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 295 at -5M per 1% move, 0.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 320 | +1.7M | 7.7% | pins price |
| 315 | +1.2M | 6.0% | pins price |
| 310 | +2.2M | 4.3% | pins price |
| 300 | -3.6M | 1.0% | accelerates moves |
| 295 | -5M | -0.7% | accelerates moves |
| 290 | -0.9M | -2.4% | accelerates moves |
As of the latest session, COHR is trading at $297.10 (+2.21% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 310 (upside magnet / resistance) and the put wall at 295 (downside level). Max pain is 300, and the options market is pricing a 1-sigma expected move of about ±1.5% (ATM IV 40%).
One strike dominates the map: 295, carrying −$5M 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 ±1.5% (±$4.42) into the nearest expiry, with ATM implied volatility at 40% — neither stretched nor giving anything away.
That leaves a working band of 295 to 310 — 5.0% of spot, with +4.34% of room to the call wall and −0.71% 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 (310) is a magnet and resistance; the put wall (295) is support in positive gamma but a through-level once price is below the flip.
300, for the 2026-09-25 expiry — expiring today. Spot is $297.10, so max pain sits 1.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -6M per 1% move into the 2026-09-25 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.
