Net gamma exposure by strike ($M per 1% move) · estimated from the GOOG options chain (Polygon).
As of the latest session, GOOG is trading at $357.27 (-0.83% on the day). Net dealer gamma is positive, with the zero-gamma flip near 318.59. The call wall sits at 370 (upside magnet / resistance) and the put wall at 355 (downside level). Max pain is 347.5, and the options market is pricing a 1-sigma expected move of about ±1.3% (ATM IV 34%).
GOOG is deep in positive-gamma territory. Its flip sits all the way down at 318.59 — +10.83% below spot, or about 8.3 full sessions of expected movement away. Practically, the regime is not changing today. Dealer hedging is a heavy damper on realised volatility, and GOOG should behave like a range until something moves that flip.
The gamma is stacked above spot: +$166M sits overhead against +$32M underneath, a 5.1-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 370 — but it is also why there is so little to catch GOOG if it goes the other way.
One strike dominates the map: 370, carrying +$37M 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 ±1.3% (±$4.53) into the nearest expiry, with ATM implied volatility at 34% — neither stretched nor giving anything away.
That leaves a working band of 355 to 370 — 4.2% of spot, with +3.56% of room to the call wall and −0.64% 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 GOOG on the live gamma map → · see how GOOG compares across the whole board on the free market regime tracker · new to this? What is GEX →
GOOG is in positive gamma with +10.83% of room above the 318.59 flip (about 8.3× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +10.83%, which is roughly 8.3× the ±1.3% 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.
GOOG's zero-gamma flip is around 318.59 — 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.
GOOG's call wall (370) is a magnet and resistance; the put wall (355) is support in positive gamma but a through-level once price is below the flip.
GOOG's max pain is 347.5 — 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 GOOG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
