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 330 at +9.9M per 1% move, 1.2% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 360 | +1.6M | 7.8% | pins price |
| 350 | +4M | 4.8% | pins price |
| 342.5 | +0.9M | 2.6% | pins price |
| 340 | +7.1M | 1.8% | pins price |
| 335 | +1.3M | 0.3% | pins price |
| 330 | +9.9M | -1.2% | pins price |
As of the latest session, NET is trading at $333.94 (+0% on the day). Net dealer gamma is positive, with the zero-gamma flip near 327.77. The call wall sits at 330 (upside magnet / resistance) and the put wall at 320 (downside level). Max pain is 300, and the options market is pricing a 1-sigma expected move of about ±2.1% (ATM IV 57%).
NET is perched right on its flip. Spot 333.94 is only +1.85% above 327.77 — about 0.9× 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 book leans mildly upward: +$18M of positive gamma above spot versus +$11M below, a 1.7-to-1 tilt. Enough to bias drift toward 330, not enough to call it a magnet.
One strike dominates the map: 330, carrying +$10M 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 ±2.1% (±$7.06) into the nearest expiry, with ATM implied volatility at 57% — neither stretched nor giving anything away.
Note that NET has already traded through its call wall at 330 (−1.18% 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 320–330 band spans 3.0% of spot.
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 technically in positive gamma, but only just — spot sits +1.85% above the 327.77 flip, inside 0.9× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.85%, which is roughly 0.9× the ±2.1% 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.
NET's flip is 327.77, with spot at $333.94. The level NET would have to lose is 327.77, about 0.9× the ±2.1% one session is priced for — inside a normal day's range, so this regime is not safe.
NET's call wall (330) is a magnet and resistance; the put wall (320) is support in positive gamma but a through-level once price is below the flip.
300, for the 2026-09-18 expiry — expiring today. Spot is $333.94, so max pain sits 10.2% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +27M 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 NET options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
