Net gamma exposure by strike ($M per 1% move) · estimated from the MCK options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in MCK right now. The heaviest is 960 at +1.5M per 1% move, 4.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 1100 | +1M | 10.0% | pins price |
| 1080 | +0.7M | 8.0% | pins price |
| 1030 | +1M | 3.0% | pins price |
| 1000 | +1.3M | 0.0% | pins price |
| 980 | +0.6M | -2.0% | pins price |
| 960 | +1.5M | -4.0% | pins price |
As of the latest session, MCK is trading at $999.62 (+0.12% on the day). Net dealer gamma is positive, with the zero-gamma flip near 949.84. The call wall sits at 960 (upside magnet / resistance) and the put wall at 880 (downside level). Max pain is 900, and the options market is pricing a 1-sigma expected move of about ±9.9% (ATM IV 47%).
MCK is perched right on its flip. Spot 999.62 is only +4.98% above 949.84 — about 0.5× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The book leans mildly upward: +$7M of positive gamma above spot versus +$3M below, a 2.2-to-1 tilt. Enough to bias drift toward 960, not enough to call it a magnet.
One strike dominates the map: 960, carrying +$2M 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 ±9.9% (±$98.48) into the nearest expiry, with ATM implied volatility at 47% — neither stretched nor giving anything away.
Note that MCK has already traded through its call wall at 960 (−3.96% 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 880–960 band spans 8.0% of spot.
Want it interactive? Open MCK on the live gamma map → · see how MCK compares across the whole board on the free market regime tracker · new to this? What is GEX →
MCK is technically in positive gamma, but only just — spot sits +4.98% above the 949.84 flip, inside 0.5× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +4.98%, which is roughly 0.5× the ±9.9% 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.
MCK's flip is 949.84, with spot at $999.62. The level MCK would have to lose is 949.84, about 0.5× the ±9.9% one session is priced for — inside a normal day's range, so this regime is not safe.
MCK's call wall (960) is a magnet and resistance; the put wall (880) is support in positive gamma but a through-level once price is below the flip.
900, for the 2026-11-20 expiry — 16 days out. Spot is $999.62, so max pain sits 10.0% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +9M per 1% move into the 2026-11-20 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 MCK options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
