Net gamma exposure by strike ($M per 1% move) · estimated from the DE options chain (Polygon).
As of the latest session, DE is trading at $609.00 (-0.58% on the day). Net dealer gamma is positive, with the zero-gamma flip near 687.24. The call wall sits at 630 (upside magnet / resistance) and the put wall at 600 (downside level). Max pain is 610, and the options market is pricing a 1-sigma expected move of about ±5.2% (ATM IV 50%).
DE is trading below its zero-gamma flip. Spot 609 sits −12.85% under 687.24, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in DE are extending rather than fading right now. Until 687.24 is reclaimed and held, treat every level below as a through-level rather than support.
One strike dominates the map: 630, 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.
The options market is pricing a 1-sigma move of ±5.2% (±$31.56) into the nearest expiry, with ATM implied volatility at 50% — neither stretched nor giving anything away.
That leaves a working band of 600 to 630 — 4.9% of spot, with +3.45% of room to the call wall and −1.48% 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 DE on the live gamma map → · see how DE compares across the whole board on the free market regime tracker · new to this? What is GEX →
DE is in negative gamma — spot is −12.85% below the 687.24 flip. Dealers amplify moves at these levels, so DE trends rather than pins, and downside levels behave as through-levels instead of support.
About −12.85%, which is roughly -2.5× the ±5.2% 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.
DE's zero-gamma flip is around 687.24 — 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.
DE's call wall (630) is a magnet and resistance; the put wall (600) is support in positive gamma but a through-level once price is below the flip.
DE's max pain is 610 — 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: DE options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live DE dealer gamma, updates itself. No signup, no API key. Copy and paste:
Keep the credit line — it's the only thing we ask for.
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the DE options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
