Net gamma exposure by strike ($M per 1% move) · estimated from the COHR options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in COHR right now. The heaviest is 230 at -1.2M per 1% move, 8.0% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 230 | -1.2M | 8.0% | accelerates moves |
| 220 | -0.8M | 3.3% | accelerates moves |
| 210 | -1.1M | -1.4% | accelerates moves |
| 200 | -1.2M | -6.1% | accelerates moves |
| 195 | -0.6M | -8.4% | accelerates moves |
| 190 | -0.7M | -10.8% | accelerates moves |
As of the latest session, COHR is trading at $212.94 (-8.25% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 235 (upside magnet / resistance) and the put wall at 200 (downside level). Max pain is 230, and the options market is pricing a 1-sigma expected move of about ±16.2% (ATM IV 127%).
One strike dominates the map: 200, carrying −$1M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 127%, pricing a 1-sigma move of ±16.2% (±$34.59) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
That leaves a working band of 200 to 235 — 16.4% of spot, with +10.36% of room to the call wall and −6.08% 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 COHR on the live gamma map → · see how COHR compares across the whole board on the free market regime tracker · new to this? What is GEX →
COHR 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.
COHR's flip isn't resolvable from the current chain — check the live map for today's level.
COHR'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.
COHR's call wall (235) is a magnet and resistance; the put wall (200) is support in positive gamma but a through-level once price is below the flip.
230, for the 2026-11-20 expiry — 6 days out. Spot is $212.94, so max pain sits 8.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -5M per 1% move into the 2026-11-20 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 COHR options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
