Net gamma exposure by strike ($M per 1% move) · estimated from the MU options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in MU right now. The heaviest is 890 at -4.9M per 1% move, 1.9% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 940 | +3M | 3.6% | pins price |
| 930 | +2.3M | 2.5% | pins price |
| 920 | +2.3M | 1.4% | pins price |
| 890 | -4.9M | -1.9% | accelerates moves |
| 870 | -3.1M | -4.1% | accelerates moves |
| 850 | -2.1M | -6.3% | accelerates moves |
As of the latest session, MU is trading at $907.35 (+2.5% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 940 (upside magnet / resistance) and the put wall at 890 (downside level). Max pain is 940, and the options market is pricing a 1-sigma expected move of about ±1.4% (ATM IV 37%).
The gamma is stacked above spot: +$18M sits overhead against +$1M underneath, a 30.3-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 940 — but it is also why there is so little to catch MU if it goes the other way.
One strike dominates the map: 890, carrying −$5M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±1.4% (±$12.5) into the nearest expiry, with ATM implied volatility at 37% — neither stretched nor giving anything away.
That leaves a working band of 890 to 940 — 5.5% of spot, with +3.60% of room to the call wall and −1.91% 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 MU on the live gamma map → · see how MU compares across the whole board on the free market regime tracker · new to this? What is GEX →
MU 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.
MU's flip isn't resolvable from the current chain — check the live map for today's level.
MU'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.
MU's call wall (940) is a magnet and resistance; the put wall (890) is support in positive gamma but a through-level once price is below the flip.
940, for the 2026-11-02 expiry — expiring today. Spot is $907.35, so max pain sits 3.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -6M per 1% move into the 2026-11-02 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 MU options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
