Net gamma exposure by strike ($M per 1% move) · estimated from the MARA options chain (Polygon).
These are the 4 strikes carrying the most dealer gamma in MARA right now. The heaviest is 7 at -0.2M per 1% move, 1.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 8 | -0.1M | 15.6% | accelerates moves |
| 7 | -0.2M | 1.2% | accelerates moves |
| 6.5 | -0.1M | -6.1% | accelerates moves |
| 6 | -0.2M | -13.3% | accelerates moves |
As of the latest session, MARA is trading at $6.92 (+2.19% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 7.5 (upside magnet / resistance) and the put wall at 7 (downside level). Max pain is 8, and the options market is pricing a 1-sigma expected move of about ±12.1% (ATM IV 115%).
One strike dominates the map: 6, carrying −$0M 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 115%, pricing a 1-sigma move of ±12.1% (±$0.84) 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 7 to 7.5 — 7.2% of spot, with +8.38% of room to the call wall and +1.16% 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 MARA on the live gamma map → · see how MARA compares across the whole board on the free market regime tracker · new to this? What is GEX →
MARA 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.
MARA's flip isn't resolvable from the current chain — check the live map for today's level.
MARA'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.
MARA's call wall (7.5) is a magnet and resistance; the put wall (7) is support in positive gamma but a through-level once price is below the flip.
8, for the 2026-11-06 expiry — 4 days out. Spot is $6.92, so max pain sits 15.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-11-06 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 MARA options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
