Net gamma exposure by strike ($M per 1% move) · estimated from the AMZN options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in AMZN right now. The heaviest is 247.5 at +35.1M 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 |
|---|---|---|---|
| 260 | +11.5M | 5.1% | pins price |
| 250 | +25M | 1.0% | pins price |
| 247.5 | +35.1M | 0.0% | pins price |
| 245 | +33.4M | -1.0% | pins price |
| 242.5 | +10M | -2.0% | pins price |
| 240 | +9M | -3.0% | pins price |
As of the latest session, AMZN is trading at $247.41 (+2.86% on the day). Net dealer gamma is positive, with the zero-gamma flip near 242.33. The call wall sits at 247.5 (upside magnet / resistance) and the put wall at 235 (downside level). Max pain is 240, and the options market is pricing a 1-sigma expected move of about ±0.9% (ATM IV 25%).
AMZN holds a working cushion above its flip. Spot 247.41 sits +2.05% clear of 242.33, roughly 2.3× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided AMZN was cheap.
The book leans mildly upward: +$103M of positive gamma above spot versus +$52M below, a 2.0-to-1 tilt. Enough to bias drift toward 247.5, not enough to call it a magnet.
One strike dominates the map: 247.5, carrying +$35M per 1% move — above 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 ±0.9% (±$2.3) into the nearest expiry, with ATM implied volatility at 25% — neither stretched nor giving anything away.
Spot is effectively at the 247.5 call wall (+0.04% away), the top of a 235–247.5 band worth 5.1% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
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AMZN is in positive gamma with +2.05% of room above the 242.33 flip (about 2.3× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.05%, which is roughly 2.3× the ±0.9% 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.
AMZN's flip is 242.33, with spot at $247.41. The level AMZN would have to lose is 242.33, about 2.3× the ±0.9% one session is priced for.
AMZN's call wall (247.5) is a magnet and resistance; the put wall (235) is support in positive gamma but a through-level once price is below the flip.
240, for the 2026-11-02 expiry — expiring today. Spot is $247.41, so max pain sits 3.0% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +137M per 1% move into the 2026-11-02 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 AMZN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
