Net gamma exposure by strike ($M per 1% move) · estimated from the HOOD options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in HOOD right now. The heaviest is 112 at +11.4M per 1% move, 0.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 120 | +4.3M | 6.4% | pins price |
| 117 | +3.6M | 3.7% | pins price |
| 115 | +10.2M | 2.0% | pins price |
| 112 | +11.4M | -0.7% | pins price |
| 111 | +5.8M | -1.6% | pins price |
| 105 | -4.3M | -6.9% | accelerates moves |
As of the latest session, HOOD is trading at $112.79 (+1.81% on the day). Net dealer gamma is positive, with the zero-gamma flip near 112.27. The call wall sits at 112 (upside magnet / resistance) and the put wall at 105 (downside level). Max pain is 108, and the options market is pricing a 1-sigma expected move of about ±2% (ATM IV 54%).
HOOD is perched right on its flip. Spot 112.79 is only +0.46% above 112.27 — about 0.2× 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 book leans mildly upward: +$32M of positive gamma above spot versus +$17M below, a 1.8-to-1 tilt. Enough to bias drift toward 112, not enough to call it a magnet.
One strike dominates the map: 112, carrying +$11M per 1% move — below 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 ±2% (±$2.24) into the nearest expiry, with ATM implied volatility at 54% — neither stretched nor giving anything away.
Note that HOOD has already traded through its call wall at 112 (−0.70% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 105–112 band spans 6.2% of spot.
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HOOD is technically in positive gamma, but only just — spot sits +0.46% above the 112.27 flip, inside 0.2× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.46%, which is roughly 0.2× the ±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.
HOOD's flip is 112.27, with spot at $112.79. The level HOOD would have to lose is 112.27, about 0.2× the ±2% one session is priced for — inside a normal day's range, so this regime is not safe.
HOOD's call wall (112) is a magnet and resistance; the put wall (105) is support in positive gamma but a through-level once price is below the flip.
108, for the 2026-09-18 expiry — expiring today. Spot is $112.79, so max pain sits 4.2% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +31M 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 HOOD options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
