Net gamma exposure by strike ($M per 1% move) · estimated from the NET options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in NET right now. The heaviest is 270 at -0.8M per 1% move, 6.1% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 335 | +0.2M | 16.5% | pins price |
| 330 | +0.2M | 14.8% | pins price |
| 290 | -0.2M | 0.9% | accelerates moves |
| 280 | -0.2M | -2.6% | accelerates moves |
| 270 | -0.8M | -6.1% | accelerates moves |
| 240 | -0.4M | -16.5% | accelerates moves |
As of the latest session, NET is trading at $287.50 (+2.42% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 310 (upside magnet / resistance) and the put wall at 270 (downside level). Max pain is 300, and the options market is pricing a 1-sigma expected move of about ±15.1% (ATM IV 145%).
The gamma is stacked above spot: +$1M sits overhead against +$0M underneath, a 5.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 310 — but it is also why there is so little to catch NET if it goes the other way.
One strike dominates the map: 270, carrying −$1M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 145%, pricing a 1-sigma move of ±15.1% (±$43.56) 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 270 to 310 — 13.9% of spot, with +7.83% of room to the call wall and −6.09% 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 NET on the live gamma map → · see how NET compares across the whole board on the free market regime tracker · new to this? What is GEX →
NET 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.
NET's flip isn't resolvable from the current chain — check the live map for today's level.
NET'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.
NET's call wall (310) is a magnet and resistance; the put wall (270) is support in positive gamma but a through-level once price is below the flip.
300, for the 2026-11-06 expiry — 4 days out. Spot is $287.50, so max pain sits 4.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -2M per 1% move into the 2026-11-06 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 NET options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
