Net gamma exposure by strike ($M per 1% move) · estimated from the DELL options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in DELL right now. The heaviest is 400 at -2.5M per 1% move, 7.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 425 | -0.7M | -1.2% | accelerates moves |
| 415 | -0.7M | -3.6% | accelerates moves |
| 405 | -0.5M | -5.9% | accelerates moves |
| 400 | -2.5M | -7.0% | accelerates moves |
| 395 | -0.5M | -8.2% | accelerates moves |
| 390 | -0.7M | -9.4% | accelerates moves |
As of the latest session, DELL is trading at $430.32 (+1.42% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 480 (upside magnet / resistance) and the put wall at 400 (downside level). Max pain is 465, and the options market is pricing a 1-sigma expected move of about ±7.2% (ATM IV 79%).
One strike dominates the map: 400, carrying −$3M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 79%, pricing a 1-sigma move of ±7.2% (±$30.77) 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 400 to 480 — 18.6% of spot, with +11.54% of room to the call wall and −7.05% 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 DELL on the live gamma map → · see how DELL compares across the whole board on the free market regime tracker · new to this? What is GEX →
DELL is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
DELL's flip isn't resolvable from the current chain — check the live map for today's level.
DELL's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
DELL's call wall (480) is a magnet and resistance; the put wall (400) is support in positive gamma but a through-level once price is below the flip.
465, for the 2026-11-06 expiry — 3 days out. Spot is $430.32, so max pain sits 8.1% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -10M per 1% move into the 2026-11-06 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 →
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Estimated from the DELL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
