Net gamma exposure by strike ($M per 1% move) · estimated from the ANET options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in ANET right now. The heaviest is 200 at +14.4M per 1% move, 1.4% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 220 | +2.7M | 8.5% | pins price |
| 210 | +4M | 3.6% | pins price |
| 205 | +3.8M | 1.1% | pins price |
| 202.5 | +6.2M | -0.1% | pins price |
| 200 | +14.4M | -1.4% | pins price |
| 195 | +4.9M | -3.8% | pins price |
As of the latest session, ANET is trading at $202.78 (+0.71% on the day). Net dealer gamma is positive, with the zero-gamma flip near 194.4. The call wall sits at 200 (upside magnet / resistance) and the put wall at 192.5 (downside level). Max pain is 190, and the options market is pricing a 1-sigma expected move of about ±2.2% (ATM IV 58%).
ANET holds a working cushion above its flip. Spot 202.78 sits +4.13% clear of 194.4, roughly 1.9× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided ANET was cheap.
Unusually, the gamma mass sits below spot: +$26M underneath against only +$14M overhead. ANET has more structure supporting it than capping it, and the thin overhead is why upside moves can travel further than the walls suggest.
One strike dominates the map: 200, carrying +$14M 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 ±2.2% (±$4.36) into the nearest expiry, with ATM implied volatility at 58% — neither stretched nor giving anything away.
Note that ANET has already traded through its call wall at 200 (−1.37% 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 192.5–200 band spans 3.7% of spot.
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ANET is in positive gamma with +4.13% of room above the 194.4 flip (about 1.9× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +4.13%, which is roughly 1.9× the ±2.2% 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.
ANET's flip is 194.4, with spot at $202.78. The level ANET would have to lose is 194.4, about 1.9× the ±2.2% one session is priced for.
ANET's call wall (200) is a magnet and resistance; the put wall (192.5) is support in positive gamma but a through-level once price is below the flip.
190, for the 2026-09-18 expiry — expiring today. Spot is $202.78, so max pain sits 6.3% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +36M per 1% move into the 2026-09-18 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 ANET options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
