Net gamma exposure by strike ($M per 1% move) · estimated from the HUT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in HUT right now. The heaviest is 50 at -0.7M per 1% move, 2.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 56 | -0.2M | 14.8% | accelerates moves |
| 55 | -0.3M | 12.8% | accelerates moves |
| 50 | -0.7M | 2.5% | accelerates moves |
| 45.5 | -0.1M | -6.7% | accelerates moves |
| 45 | -0.1M | -7.7% | accelerates moves |
| 40 | -0.2M | -18.0% | accelerates moves |
As of the latest session, HUT is trading at $48.76 (-23.51% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 44 (upside magnet / resistance) and the put wall at 50 (downside level). Max pain is 55, and the options market is pricing a 1-sigma expected move of about ±10% (ATM IV 191%).
One strike dominates the map: 50, carrying −$1M per 1% move — above the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 191%, pricing a 1-sigma move of ±10% (±$4.88) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
Note that HUT has already traded through its call wall at 44 (−9.76% 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 50–44 band spans -12.3% of spot.
Want it interactive? Open HUT on the live gamma map → · see how HUT compares across the whole board on the free market regime tracker · new to this? What is GEX →
HUT 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.
HUT's flip isn't resolvable from the current chain — check the live map for today's level.
HUT'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.
HUT's call wall (44) is a magnet and resistance; the put wall (50) is support in positive gamma but a through-level once price is below the flip.
55, for the 2026-11-06 expiry — 1 day out. Spot is $48.76, so max pain sits 12.8% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -2M per 1% move into the 2026-11-06 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 HUT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
