Net gamma exposure by strike ($M per 1% move) · estimated from the ARM options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in ARM right now. The heaviest is 200 at -1.5M per 1% move, 5.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 245 | +0.8M | 16.4% | pins price |
| 237.5 | +1M | 12.8% | pins price |
| 200 | -1.5M | -5.0% | accelerates moves |
| 190 | -0.8M | -9.7% | accelerates moves |
| 185 | -1.1M | -12.1% | accelerates moves |
| 180 | -0.7M | -14.5% | accelerates moves |
As of the latest session, ARM is trading at $210.52 (+2.21% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 212.5 (upside magnet / resistance) and the put wall at 200 (downside level). Max pain is 230, and the options market is pricing a 1-sigma expected move of about ±10.2% (ATM IV 113%).
One strike dominates the map: 200, 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.
Options are expensive here: ATM implied volatility is 113%, pricing a 1-sigma move of ±10.2% (±$21.57) 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.
Spot is effectively at the 212.5 call wall (+0.94% away), the top of a 200–212.5 band worth 5.9% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open ARM on the live gamma map → · see how ARM compares across the whole board on the free market regime tracker · new to this? What is GEX →
ARM 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.
ARM's flip isn't resolvable from the current chain — check the live map for today's level.
ARM'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.
ARM's call wall (212.5) is a magnet and resistance; the put wall (200) is support in positive gamma but a through-level once price is below the flip.
230, for the 2026-11-06 expiry — 3 days out. Spot is $210.52, so max pain sits 9.3% 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 2026-11-06 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 ARM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
