Net gamma exposure by strike ($M per 1% move) · estimated from the GOOG options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in GOOG right now. The heaviest is 300 at +28.9M per 1% move, 3.6% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 300 | +28.9M | 3.6% | pins price |
| 297.5 | +7.5M | 2.8% | pins price |
| 295 | +25.9M | 1.9% | pins price |
| 292.5 | +13.1M | 1.0% | pins price |
| 290 | +28.9M | 0.2% | pins price |
| 285 | +23.5M | -1.6% | pins price |
As of the latest session, GOOG is trading at $289.50 (+4.04% on the day). Net dealer gamma is positive, with the zero-gamma flip near 284.86. The call wall sits at 290 (upside magnet / resistance) and the put wall at 275 (downside level). Max pain is 285, and the options market is pricing a 1-sigma expected move of about ±1.5% (ATM IV 29%).
GOOG holds a working cushion above its flip. Spot 289.5 sits +1.60% clear of 284.86, roughly 1.1× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided GOOG was cheap.
The gamma is stacked above spot: +$119M sits overhead against +$31M underneath, a 3.9-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 290 — but it is also why there is so little to catch GOOG if it goes the other way.
One strike dominates the map: 290, carrying +$29M 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 ±1.5% (±$4.47) into the nearest expiry, with ATM implied volatility at 29% — neither stretched nor giving anything away.
Spot is effectively at the 290 call wall (+0.17% away), the top of a 275–290 band worth 5.2% 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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GOOG is in positive gamma with +1.60% of room above the 284.86 flip (about 1.1× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +1.60%, which is roughly 1.1× the ±1.5% 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.
GOOG's flip is 284.86, with spot at $289.50. The level GOOG would have to lose is 284.86, about 1.1× the ±1.5% one session is priced for.
GOOG's call wall (290) is a magnet and resistance; the put wall (275) is support in positive gamma but a through-level once price is below the flip.
285, for the 2026-11-06 expiry — 1 day out. Spot is $289.50, so max pain sits 1.6% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +127M per 1% move into the 2026-11-06 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the GOOG options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
