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 +1M per 1% move, 16.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 200 | +1M | 16.3% | pins price |
| 185 | -0.5M | 7.6% | accelerates moves |
| 180 | -0.5M | 4.7% | accelerates moves |
| 170 | -0.8M | -1.1% | accelerates moves |
| 165 | -0.7M | -4.0% | accelerates moves |
| 160 | -1M | -6.9% | accelerates moves |
As of the latest session, ANET is trading at $171.90 (+1.8% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 190 (upside magnet / resistance) and the put wall at 160 (downside level). Max pain is 185, and the options market is pricing a 1-sigma expected move of about ±8.9% (ATM IV 98%).
One strike dominates the map: 160, carrying −$1M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 98%, pricing a 1-sigma move of ±8.9% (±$15.26) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
That leaves a working band of 160 to 190 — 17.5% of spot, with +10.53% of room to the call wall and −6.92% 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 ANET on the live gamma map → · see how ANET compares across the whole board on the free market regime tracker · new to this? What is GEX →
ANET 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.
ANET's flip isn't resolvable from the current chain — check the live map for today's level.
ANET'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.
ANET's call wall (190) is a magnet and resistance; the put wall (160) is support in positive gamma but a through-level once price is below the flip.
185, for the 2026-11-06 expiry — 3 days out. Spot is $171.90, so max pain sits 7.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -3M per 1% move into the 2026-11-06 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 ANET options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
