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 220 at -3M per 1% move, 17.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 290 | +1.2M | 9.4% | pins price |
| 275 | +1.3M | 3.8% | pins price |
| 270 | -1.3M | 1.9% | accelerates moves |
| 260 | -1.3M | -1.9% | accelerates moves |
| 250 | -1.2M | -5.7% | accelerates moves |
| 220 | -3M | -17.0% | accelerates moves |
As of the latest session, CEG is trading at $264.98 (+0.99% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 275 (upside magnet / resistance) and the put wall at 270 (downside level). Max pain is 272.5, and the options market is pricing a 1-sigma expected move of about ±5.2% (ATM IV 57%).
One strike dominates the map: 220, carrying −$3M 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 ±5.2% (±$13.72) into the nearest expiry, with ATM implied volatility at 57% — neither stretched nor giving anything away.
That leaves a working band of 270 to 275 — 1.9% of spot, with +3.78% of room to the call wall and +1.89% 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 (275) is a magnet and resistance; the put wall (270) is support in positive gamma but a through-level once price is below the flip.
272.5, for the 2026-11-06 expiry — 3 days out. Spot is $264.98, so max pain sits 2.8% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -4M 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 CEG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
