Net gamma exposure by strike ($M per 1% move) · estimated from the LOW options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in LOW right now. The heaviest is 195 at -5.3M per 1% move, 5.8% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 205 | +1.3M | 11.2% | pins price |
| 195 | -5.3M | 5.8% | accelerates moves |
| 190 | -0.7M | 3.1% | accelerates moves |
| 185 | -4.1M | 0.4% | accelerates moves |
| 182.5 | -0.7M | -1.0% | accelerates moves |
| 180 | -4.1M | -2.3% | accelerates moves |
As of the latest session, LOW is trading at $184.29 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 205 (upside magnet / resistance) and the put wall at 195 (downside level). Max pain is 195, and the options market is pricing a 1-sigma expected move of about ±1.5% (ATM IV 29%).
One strike dominates the map: 195, carrying −$5M per 1% move — above the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±1.5% (±$2.78) into the nearest expiry, with ATM implied volatility at 29% — neither stretched nor giving anything away.
That leaves a working band of 195 to 205 — 5.4% of spot, with +11.24% of room to the call wall and +5.81% 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 LOW on the live gamma map → · see how LOW compares across the whole board on the free market regime tracker · new to this? What is GEX →
LOW 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.
LOW's flip isn't resolvable from the current chain — check the live map for today's level.
LOW'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.
LOW's call wall (205) is a magnet and resistance; the put wall (195) is support in positive gamma but a through-level once price is below the flip.
195, for the 2026-10-02 expiry — 1 day out. Spot is $184.29, so max pain sits 5.8% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -13M 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 LOW options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
