Net gamma exposure by strike ($M per 1% move) · estimated from the FN options chain (Polygon).
As of the latest session, FN is trading at $572.95 (+1.14% on the day). Net dealer gamma is positive, with the zero-gamma flip near 564.47. The call wall sits at 570 (upside magnet / resistance) and the put wall at 590 (downside level). Max pain is 550, and the options market is pricing a 1-sigma expected move of about ±13.5% (ATM IV 129%).
FN is perched right on its flip. Spot 572.95 is only +1.48% above 564.47 — about 0.1× 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 book leans mildly upward: +$1M of positive gamma above spot versus +$1M below, a 1.8-to-1 tilt. Enough to bias drift toward 570, not enough to call it a magnet.
One strike dominates the map: 570, carrying +$1M per 1% move — below 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 129%, pricing a 1-sigma move of ±13.5% (±$77.46) 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.
Note that FN has already traded through its call wall at 570 (−0.51% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 590–570 band spans -3.5% of spot.
Want it interactive? Open FN on the live gamma map → · see how FN compares across the whole board on the free market regime tracker · new to this? What is GEX →
FN is technically in positive gamma, but only just — spot sits +1.48% above the 564.47 flip, inside 0.1× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.48%, which is roughly 0.1× the ±13.5% 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.
FN's zero-gamma flip is around 564.47 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
FN's call wall (570) is a magnet and resistance; the put wall (590) is support in positive gamma but a through-level once price is below the flip.
FN's max pain is 550 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the FN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
