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 220 at +3.1M per 1% move, 6.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 240 | +0.5M | 15.9% | pins price |
| 230 | +0.9M | 11.1% | pins price |
| 220 | +3.1M | 6.3% | pins price |
| 210 | +1.1M | 1.4% | pins price |
| 200 | +0.6M | -3.4% | pins price |
| 195 | +0.6M | -5.8% | pins price |
As of the latest session, FANG is trading at $207.00 (-2.4% on the day). Net dealer gamma is positive, with the zero-gamma flip near 191.36. The call wall sits at 220 (upside magnet / resistance) and the put wall at 185 (downside level). Max pain is 185, and the options market is pricing a 1-sigma expected move of about ±11.9% (ATM IV 55%).
FANG is perched right on its flip. Spot 207 is only +7.56% above 191.36 — about 0.6× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The gamma is stacked above spot: +$6M sits overhead against +$1M underneath, a 4.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 220 — but it is also why there is so little to catch FANG if it goes the other way.
One strike dominates the map: 220, carrying +$3M 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 ±11.9% (±$24.66) into the nearest expiry, with ATM implied volatility at 55% — neither stretched nor giving anything away.
That leaves a working band of 185 to 220 — 16.9% of spot, with +6.28% of room to the call wall and −10.63% 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 technically in positive gamma, but only just — spot sits +7.56% above the 191.36 flip, inside 0.6× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +7.56%, which is roughly 0.6× the ±11.9% 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 191.36, with spot at $207.00. The level FANG would have to lose is 191.36, about 0.6× the ±11.9% one session is priced for — inside a normal day's range, so this regime is not safe.
FANG's call wall (220) is a magnet and resistance; the put wall (185) is support in positive gamma but a through-level once price is below the flip.
185, for the 2026-11-20 expiry — 17 days out. Spot is $207.00, so max pain sits 10.6% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +7M per 1% move into the 2026-11-20 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. 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.
