Net gamma exposure by strike ($M per 1% move) · estimated from the CEG options chain (Polygon).
As of the latest session, CEG is trading at $267.29 (+3.62% on the day). Net dealer gamma is positive, with the zero-gamma flip near 263.57. The call wall sits at 270 (upside magnet / resistance) and the put wall at 257.5 (downside level). Max pain is 252.5, and the options market is pricing a 1-sigma expected move of about ±2% (ATM IV 54%).
CEG is in positive gamma. Dealers are net long gamma — they sell strength and buy weakness, which compresses volatility and pulls price toward the big strikes. Expect a grindy, mean-reverting tape that wants to pin near 252.5. The edge is fading the extremes of the 257.5–270 band — until 263.57 gives way to the downside.
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CEG is currently in positive gamma, with the zero-gamma flip near 263.57. Positive gamma means dealers dampen moves — a calmer, mean-reverting, pin-toward-the-strikes tape.
CEG's zero-gamma flip is around 263.57 — 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.
CEG's call wall (270) is a magnet and resistance; the put wall (257.5) is support in positive gamma but a through-level once price is below the flip.
CEG's max pain is 252.5 — 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 CEG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
