Net gamma exposure by strike ($M per 1% move) · estimated from the CAT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in CAT right now. The heaviest is 640 at -1.1M per 1% move, 1.6% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 645 | -0.4M | 2.4% | accelerates moves |
| 642.5 | -0.5M | 2.0% | accelerates moves |
| 640 | -1.1M | 1.6% | accelerates moves |
| 625 | -0.4M | -0.8% | accelerates moves |
| 600 | -0.5M | -4.7% | accelerates moves |
| 570 | -0.6M | -9.5% | accelerates moves |
As of the latest session, CAT is trading at $629.75 (+1.12% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 657.5 (upside magnet / resistance) and the put wall at 640 (downside level). Max pain is 670, and the options market is pricing a 1-sigma expected move of about ±4.6% (ATM IV 50%).
One strike dominates the map: 640, carrying −$1M per 1% move — above 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 ±4.6% (±$28.72) into the nearest expiry, with ATM implied volatility at 50% — neither stretched nor giving anything away.
That leaves a working band of 640 to 657.5 — 2.8% of spot, with +4.41% of room to the call wall and +1.63% 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 CAT on the live gamma map → · see how CAT compares across the whole board on the free market regime tracker · new to this? What is GEX →
CAT 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.
CAT's flip isn't resolvable from the current chain — check the live map for today's level.
CAT'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.
CAT's call wall (657.5) is a magnet and resistance; the put wall (640) is support in positive gamma but a through-level once price is below the flip.
670, for the 2026-11-06 expiry — 3 days out. Spot is $629.75, so max pain sits 6.4% 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 2026-11-06 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 CAT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
