Net gamma exposure by strike ($M per 1% move) · estimated from the MARA options chain (Polygon).
As of the latest session, MARA is trading at $11.95 (+18.91% on the day). Net dealer gamma is positive, with the zero-gamma flip near 11.6. The call wall sits at 13 (upside magnet / resistance) and the put wall at 12.5 (downside level). Max pain is 12, and the options market is pricing a 1-sigma expected move of about ±4.2% (ATM IV 113%).
MARA is in positive gamma. Dealers are net long gamma — they sell strength and buy weakness, which compresses volatility and pulls price toward the big strikes. Expect a grindy, mean-reverting tape that wants to pin near 12. The edge is fading the extremes of the 12.5–13 band — until 11.6 gives way to the downside.
Want it interactive? Open MARA on the live gamma map → · new to this? What is GEX →
MARA is currently in positive gamma, with the zero-gamma flip near 11.6. Positive gamma means dealers dampen moves — a calmer, mean-reverting, pin-toward-the-strikes tape.
MARA's zero-gamma flip is around 11.6 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
MARA's call wall (13) is a magnet and resistance; the put wall (12.5) is support in positive gamma but a through-level once price is below the flip.
MARA's max pain is 12 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: MARA options flow →
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the MARA options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
