Net gamma exposure by strike ($M per 1% move) · estimated from the IREN options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in IREN right now. The heaviest is 40 at -2.3M per 1% move, 2.9% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 45 | +0.8M | 9.2% | pins price |
| 41 | -1.4M | -0.5% | accelerates moves |
| 40.5 | -1M | -1.7% | accelerates moves |
| 40 | -2.3M | -2.9% | accelerates moves |
| 39 | -1.3M | -5.3% | accelerates moves |
| 35 | -0.9M | -15.0% | accelerates moves |
As of the latest session, IREN is trading at $41.19 (-0.46% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 45 (upside magnet / resistance) and the put wall at 40 (downside level). Max pain is 43, and the options market is pricing a 1-sigma expected move of about ±3.9% (ATM IV 75%).
One strike dominates the map: 40, carrying −$2M per 1% move — below 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 75%, pricing a 1-sigma move of ±3.9% (±$1.62) 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.
That leaves a working band of 40 to 45 — 12.1% of spot, with +9.25% of room to the call wall and −2.89% 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 IREN on the live gamma map → · see how IREN compares across the whole board on the free market regime tracker · new to this? What is GEX →
IREN 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.
IREN's flip isn't resolvable from the current chain — check the live map for today's level.
IREN'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.
IREN's call wall (45) is a magnet and resistance; the put wall (40) is support in positive gamma but a through-level once price is below the flip.
43, for the 2026-10-02 expiry — 1 day out. Spot is $41.19, so max pain sits 4.4% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -8M 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 IREN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
