Net gamma exposure by strike ($M per 1% move) · estimated from the BABA options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in BABA right now. The heaviest is 105 at -11.7M per 1% move, 2.4% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 125 | +3M | 16.2% | pins price |
| 120 | +5M | 11.6% | pins price |
| 115 | +3.5M | 6.9% | pins price |
| 108 | -5M | 0.4% | accelerates moves |
| 106 | -2.3M | -1.4% | accelerates moves |
| 105 | -11.7M | -2.4% | accelerates moves |
As of the latest session, BABA is trading at $107.54 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 120 (upside magnet / resistance) and the put wall at 105 (downside level). Max pain is 111, and the options market is pricing a 1-sigma expected move of about ±2% (ATM IV 37%).
One strike dominates the map: 105, carrying −$12M 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 ±2% (±$2.11) into the nearest expiry, with ATM implied volatility at 37% — neither stretched nor giving anything away.
That leaves a working band of 105 to 120 — 13.9% of spot, with +11.59% of room to the call wall and −2.36% 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 BABA on the live gamma map → · see how BABA compares across the whole board on the free market regime tracker · new to this? What is GEX →
BABA 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.
BABA's flip isn't resolvable from the current chain — check the live map for today's level.
BABA'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.
BABA's call wall (120) is a magnet and resistance; the put wall (105) is support in positive gamma but a through-level once price is below the flip.
111, for the 2026-10-02 expiry — 1 day out. Spot is $107.54, so max pain sits 3.2% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -6M per 1% move into the 2026-10-02 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 BABA options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
