Net gamma exposure by strike ($M per 1% move) · estimated from the HD options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in HD right now. The heaviest is 280 at -6.3M per 1% move, 1.6% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 290 | -2.9M | 1.9% | accelerates moves |
| 287.5 | -3.4M | 1.1% | accelerates moves |
| 285 | -5.4M | 0.2% | accelerates moves |
| 282.5 | -2.4M | -0.7% | accelerates moves |
| 280 | -6.3M | -1.6% | accelerates moves |
| 275 | -4M | -3.3% | accelerates moves |
As of the latest session, HD is trading at $284.49 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 310 (upside magnet / resistance) and the put wall at 280 (downside level). Max pain is 302.5, and the options market is pricing a 1-sigma expected move of about ±1.7% (ATM IV 32%).
One strike dominates the map: 280, carrying −$6M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±1.7% (±$4.73) into the nearest expiry, with ATM implied volatility at 32% — neither stretched nor giving anything away.
That leaves a working band of 280 to 310 — 10.5% of spot, with +8.97% of room to the call wall and −1.58% 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 HD on the live gamma map → · see how HD compares across the whole board on the free market regime tracker · new to this? What is GEX →
HD is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
HD's flip isn't resolvable from the current chain — check the live map for today's level.
HD's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
HD's call wall (310) is a magnet and resistance; the put wall (280) is support in positive gamma but a through-level once price is below the flip.
302.5, for the 2026-10-02 expiry — 1 day out. Spot is $284.49, so max pain sits 6.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -27M per 1% move into the 2026-10-02 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 HD options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
