Net gamma exposure by strike ($M per 1% move) · estimated from the FN options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in FN right now. The heaviest is 400 at -0.8M per 1% move, 5.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 500 | +0.3M | 17.8% | pins price |
| 460 | +0.3M | 8.4% | pins price |
| 450 | +0.4M | 6.1% | pins price |
| 400 | -0.8M | -5.7% | accelerates moves |
| 370 | -0.2M | -12.8% | accelerates moves |
| 350 | -0.2M | -17.5% | accelerates moves |
As of the latest session, FN is trading at $424.27 (+1.38% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 450 (upside magnet / resistance) and the put wall at 400 (downside level). Max pain is 450, and the options market is pricing a 1-sigma expected move of about ±11.7% (ATM IV 58%).
One strike dominates the map: 400, carrying −$1M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±11.7% (±$49.54) into the nearest expiry, with ATM implied volatility at 58% — neither stretched nor giving anything away.
That leaves a working band of 400 to 450 — 11.8% of spot, with +6.06% of room to the call wall and −5.72% 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 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 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.
FN's flip isn't resolvable from the current chain — check the live map for today's level.
FN'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.
FN's call wall (450) is a magnet and resistance; the put wall (400) is support in positive gamma but a through-level once price is below the flip.
450, for the 2026-10-16 expiry — 15 days out. Spot is $424.27, so max pain sits 6.1% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -1M per 1% move into the 2026-10-16 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 FN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
