Net gamma exposure by strike ($M per 1% move) · estimated from the DE options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in DE right now. The heaviest is 690 at +1.3M per 1% move, 2.7% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 720 | +0.4M | 7.2% | pins price |
| 690 | +1.3M | 2.7% | pins price |
| 685 | -0.7M | 2.0% | accelerates moves |
| 680 | +0.4M | 1.3% | pins price |
| 650 | -0.6M | -3.2% | accelerates moves |
| 642.5 | -0.3M | -4.3% | accelerates moves |
As of the latest session, DE is trading at $671.55 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near 712.84. The call wall sits at 690 (upside magnet / resistance) and the put wall at 685 (downside level). Max pain is 685, and the options market is pricing a 1-sigma expected move of about ±1.8% (ATM IV 35%).
DE is trading below its zero-gamma flip. Spot 671.55 sits −6.15% under 712.84, 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 712.84 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$4M sits overhead against +$0M underneath, a 38.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 690 — but it is also why there is so little to catch DE if it goes the other way.
One strike dominates the map: 690, 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 ±1.8% (±$12.35) into the nearest expiry, with ATM implied volatility at 35% — neither stretched nor giving anything away.
That leaves a working band of 685 to 690 — 0.7% of spot, with +2.75% of room to the call wall and +2.00% 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 −6.15% below the 712.84 flip. Dealers amplify moves at these levels, so DE trends rather than pins, and downside levels behave as through-levels instead of support.
About −6.15%, which is roughly -3.4× the ±1.8% 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 flip is 712.84, with spot at $671.55. Price is under it, so DE needs to reclaim 712.84 and hold it to get back into the suppressed regime — roughly -3.4× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
DE's call wall (690) is a magnet and resistance; the put wall (685) is support in positive gamma but a through-level once price is below the flip.
685, for the 2026-10-02 expiry — 1 day out. Spot is $671.55, so max pain sits 2.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +1M per 1% move into the 2026-10-02 expiry — though spot is below the zero-gamma flip, so hedging at this price runs with the move and adds to it. GEX describes the character of the tape, not the direction. How dealer gamma works →
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.
