Net gamma exposure by strike ($M per 1% move) · estimated from the COP options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in COP right now. The heaviest is 128 at -1M per 1% move, 2.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 140 | +0.6M | 6.4% | pins price |
| 136 | +0.6M | 3.4% | pins price |
| 135 | +0.5M | 2.6% | pins price |
| 132 | -0.2M | 0.3% | accelerates moves |
| 128 | -1M | -2.7% | accelerates moves |
| 124 | -0.2M | -5.7% | accelerates moves |
As of the latest session, COP is trading at $131.54 (-1.02% on the day). Net dealer gamma is positive, with the zero-gamma flip near 121.99. The call wall sits at 140 (upside magnet / resistance) and the put wall at 128 (downside level). Max pain is 132, and the options market is pricing a 1-sigma expected move of about ±3.6% (ATM IV 35%).
COP holds a working cushion above its flip. Spot 131.54 sits +7.26% clear of 121.99, roughly 2.0× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided COP was cheap.
The gamma is stacked above spot: +$2M sits overhead against +$0M underneath, a 21.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 140 — but it is also why there is so little to catch COP if it goes the other way.
One strike dominates the map: 128, 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.
The options market is pricing a 1-sigma move of ±3.6% (±$4.8) into the nearest expiry, with ATM implied volatility at 35% — neither stretched nor giving anything away.
That leaves a working band of 128 to 140 — 9.1% of spot, with +6.43% of room to the call wall and −2.69% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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COP is in positive gamma with +7.26% of room above the 121.99 flip (about 2.0× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +7.26%, which is roughly 2.0× the ±3.6% 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.
COP's flip is 121.99, with spot at $131.54. The level COP would have to lose is 121.99, about 2.0× the ±3.6% one session is priced for.
COP's call wall (140) is a magnet and resistance; the put wall (128) is support in positive gamma but a through-level once price is below the flip.
132, for the 2026-09-25 expiry — 4 days out. Spot is $131.54, so max pain sits 0.3% above the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About 0M per 1% move into the 2026-09-25 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 COP options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
