Net gamma exposure by strike ($M per 1% move) · estimated from the META options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in META right now. The heaviest is 680 at +136.1M per 1% move, 0.3% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 705 | +40.1M | 3.3% | pins price |
| 700 | +92.7M | 2.6% | pins price |
| 690 | +102.4M | 1.1% | pins price |
| 685 | +62.5M | 0.4% | pins price |
| 680 | +136.1M | -0.3% | pins price |
| 670 | -28.2M | -1.8% | accelerates moves |
As of the latest session, META is trading at $682.31 (+0.54% on the day). Net dealer gamma is positive, with the zero-gamma flip near 679.14. The call wall sits at 680 (upside magnet / resistance) and the put wall at 670 (downside level). Max pain is 625, and the options market is pricing a 1-sigma expected move of about ±1.3% (ATM IV 34%).
META is perched right on its flip. Spot 682.31 is only +0.46% above 679.14 — about 0.4× 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 gamma is stacked above spot: +$436M sits overhead against +$143M underneath, a 3.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 680 — but it is also why there is so little to catch META if it goes the other way.
One strike dominates the map: 680, carrying +$136M 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 ±1.3% (±$8.68) into the nearest expiry, with ATM implied volatility at 34% — neither stretched nor giving anything away.
Note that META has already traded through its call wall at 680 (−0.34% 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 670–680 band spans 1.5% of spot.
Want it interactive? Open META on the live gamma map → · see how META compares across the whole board on the free market regime tracker · new to this? What is GEX →
META is technically in positive gamma, but only just — spot sits +0.46% above the 679.14 flip, inside 0.4× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.46%, which is roughly 0.4× the ±1.3% 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.
META's flip is 679.14, with spot at $682.31. The level META would have to lose is 679.14, about 0.4× the ±1.3% one session is priced for — inside a normal day's range, so this regime is not safe.
META's call wall (680) is a magnet and resistance; the put wall (670) is support in positive gamma but a through-level once price is below the flip.
625, for the 2026-09-18 expiry — expiring today. Spot is $682.31, so max pain sits 8.4% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +483M per 1% move into the 2026-09-18 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 META options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
