Net gamma exposure by strike ($M per 1% move) · estimated from the FANG options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in FANG right now. The heaviest is 200 at +5.7M per 1% move, 2.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 210 | +1.4M | 7.6% | pins price |
| 200 | +5.7M | 2.5% | pins price |
| 195 | +1.1M | -0.1% | pins price |
| 190 | -2.5M | -2.7% | accelerates moves |
| 185 | -0.7M | -5.2% | accelerates moves |
| 180 | -0.9M | -7.8% | accelerates moves |
As of the latest session, FANG is trading at $195.20 (-0.88% on the day). Net dealer gamma is negative, with the zero-gamma flip near 198.04. The call wall sits at 200 (upside magnet / resistance) and the put wall at 190 (downside level). Max pain is 195, and the options market is pricing a 1-sigma expected move of about ±2.2% (ATM IV 60%).
FANG is trading below its zero-gamma flip. Spot 195.2 sits −1.45% under 198.04, 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 FANG are extending rather than fading right now. Until 198.04 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$8M sits overhead against +$1M underneath, a 7.2-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 200 — but it is also why there is so little to catch FANG if it goes the other way.
One strike dominates the map: 200, carrying +$6M 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 60%, pricing a 1-sigma move of ±2.2% (±$4.31) 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 190 to 200 — 5.1% of spot, with +2.46% of room to the call wall and −2.66% 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 FANG on the live gamma map → · see how FANG compares across the whole board on the free market regime tracker · new to this? What is GEX →
FANG is in negative gamma — spot is −1.45% below the 198.04 flip. Dealers amplify moves at these levels, so FANG trends rather than pins, and downside levels behave as through-levels instead of support.
About −1.45%, which is roughly -0.7× the ±2.2% 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.
FANG's flip is 198.04, with spot at $195.20. Price is under it, so FANG needs to reclaim 198.04 and hold it to get back into the suppressed regime — roughly -0.7× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
FANG's call wall (200) is a magnet and resistance; the put wall (190) is support in positive gamma but a through-level once price is below the flip.
195, for the 2026-09-18 expiry — expiring today. Spot is $195.20, so max pain sits 0.1% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +4M 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 FANG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
