Net gamma exposure by strike ($M per 1% move) · estimated from the IWM options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in IWM right now. The heaviest is 286 at -707.2M per 1% move, 0.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 288 | -470.3M | 0.7% | accelerates moves |
| 286 | -707.2M | -0.0% | accelerates moves |
| 285 | -385M | -0.4% | accelerates moves |
| 284 | -631.7M | -0.7% | accelerates moves |
| 283 | -496.9M | -1.1% | accelerates moves |
| 282 | -309.3M | -1.4% | accelerates moves |
As of the latest session, IWM is trading at $286.10 (+0.11% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 305 (upside magnet / resistance) and the put wall at 286 (downside level). Max pain is 290, and the options market is pricing a 1-sigma expected move of about ±0.7% (ATM IV 18%).
One strike dominates the map: 286, carrying −$707M 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 cheap here: ATM implied volatility is just 18%, pricing only ±0.7% (±$1.93) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
That leaves a working band of 286 to 305 — 6.6% of spot, with +6.61% of room to the call wall and −0.03% 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 IWM on the live gamma map → · see how IWM compares across the whole board on the free market regime tracker · new to this? What is GEX →
IWM 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.
IWM's flip isn't resolvable from the current chain — check the live map for today's level.
IWM'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.
IWM's call wall (305) is a magnet and resistance; the put wall (286) is support in positive gamma but a through-level once price is below the flip.
290, for the 2026-09-18 expiry — expiring today. Spot is $286.10, so max pain sits 1.4% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -3997M per 1% move into the 2026-09-18 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 IWM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
