Net gamma exposure by strike ($M per 1% move) · estimated from the GLD options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in GLD right now. The heaviest is 365 at -4M per 1% move, 2.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 380 | +0.5M | 6.4% | pins price |
| 372 | +0.4M | 4.2% | pins price |
| 365 | -4M | 2.2% | accelerates moves |
| 360 | -1.6M | 0.8% | accelerates moves |
| 355 | -2M | -0.6% | accelerates moves |
| 350 | -3.7M | -2.0% | accelerates moves |
As of the latest session, GLD is trading at $357.13 (+0.38% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 380 (upside magnet / resistance) and the put wall at 365 (downside level). Max pain is 369, and the options market is pricing a 1-sigma expected move of about ±1.1% (ATM IV 30%).
One strike dominates the map: 365, carrying −$4M per 1% move — above 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 ±1.1% (±$3.97) into the nearest expiry, with ATM implied volatility at 30% — neither stretched nor giving anything away.
That leaves a working band of 365 to 380 — 4.2% of spot, with +6.40% of room to the call wall and +2.20% 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 GLD on the live gamma map → · see how GLD compares across the whole board on the free market regime tracker · new to this? What is GEX →
GLD 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.
GLD's flip isn't resolvable from the current chain — check the live map for today's level.
GLD'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.
GLD's call wall (380) is a magnet and resistance; the put wall (365) is support in positive gamma but a through-level once price is below the flip.
369, for the 2026-11-02 expiry — expiring today. Spot is $357.13, so max pain sits 3.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -10M per 1% move into the 2026-11-02 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 GLD options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
