Net gamma exposure by strike ($M per 1% move) · estimated from the BABA options chain (Polygon).
As of the latest session, BABA is trading at $123.89 (+1.42% on the day). Net dealer gamma is positive, with the zero-gamma flip near 126.17. The call wall sits at 130 (upside magnet / resistance) and the put wall at 118 (downside level). Max pain is 120, and the options market is pricing a 1-sigma expected move of about ±7.9% (ATM IV 75%).
BABA is trading below its zero-gamma flip. Spot 123.89 sits −1.84% under 126.17, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in BABA are extending rather than fading right now. Until 126.17 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$22M sits overhead against +$4M underneath, a 5.6-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 130 — but it is also why there is so little to catch BABA if it goes the other way.
One strike dominates the map: 130, carrying +$5M per 1% move — above the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
Options are expensive here: ATM implied volatility is 75%, pricing a 1-sigma move of ±7.9% (±$9.76) 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 118 to 130 — 9.7% of spot, with +4.93% of room to the call wall and −4.75% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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BABA is in negative gamma — spot is −1.84% below the 126.17 flip. Dealers amplify moves at these levels, so BABA trends rather than pins, and downside levels behave as through-levels instead of support.
About −1.84%, which is roughly -0.2× the ±7.9% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
BABA's zero-gamma flip is around 126.17 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
BABA's call wall (130) is a magnet and resistance; the put wall (118) is support in positive gamma but a through-level once price is below the flip.
BABA's max pain is 120 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the BABA options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
