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 355 at +826.4M per 1% move, 0.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 360 | +60.1M | 1.7% | pins price |
| 357.5 | +32.1M | 1.0% | pins price |
| 355 | +826.4M | 0.2% | pins price |
| 350 | -19.8M | -1.2% | accelerates moves |
| 345 | -15.5M | -2.6% | accelerates moves |
| 340 | -27.6M | -4.0% | accelerates moves |
As of the latest session, GOOGL is trading at $354.12 (+2.26% on the day). Net dealer gamma is positive, with the zero-gamma flip near 352.77. The call wall sits at 355 (upside magnet / resistance) and the put wall at 340 (downside level). Max pain is 340, and the options market is pricing a 1-sigma expected move of about ±0.2% (ATM IV 6%).
GOOGL holds a working cushion above its flip. Spot 354.12 sits +0.38% clear of 352.77, roughly 1.9× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided GOOGL was cheap.
The gamma is stacked above spot: +$959M sits overhead against +$0M underneath, a 3196.3-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 355 — but it is also why there is so little to catch GOOGL if it goes the other way.
One strike dominates the map: 355, carrying +$826M 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.
Options are cheap here: ATM implied volatility is just 6%, pricing only ±0.2% (±$0.76) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
Spot is effectively at the 355 call wall (+0.25% away), the top of a 340–355 band worth 4.2% 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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GOOGL is in positive gamma with +0.38% of room above the 352.77 flip (about 1.9× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +0.38%, which is roughly 1.9× the ±0.2% 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 352.77, with spot at $354.12. The level GOOGL would have to lose is 352.77, about 1.9× the ±0.2% one session is priced for.
GOOGL's call wall (355) is a magnet and resistance; the put wall (340) is support in positive gamma but a through-level once price is below the flip.
340, for the 2026-09-18 expiry — expiring today. Spot is $354.12, so max pain sits 4.0% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +870M per 1% move into the 2026-09-18 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.
