Net gamma exposure by strike ($M per 1% move) · estimated from the COHR options chain (Polygon).
As of the latest session, COHR is trading at $327.08 (+0.58% on the day). Net dealer gamma is negative, with the zero-gamma flip near 272.55. The call wall sits at 320 (upside magnet / resistance) and the put wall at 310 (downside level). Max pain is 322.5, and the options market is pricing a 1-sigma expected move of about ±11.1% (ATM IV 150%).
COHR holds a working cushion above its flip. Spot 327.08 sits +16.67% clear of 272.55, roughly 1.5× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided COHR was cheap.
The gamma is stacked above spot: +$4M sits overhead against +$1M underneath, a 3.8-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 320 — but it is also why there is so little to catch COHR if it goes the other way.
One strike dominates the map: 380, carrying +$1M per 1% move — above the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
Options are expensive here: ATM implied volatility is 150%, pricing a 1-sigma move of ±11.1% (±$36.39) 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.
Note that COHR has already traded through its call wall at 320 (−2.16% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 310–320 band spans 3.1% of spot.
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 +16.67% of room above the 272.55 flip (about 1.5× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +16.67%, which is roughly 1.5× the ±11.1% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
COHR's zero-gamma flip is around 272.55 — 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.
COHR's call wall (320) is a magnet and resistance; the put wall (310) is support in positive gamma but a through-level once price is below the flip.
COHR's max pain is 322.5 — 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 COHR options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
