Net gamma exposure by strike ($M per 1% move) · estimated from the CEG options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in CEG right now. The heaviest is 260 at -9.2M per 1% move, 1.1% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 270 | +1.5M | 2.7% | pins price |
| 267.5 | +2.7M | 1.8% | pins price |
| 260 | -9.2M | -1.1% | accelerates moves |
| 252.5 | -1.1M | -3.9% | accelerates moves |
| 250 | -2.6M | -4.9% | accelerates moves |
| 220 | -0.9M | -16.3% | accelerates moves |
As of the latest session, CEG is trading at $262.80 (+0.42% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 267.5 (upside magnet / resistance) and the put wall at 260 (downside level). Max pain is 270, and the options market is pricing a 1-sigma expected move of about ±1.8% (ATM IV 49%).
One strike dominates the map: 260, 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 ±1.8% (±$4.78) into the nearest expiry, with ATM implied volatility at 49% — neither stretched nor giving anything away.
That leaves a working band of 260 to 267.5 — 2.9% of spot, with +1.79% of room to the call wall and −1.07% 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 CEG on the live gamma map → · see how CEG compares across the whole board on the free market regime tracker · new to this? What is GEX →
CEG 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.
CEG's flip isn't resolvable from the current chain — check the live map for today's level.
CEG'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.
CEG's call wall (267.5) is a magnet and resistance; the put wall (260) is support in positive gamma but a through-level once price is below the flip.
270, for the 2026-09-18 expiry — expiring today. Spot is $262.80, so max pain sits 2.7% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -12M 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: CEG options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live CEG dealer gamma, updates itself. No signup, no API key. Copy and paste:
Keep the credit line — it's the only thing we ask for.
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the CEG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
