Net gamma exposure by strike ($M per 1% move) · estimated from the LRCX options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in LRCX right now. The heaviest is 280 at +7.7M per 1% move, 2.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 282.5 | +4.3M | 3.2% | pins price |
| 280 | +7.7M | 2.3% | pins price |
| 275 | -2.6M | 0.5% | accelerates moves |
| 270 | -6.7M | -1.4% | accelerates moves |
| 265 | -2.5M | -3.2% | accelerates moves |
| 260 | -3.8M | -5.0% | accelerates moves |
As of the latest session, LRCX is trading at $273.73 (+1.7% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 280 (upside magnet / resistance) and the put wall at 270 (downside level). Max pain is 280, and the options market is pricing a 1-sigma expected move of about ±1.3% (ATM IV 36%).
The gamma is stacked above spot: +$16M sits overhead against +$1M underneath, a 17.6-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 280 — but it is also why there is so little to catch LRCX if it goes the other way.
One strike dominates the map: 280, carrying +$8M per 1% move — above 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 ±1.3% (±$3.64) into the nearest expiry, with ATM implied volatility at 36% — neither stretched nor giving anything away.
That leaves a working band of 270 to 280 — 3.7% of spot, with +2.29% of room to the call wall and −1.36% 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 LRCX on the live gamma map → · see how LRCX compares across the whole board on the free market regime tracker · new to this? What is GEX →
LRCX 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.
LRCX's flip isn't resolvable from the current chain — check the live map for today's level.
LRCX'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.
LRCX's call wall (280) is a magnet and resistance; the put wall (270) is support in positive gamma but a through-level once price is below the flip.
280, for the 2026-09-18 expiry — expiring today. Spot is $273.73, so max pain sits 2.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -9M 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 LRCX options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
