Net gamma exposure by strike ($M per 1% move) · estimated from the MSTR options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in MSTR right now. The heaviest is 135 at +88M per 1% move, 2.1% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 141 | +13.6M | 6.6% | pins price |
| 140 | +25.9M | 5.9% | pins price |
| 139 | +28.4M | 5.1% | pins price |
| 138 | +30.2M | 4.3% | pins price |
| 136 | +39.2M | 2.8% | pins price |
| 135 | +88M | 2.1% | pins price |
As of the latest session, MSTR is trading at $132.25 (+2.59% on the day). Net dealer gamma is negative, with the zero-gamma flip near 134.19. The call wall sits at 135 (upside magnet / resistance) and the put wall at 125 (downside level). Max pain is 128, and the options market is pricing a 1-sigma expected move of about ±5.9% (ATM IV 159%).
MSTR is trading below its zero-gamma flip. Spot 132.25 sits −1.47% under 134.19, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in MSTR are extending rather than fading right now. Until 134.19 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$256M sits overhead against +$1M underneath, a 232.5-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 135 — but it is also why there is so little to catch MSTR if it goes the other way.
One strike dominates the map: 135, carrying +$88M 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.
Options are expensive here: ATM implied volatility is 159%, pricing a 1-sigma move of ±5.9% (±$7.8) 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 125 to 135 — 7.6% of spot, with +2.08% of room to the call wall and −5.48% 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 MSTR on the live gamma map → · see how MSTR compares across the whole board on the free market regime tracker · new to this? What is GEX →
MSTR is in negative gamma — spot is −1.47% below the 134.19 flip. Dealers amplify moves at these levels, so MSTR trends rather than pins, and downside levels behave as through-levels instead of support.
About −1.47%, which is roughly -0.2× the ±5.9% 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.
MSTR's flip is 134.19, with spot at $132.25. Price is under it, so MSTR needs to reclaim 134.19 and hold it to get back into the suppressed regime — roughly -0.2× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
MSTR's call wall (135) is a magnet and resistance; the put wall (125) is support in positive gamma but a through-level once price is below the flip.
128, for the 2026-09-18 expiry — expiring today. Spot is $132.25, so max pain sits 3.2% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +239M per 1% move into the 2026-09-18 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 MSTR options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
