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 55 at -9M per 1% move, 3.1% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 60 | +4.2M | 5.7% | pins price |
| 57.5 | -2.4M | 1.3% | accelerates moves |
| 57 | +1.4M | 0.4% | pins price |
| 56 | -1.9M | -1.3% | accelerates moves |
| 55 | -9M | -3.1% | accelerates moves |
| 54 | -1.9M | -4.8% | accelerates moves |
As of the latest session, BAC is trading at $56.75 (+1.28% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 60 (upside magnet / resistance) and the put wall at 55 (downside level). Max pain is 58, and the options market is pricing a 1-sigma expected move of about ±2.8% (ATM IV 27%).
One strike dominates the map: 55, carrying −$9M 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 ±2.8% (±$1.59) into the nearest expiry, with ATM implied volatility at 27% — neither stretched nor giving anything away.
That leaves a working band of 55 to 60 — 8.8% of spot, with +5.73% of room to the call wall and −3.08% 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 (60) is a magnet and resistance; the put wall (55) is support in positive gamma but a through-level once price is below the flip.
58, for the 2026-10-02 expiry — 4 days out. Spot is $56.75, so max pain sits 2.2% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -7M 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 BAC options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
