Net gamma exposure by strike ($M per 1% move) · estimated from the LLY options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in LLY right now. The heaviest is 1400 at +2.6M per 1% move, 0.6% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 1500 | +1.5M | 6.5% | pins price |
| 1450 | +2.5M | 2.9% | pins price |
| 1420 | +1.7M | 0.8% | pins price |
| 1400 | +2.6M | -0.6% | pins price |
| 1380 | +1M | -2.1% | pins price |
| 1360 | +2.4M | -3.5% | pins price |
As of the latest session, LLY is trading at $1409.00 (-0.6% on the day). Net dealer gamma is positive, with the zero-gamma flip near 1238.36. The call wall sits at 1400 (upside magnet / resistance) and the put wall at 1375 (downside level). Max pain is 1255, and the options market is pricing a 1-sigma expected move of about ±5.1% (ATM IV 49%).
LLY holds a working cushion above its flip. Spot 1409 sits +12.11% clear of 1238.36, roughly 2.4× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided LLY was cheap.
Gamma is close to evenly split around spot — +$12M above, +$13M below. Neither side is pulling LLY, which usually means chop until a catalyst redraws the map.
One strike dominates the map: 1400, carrying +$3M 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 ±5.1% (±$71.76) into the nearest expiry, with ATM implied volatility at 49% — neither stretched nor giving anything away.
Note that LLY has already traded through its call wall at 1400 (−0.64% 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 1375–1400 band spans 1.8% of spot.
Want it interactive? Open LLY on the live gamma map → · see how LLY compares across the whole board on the free market regime tracker · new to this? What is GEX →
LLY is in positive gamma with +12.11% of room above the 1238.36 flip (about 2.4× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +12.11%, which is roughly 2.4× the ±5.1% 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.
LLY's flip is 1238.36, with spot at $1409.00. The level LLY would have to lose is 1238.36, about 2.4× the ±5.1% one session is priced for.
LLY's call wall (1400) is a magnet and resistance; the put wall (1375) is support in positive gamma but a through-level once price is below the flip.
1255, for the 2026-11-06 expiry — 4 days out. Spot is $1409.00, so max pain sits 10.9% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +24M per 1% move into the 2026-11-06 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 LLY options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
