the map: 480, 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.
The options market is pricing a 1-sigma move of ±2.2% (±$11.23) into the nearest expiry, with ATM implied volatility at 59% — neither stretched nor giving anything away.
Note that AMD has already traded through its call wall at 510 (−1.22% 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 480–510 band spans 5.8% of spot.
Want it interactive? Open AMD on the live gamma map → · see how AMD compares across the whole board on the free market regime tracker · new to this? What is GEX →
AMD 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.
AMD's flip isn't resolvable from the current chain — check the live map for today's level.
AMD'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.
AMD's call wall (510) is a magnet and resistance; the put wall (480) is support in positive gamma but a through-level once price is below the flip.
557.5, for the 2026-11-02 expiry — expiring today. Spot is $516.30, so max pain sits 8.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -13M per 1% move into the 2026-11-02 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 AMD options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
