Net gamma exposure by strike ($M per 1% move) · estimated from the APP options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in APP right now. The heaviest is 200 at -7.1M per 1% move, 17.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 260 | -0.7M | 7.0% | accelerates moves |
| 250 | -1.2M | 2.9% | accelerates moves |
| 230 | -1.1M | -5.3% | accelerates moves |
| 220 | -1M | -9.5% | accelerates moves |
| 210 | -0.8M | -13.6% | accelerates moves |
| 200 | -7.1M | -17.7% | accelerates moves |
As of the latest session, APP is trading at $242.96 (+6.17% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 242.5 (upside magnet / resistance) and the put wall at 250 (downside level). Max pain is 270, and the options market is pricing a 1-sigma expected move of about ±18.9% (ATM IV 256%).
One strike dominates the map: 200, carrying −$7M 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 256%, pricing a 1-sigma move of ±18.9% (±$46.01) 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.
Note that APP has already traded through its call wall at 242.5 (−0.19% 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 250–242.5 band spans -3.1% of spot.
Want it interactive? Open APP on the live gamma map → · see how APP compares across the whole board on the free market regime tracker · new to this? What is GEX →
APP 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.
APP's flip isn't resolvable from the current chain — check the live map for today's level.
APP'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.
APP's call wall (242.5) is a magnet and resistance; the put wall (250) is support in positive gamma but a through-level once price is below the flip.
270, for the 2026-11-06 expiry — 2 days out. Spot is $242.96, so max pain sits 11.1% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -15M 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 →
The flip, walls and max pain before the open — free. No card required.
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Estimated from the APP options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
