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 475 at +0.2M per 1% move, 1.7% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 475 | +0.2M | 1.7% | pins price |
| 470 | +0.2M | 0.6% | pins price |
| 465 | +0.2M | -0.4% | pins price |
| 460 | +0.2M | -1.5% | pins price |
| 445 | +0.2M | -4.7% | pins price |
| 427.5 | +0.2M | -8.5% | pins price |
As of the latest session, AMGN is trading at $467.01 (+0.21% on the day). Net dealer gamma is positive, with the zero-gamma flip near 424.83. The call wall sits at 490 (upside magnet / resistance) and the put wall at 440 (downside level). Max pain is 427.5, and the options market is pricing a 1-sigma expected move of about ±4.9% (ATM IV 54%).
AMGN holds a working cushion above its flip. Spot 467.01 sits +9.03% clear of 424.83, roughly 1.8× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided AMGN was cheap.
The book leans mildly upward: +$1M of positive gamma above spot versus +$1M below, a 1.4-to-1 tilt. Enough to bias drift toward 490, not enough to call it a magnet.
One strike dominates the map: 427.5, carrying +$0M 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.
The options market is pricing a 1-sigma move of ±4.9% (±$22.78) into the nearest expiry, with ATM implied volatility at 54% — neither stretched nor giving anything away.
That leaves a working band of 440 to 490 — 10.7% of spot, with +4.92% of room to the call wall and −5.78% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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AMGN is in positive gamma with +9.03% of room above the 424.83 flip (about 1.8× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +9.03%, which is roughly 1.8× the ±4.9% 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.
AMGN's flip is 424.83, with spot at $467.01. The level AMGN would have to lose is 424.83, about 1.8× the ±4.9% one session is priced for.
AMGN's call wall (490) is a magnet and resistance; the put wall (440) is support in positive gamma but a through-level once price is below the flip.
427.5, for the 2026-11-06 expiry — 3 days out. Spot is $467.01, so max pain sits 8.5% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +2M 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 AMGN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
