Net gamma exposure by strike ($M per 1% move) · estimated from the CRWV options chain (Polygon).
As of the latest session, CRWV is trading at $89.35 (+4.58% on the day). Net dealer gamma is positive, with the zero-gamma flip near 86.8. The call wall sits at 100 (upside magnet / resistance) and the put wall at 85 (downside level). Max pain is 84, and the options market is pricing a 1-sigma expected move of about ±2.7% (ATM IV 72%).
CRWV holds a working cushion above its flip. Spot 89.35 sits +2.85% clear of 86.8, roughly 1.1× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided CRWV was cheap.
The gamma is stacked above spot: +$24M sits overhead against +$6M underneath, a 3.8-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 100 — but it is also why there is so little to catch CRWV if it goes the other way.
One strike dominates the map: 100, carrying +$11M 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 72%, pricing a 1-sigma move of ±2.7% (±$2.39) 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.
That leaves a working band of 85 to 100 — 16.8% of spot, with +11.92% of room to the call wall and −4.87% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open CRWV on the live gamma map → · see how CRWV compares across the whole board on the free market regime tracker · new to this? What is GEX →
CRWV is in positive gamma with +2.85% of room above the 86.8 flip (about 1.1× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.85%, which is roughly 1.1× the ±2.7% 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.
CRWV's zero-gamma flip is around 86.8 — 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.
CRWV's call wall (100) is a magnet and resistance; the put wall (85) is support in positive gamma but a through-level once price is below the flip.
CRWV's max pain is 84 — 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 CRWV options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
