Net gamma exposure by strike ($M per 1% move) · estimated from the BAC options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in BAC right now. The heaviest is 50 at -13.2M per 1% move, 1.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 55 | +4.5M | 8.1% | pins price |
| 53 | +2.1M | 4.2% | pins price |
| 52.5 | +5.4M | 3.2% | pins price |
| 50 | -13.2M | -1.7% | accelerates moves |
| 49 | -5.2M | -3.7% | accelerates moves |
| 48 | -2M | -5.6% | accelerates moves |
As of the latest session, BAC is trading at $50.87 (+0.71% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 52.5 (upside magnet / resistance) and the put wall at 50 (downside level). Max pain is 52.5, and the options market is pricing a 1-sigma expected move of about ±3.4% (ATM IV 27%).
One strike dominates the map: 50, carrying −$13M 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 ±3.4% (±$1.75) into the nearest expiry, with ATM implied volatility at 27% — neither stretched nor giving anything away.
That leaves a working band of 50 to 52.5 — 4.9% of spot, with +3.20% of room to the call wall and −1.71% 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 BAC on the live gamma map → · see how BAC compares across the whole board on the free market regime tracker · new to this? What is GEX →
BAC 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.
BAC's flip isn't resolvable from the current chain — check the live map for today's level.
BAC'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.
BAC's call wall (52.5) is a magnet and resistance; the put wall (50) is support in positive gamma but a through-level once price is below the flip.
52.5, for the 2026-11-20 expiry — 6 days out. Spot is $50.87, 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 -11M per 1% move into the 2026-11-20 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 BAC options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
