Net gamma exposure by strike ($M per 1% move) · estimated from the COIN options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in COIN right now. The heaviest is 175 at +16.7M per 1% move, 1.2% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 190 | +3.4M | 7.2% | pins price |
| 182.5 | +10.2M | 3.0% | pins price |
| 180 | +7.3M | 1.6% | pins price |
| 177.5 | +10.6M | 0.2% | pins price |
| 175 | +16.7M | -1.2% | pins price |
| 170 | -6.5M | -4.1% | accelerates moves |
As of the latest session, COIN is trading at $177.20 (+1.02% on the day). Net dealer gamma is positive, with the zero-gamma flip near 175.58. The call wall sits at 175 (upside magnet / resistance) and the put wall at 170 (downside level). Max pain is 175, and the options market is pricing a 1-sigma expected move of about ±2.6% (ATM IV 70%).
COIN is perched right on its flip. Spot 177.2 is only +0.91% above 175.58 — about 0.4× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The book leans mildly upward: +$38M of positive gamma above spot versus +$17M below, a 2.3-to-1 tilt. Enough to bias drift toward 175, not enough to call it a magnet.
One strike dominates the map: 175, carrying +$17M per 1% move — below 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 70%, pricing a 1-sigma move of ±2.6% (±$4.6) 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 COIN has already traded through its call wall at 175 (−1.24% 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 170–175 band spans 2.8% of spot.
Want it interactive? Open COIN on the live gamma map → · see how COIN compares across the whole board on the free market regime tracker · new to this? What is GEX →
COIN is technically in positive gamma, but only just — spot sits +0.91% above the 175.58 flip, inside 0.4× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.91%, which is roughly 0.4× the ±2.6% 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.
COIN's flip is 175.58, with spot at $177.20. The level COIN would have to lose is 175.58, about 0.4× the ±2.6% one session is priced for — inside a normal day's range, so this regime is not safe.
COIN's call wall (175) is a magnet and resistance; the put wall (170) is support in positive gamma but a through-level once price is below the flip.
175, for the 2026-09-18 expiry — expiring today. Spot is $177.20, so max pain sits 1.2% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +35M per 1% move into the 2026-09-18 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the COIN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
