Net gamma exposure by strike ($M per 1% move) · estimated from the DIA options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in DIA right now. The heaviest is 520 at +96.1M per 1% move, 0.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 520 | +96.1M | 0.3% | pins price |
| 516 | -40.4M | -0.5% | accelerates moves |
| 515 | -38.3M | -0.7% | accelerates moves |
| 514 | -17.3M | -0.8% | accelerates moves |
| 513 | -19.3M | -1.0% | accelerates moves |
| 510 | -33.6M | -1.6% | accelerates moves |
As of the latest session, DIA is trading at $518.37 (+0.03% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 520 (upside magnet / resistance) and the put wall at 516 (downside level). Max pain is 520, and the options market is pricing a 1-sigma expected move of about ±0.3% (ATM IV 9%).
One strike dominates the map: 520, carrying +$96M 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 cheap here: ATM implied volatility is just 9%, pricing only ±0.3% (±$1.69) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
Spot is effectively at the 520 call wall (+0.31% away), the top of a 516–520 band worth 0.8% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open DIA on the live gamma map → · see how DIA compares across the whole board on the free market regime tracker · new to this? What is GEX →
DIA 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.
DIA's flip isn't resolvable from the current chain — check the live map for today's level.
DIA'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.
DIA's call wall (520) is a magnet and resistance; the put wall (516) is support in positive gamma but a through-level once price is below the flip.
520, for the 2026-09-18 expiry — expiring today. Spot is $518.37, so max pain sits 0.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -75M per 1% move into the 2026-09-18 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 DIA options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
