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 150 at +5.1M per 1% move, 10.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 155 | +0.6M | 13.9% | pins price |
| 150 | +5.1M | 10.2% | pins price |
| 145 | +1.9M | 6.5% | pins price |
| 140 | -0.6M | 2.9% | accelerates moves |
| 135 | +1.6M | -0.8% | pins price |
| 125 | +1.2M | -8.2% | pins price |
As of the latest session, COP is trading at $136.10 (-5.75% on the day). Net dealer gamma is positive, with the zero-gamma flip near 124.52. The call wall sits at 150 (upside magnet / resistance) and the put wall at 140 (downside level). Max pain is 130, and the options market is pricing a 1-sigma expected move of about ±2.9% (ATM IV 56%).
COP is deep in positive-gamma territory. Its flip sits all the way down at 124.52 — +8.51% below spot, or about 2.9 full sessions of expected movement away. Practically, the regime is not changing today. Dealer hedging is a heavy damper on realised volatility, and COP should behave like a range until something moves that flip.
The gamma is stacked above spot: +$9M sits overhead against +$3M underneath, a 3.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 150 — but it is also why there is so little to catch COP if it goes the other way.
One strike dominates the map: 150, carrying +$5M 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.
The options market is pricing a 1-sigma move of ±2.9% (±$3.98) into the nearest expiry, with ATM implied volatility at 56% — neither stretched nor giving anything away.
That leaves a working band of 140 to 150 — 7.3% of spot, with +10.21% of room to the call wall and +2.87% 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 +8.51% of room above the 124.52 flip (about 2.9× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +8.51%, which is roughly 2.9× the ±2.9% 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 124.52, with spot at $136.10. The level COP would have to lose is 124.52, about 2.9× the ±2.9% one session is priced for.
COP's call wall (150) is a magnet and resistance; the put wall (140) is support in positive gamma but a through-level once price is below the flip.
130, for the 2026-11-06 expiry — 1 day out. Spot is $136.10, so max pain sits 4.5% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +9M per 1% move into the 2026-11-06 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.
