Net gamma exposure by strike ($M per 1% move) · estimated from the GOOGL options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in GOOGL right now. The heaviest is 282.5 at +31.4M per 1% move, 0.0% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 295 | +7.9M | 4.5% | pins price |
| 292.5 | +7.9M | 3.6% | pins price |
| 290 | +11.1M | 2.7% | pins price |
| 287.5 | +7.8M | 1.8% | pins price |
| 285 | +30.4M | 0.9% | pins price |
| 282.5 | +31.4M | 0.0% | pins price |
As of the latest session, GOOGL is trading at $282.38 (+0.89% on the day). Net dealer gamma is positive, with the zero-gamma flip near 281.01. The call wall sits at 282.5 (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 ±0.9% (ATM IV 25%).
GOOGL is perched right on its flip. Spot 282.38 is only +0.49% above 281.01 — about 0.5× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The gamma is stacked above spot: +$110M sits overhead against +$4M underneath, a 26.7-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 282.5 — but it is also why there is so little to catch GOOGL if it goes the other way.
One strike dominates the map: 282.5, carrying +$31M 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 ±0.9% (±$2.6) into the nearest expiry, with ATM implied volatility at 25% — neither stretched nor giving anything away.
Spot is effectively at the 282.5 call wall (+0.04% away), the top of a 275–282.5 band worth 2.7% 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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GOOGL is technically in positive gamma, but only just — spot sits +0.49% above the 281.01 flip, inside 0.5× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.49%, which is roughly 0.5× the ±0.9% 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.
GOOGL's flip is 281.01, with spot at $282.38. The level GOOGL would have to lose is 281.01, about 0.5× the ±0.9% one session is priced for — inside a normal day's range, so this regime is not safe.
GOOGL's call wall (282.5) 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 2026-11-02 expiry — expiring today. Spot is $282.38, so max pain sits 0.9% above the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +97M per 1% move into the 2026-11-02 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 GOOGL options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
