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 290 at -2M per 1% move, 6.3% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 360 | +1.4M | 16.3% | pins price |
| 350 | +1.7M | 13.0% | pins price |
| 320 | +1.2M | 3.4% | pins price |
| 300 | -1.9M | -3.1% | accelerates moves |
| 295 | -1.4M | -4.7% | accelerates moves |
| 290 | -2M | -6.3% | accelerates moves |
As of the latest session, APP is trading at $309.62 (-3.72% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 320 (upside magnet / resistance) and the put wall at 290 (downside level). Max pain is 320, and the options market is pricing a 1-sigma expected move of about ±6.3% (ATM IV 53%).
One strike dominates the map: 290, carrying −$2M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±6.3% (±$19.38) into the nearest expiry, with ATM implied volatility at 53% — neither stretched nor giving anything away.
That leaves a working band of 290 to 320 — 9.7% of spot, with +3.35% of room to the call wall and −6.34% 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 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 (320) is a magnet and resistance; the put wall (290) is support in positive gamma but a through-level once price is below the flip.
320, for the 2026-09-25 expiry — 5 days out. Spot is $309.62, so max pain sits 3.4% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -5M per 1% move into the 2026-09-25 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.
