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 790 at -14M per 1% move, 1.8% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 825 | +3.6M | 2.6% | pins price |
| 800 | +8.6M | -0.5% | pins price |
| 790 | -14M | -1.8% | accelerates moves |
| 785 | -6.8M | -2.4% | accelerates moves |
| 780 | -8.3M | -3.0% | accelerates moves |
| 775 | -5.2M | -3.6% | accelerates moves |
As of the latest session, CAT is trading at $804.11 (+0.69% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 800 (upside magnet / resistance) and the put wall at 790 (downside level). Max pain is 790, and the options market is pricing a 1-sigma expected move of about ±1.6% (ATM IV 44%).
The book leans mildly upward: +$18M of positive gamma above spot versus +$9M below, a 2.0-to-1 tilt. Enough to bias drift toward 800, not enough to call it a magnet.
One strike dominates the map: 790, carrying −$14M 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 ±1.6% (±$13.19) into the nearest expiry, with ATM implied volatility at 44% — neither stretched nor giving anything away.
Note that CAT has already traded through its call wall at 800 (−0.51% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 790–800 band spans 1.2% of spot.
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 (800) is a magnet and resistance; the put wall (790) is support in positive gamma but a through-level once price is below the flip.
790, for the 2026-09-18 expiry — expiring today. Spot is $804.11, so max pain sits 1.8% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -20M per 1% move into the 2026-09-18 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.
