Net gamma exposure by strike ($M per 1% move) · estimated from the NFLX options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in NFLX right now. The heaviest is 75 at +16.1M per 1% move, 0.8% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 85 | +6M | 12.4% | pins price |
| 80 | +4.7M | 5.8% | pins price |
| 77 | +7.9M | 1.9% | pins price |
| 75 | +16.1M | -0.8% | pins price |
| 74 | -12.9M | -2.1% | accelerates moves |
| 70 | -3.7M | -7.4% | accelerates moves |
As of the latest session, NFLX is trading at $75.60 (+0.45% on the day). Net dealer gamma is negative, with the zero-gamma flip near 81.5. The call wall sits at 75 (upside magnet / resistance) and the put wall at 74 (downside level). Max pain is 77, and the options market is pricing a 1-sigma expected move of about ±1.4% (ATM IV 37%).
NFLX is trading below its zero-gamma flip. Spot 75.6 sits −7.80% under 81.5, 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 NFLX are extending rather than fading right now. Until 81.5 is reclaimed and held, treat every level below as a through-level rather than support.
The book leans mildly upward: +$29M of positive gamma above spot versus +$16M below, a 1.8-to-1 tilt. Enough to bias drift toward 75, not enough to call it a magnet.
One strike dominates the map: 75, carrying +$16M 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 ±1.4% (±$1.02) into the nearest expiry, with ATM implied volatility at 37% — neither stretched nor giving anything away.
Note that NFLX has already traded through its call wall at 75 (−0.79% 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 74–75 band spans 1.3% of spot.
Want it interactive? Open NFLX on the live gamma map → · see how NFLX compares across the whole board on the free market regime tracker · new to this? What is GEX →
NFLX is in negative gamma — spot is −7.80% below the 81.5 flip. Dealers amplify moves at these levels, so NFLX trends rather than pins, and downside levels behave as through-levels instead of support.
About −7.80%, which is roughly -5.6× the ±1.4% 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.
NFLX's flip is 81.5, with spot at $75.60. Price is under it, so NFLX needs to reclaim 81.5 and hold it to get back into the suppressed regime — roughly -5.6× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
NFLX's call wall (75) is a magnet and resistance; the put wall (74) is support in positive gamma but a through-level once price is below the flip.
77, for the 2026-09-18 expiry — expiring today. Spot is $75.60, so max pain sits 1.9% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +12M 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 NFLX options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
