Net gamma exposure by strike ($M per 1% move) · estimated from the MSFT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in MSFT right now. The heaviest is 500 at +148.6M per 1% move, 0.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 510 | +65.6M | 2.5% | pins price |
| 507.5 | +39.7M | 2.0% | pins price |
| 505 | +40.4M | 1.5% | pins price |
| 500 | +148.6M | 0.5% | pins price |
| 480 | +28M | -3.6% | pins price |
| 470 | +30.6M | -5.6% | pins price |
As of the latest session, MSFT is trading at $497.75 (+0.25% on the day). Net dealer gamma is positive, with the zero-gamma flip near —. The call wall sits at 500 (upside magnet / resistance) and the put wall at 495 (downside level). Max pain is 460, and the options market is pricing a 1-sigma expected move of about ±1.5% (ATM IV 40%).
The gamma is stacked above spot: +$370M sits overhead against +$137M underneath, a 2.7-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 500 — but it is also why there is so little to catch MSFT if it goes the other way.
One strike dominates the map: 500, carrying +$149M 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 ±1.5% (±$7.34) into the nearest expiry, with ATM implied volatility at 40% — neither stretched nor giving anything away.
Spot is effectively at the 500 call wall (+0.45% away), the top of a 495–500 band worth 1.0% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open MSFT on the live gamma map → · see how MSFT compares across the whole board on the free market regime tracker · new to this? What is GEX →
MSFT 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.
MSFT's flip isn't resolvable from the current chain — check the live map for today's level.
MSFT'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.
MSFT's call wall (500) is a magnet and resistance; the put wall (495) is support in positive gamma but a through-level once price is below the flip.
460, for the 2026-09-18 expiry — expiring today. Spot is $497.75, so max pain sits 7.6% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +487M 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 MSFT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
