Net gamma exposure by strike ($M per 1% move) · estimated from the AMGN options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in AMGN right now. The heaviest is 380 at -5.3M per 1% move, 0.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 400 | +1.4M | 5.5% | pins price |
| 395 | +1.8M | 4.2% | pins price |
| 390 | +1.7M | 2.9% | pins price |
| 380 | -5.3M | 0.3% | accelerates moves |
| 375 | -3.2M | -1.1% | accelerates moves |
| 372.5 | -1.3M | -1.7% | accelerates moves |
As of the latest session, AMGN is trading at $379.02 (-0.2% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 395 (upside magnet / resistance) and the put wall at 380 (downside level). Max pain is 395, and the options market is pricing a 1-sigma expected move of about ±1.8% (ATM IV 49%).
One strike dominates the map: 380, carrying −$5M per 1% move — above 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 ±1.8% (±$6.83) into the nearest expiry, with ATM implied volatility at 49% — neither stretched nor giving anything away.
That leaves a working band of 380 to 395 — 4.0% of spot, with +4.22% of room to the call wall and +0.26% 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 AMGN on the live gamma map → · see how AMGN compares across the whole board on the free market regime tracker · new to this? What is GEX →
AMGN 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.
AMGN's flip isn't resolvable from the current chain — check the live map for today's level.
AMGN'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.
AMGN's call wall (395) is a magnet and resistance; the put wall (380) is support in positive gamma but a through-level once price is below the flip.
395, for the 2026-09-18 expiry — expiring today. Spot is $379.02, so max pain sits 4.2% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -7M per 1% move into the 2026-09-18 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 AMGN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
