Net gamma exposure by strike ($M per 1% move) · estimated from the INTC options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in INTC right now. The heaviest is 110 at +124.6M per 1% move, 1.8% 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 | 7.1% | pins price |
| 115 | +13.1M | 2.7% | pins price |
| 113 | +8.2M | 0.9% | pins price |
| 110 | +124.6M | -1.8% | pins price |
| 109 | +21.6M | -2.7% | pins price |
| 105 | -5.5M | -6.3% | accelerates moves |
As of the latest session, INTC is trading at $112.02 (+2.94% on the day). Net dealer gamma is positive, with the zero-gamma flip near 108.62. The call wall sits at 110 (upside magnet / resistance) and the put wall at 105 (downside level). Max pain is 100, and the options market is pricing a 1-sigma expected move of about ±2.3% (ATM IV 62%).
INTC holds a working cushion above its flip. Spot 112.02 sits +3.04% clear of 108.62, roughly 1.3× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided INTC was cheap.
Unusually, the gamma mass sits below spot: +$153M underneath against only +$29M overhead. INTC has more structure supporting it than capping it, and the thin overhead is why upside moves can travel further than the walls suggest.
One strike dominates the map: 110, carrying +$125M 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.
Options are expensive here: ATM implied volatility is 62%, pricing a 1-sigma move of ±2.3% (±$2.59) 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 INTC has already traded through its call wall at 110 (−1.80% 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 105–110 band spans 4.5% of spot.
Want it interactive? Open INTC on the live gamma map → · see how INTC compares across the whole board on the free market regime tracker · new to this? What is GEX →
INTC is in positive gamma with +3.04% of room above the 108.62 flip (about 1.3× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +3.04%, which is roughly 1.3× the ±2.3% 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.
INTC's flip is 108.62, with spot at $112.02. The level INTC would have to lose is 108.62, about 1.3× the ±2.3% one session is priced for.
INTC's call wall (110) is a magnet and resistance; the put wall (105) is support in positive gamma but a through-level once price is below the flip.
100, for the 2026-09-18 expiry — expiring today. Spot is $112.02, so max pain sits 10.7% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +168M 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 INTC options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
