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 400 at +320.4M per 1% move, 0.4% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 425 | +19.5M | 6.7% | pins price |
| 415 | +88.5M | 4.2% | pins price |
| 410 | +76.2M | 2.9% | pins price |
| 405 | +18.3M | 1.7% | pins price |
| 400 | +320.4M | 0.4% | pins price |
| 390 | -56.7M | -2.1% | accelerates moves |
As of the latest session, GLD is trading at $398.36 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near 399.59. The call wall sits at 400 (upside magnet / resistance) and the put wall at 390 (downside level). Max pain is 400, and the options market is pricing a 1-sigma expected move of about ±1.1% (ATM IV 29%).
GLD is trading below its zero-gamma flip. Spot 398.36 sits −0.31% under 399.59, 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 GLD are extending rather than fading right now. Until 399.59 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$608M sits overhead against +$1M underneath, a 1012.7-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 400 — but it is also why there is so little to catch GLD if it goes the other way.
One strike dominates the map: 400, carrying +$320M 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 ±1.1% (±$4.23) into the nearest expiry, with ATM implied volatility at 29% — neither stretched nor giving anything away.
Spot is effectively at the 400 call wall (+0.41% away), the top of a 390–400 band worth 2.5% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
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GLD is in negative gamma — spot is −0.31% below the 399.59 flip. Dealers amplify moves at these levels, so GLD trends rather than pins, and downside levels behave as through-levels instead of support.
About −0.31%, which is roughly -0.3× the ±1.1% 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.
GLD's flip is 399.59, with spot at $398.36. Price is under it, so GLD needs to reclaim 399.59 and hold it to get back into the suppressed regime — roughly -0.3× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
GLD's call wall (400) is a magnet and resistance; the put wall (390) is support in positive gamma but a through-level once price is below the flip.
400, for the 2026-09-18 expiry — expiring today. Spot is $398.36, so max pain sits 0.4% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +397M 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 GLD options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
