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 255 at +109.1M per 1% move, 1.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 260 | +26.7M | 3.5% | pins price |
| 257.5 | +37M | 2.5% | pins price |
| 255 | +109.1M | 1.5% | pins price |
| 252.5 | +53.1M | 0.5% | pins price |
| 250 | -63.8M | -0.5% | accelerates moves |
| 245 | -30.6M | -2.5% | accelerates moves |
As of the latest session, AMZN is trading at $251.19 (+0.4% on the day). Net dealer gamma is negative, with the zero-gamma flip near 254.63. The call wall sits at 255 (upside magnet / resistance) and the put wall at 250 (downside level). Max pain is 250, and the options market is pricing a 1-sigma expected move of about ±1.8% (ATM IV 48%).
AMZN is trading below its zero-gamma flip. Spot 251.19 sits −1.37% under 254.63, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in AMZN are extending rather than fading right now. Until 254.63 is reclaimed and held, treat every level below as a through-level rather than support.
One strike dominates the map: 255, carrying +$109M 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 ±1.8% (±$4.49) into the nearest expiry, with ATM implied volatility at 48% — neither stretched nor giving anything away.
That leaves a working band of 250 to 255 — 2.0% of spot, with +1.52% of room to the call wall and −0.47% 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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AMZN is in negative gamma — spot is −1.37% below the 254.63 flip. Dealers amplify moves at these levels, so AMZN trends rather than pins, and downside levels behave as through-levels instead of support.
About −1.37%, which is roughly -0.8× the ±1.8% 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 254.63, with spot at $251.19. Price is under it, so AMZN needs to reclaim 254.63 and hold it to get back into the suppressed regime — roughly -0.8× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
AMZN's call wall (255) is a magnet and resistance; the put wall (250) is support in positive gamma but a through-level once price is below the flip.
250, for the 2026-09-18 expiry — expiring today. Spot is $251.19, so max pain sits 0.5% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +123M 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 AMZN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
