Net gamma exposure by strike ($M per 1% move) · estimated from the OKE options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in OKE right now. The heaviest is 100 at +5.5M per 1% move, 5.8% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 110 | +1.4M | 16.3% | pins price |
| 105 | +1M | 11.1% | pins price |
| 100 | +5.5M | 5.8% | pins price |
| 97.5 | +1.3M | 3.1% | pins price |
| 95 | +1.8M | 0.5% | pins price |
| 90 | -0.5M | -4.8% | accelerates moves |
As of the latest session, OKE is trading at $94.55 (-2.6% on the day). Net dealer gamma is positive, with the zero-gamma flip near 93.75. The call wall sits at 100 (upside magnet / resistance) and the put wall at 90 (downside level). Max pain is 90, and the options market is pricing a 1-sigma expected move of about ±7.9% (ATM IV 37%).
OKE is perched right on its flip. Spot 94.55 is only +0.85% above 93.75 — about 0.1× 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.
One strike dominates the map: 100, carrying +$6M 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.
The options market is pricing a 1-sigma move of ±7.9% (±$7.47) into the nearest expiry, with ATM implied volatility at 37% — neither stretched nor giving anything away.
That leaves a working band of 90 to 100 — 10.6% of spot, with +5.76% of room to the call wall and −4.81% 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 OKE on the live gamma map → · see how OKE compares across the whole board on the free market regime tracker · new to this? What is GEX →
OKE is technically in positive gamma, but only just — spot sits +0.85% above the 93.75 flip, inside 0.1× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.85%, which is roughly 0.1× the ±7.9% 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.
OKE's flip is 93.75, with spot at $94.55. The level OKE would have to lose is 93.75, about 0.1× the ±7.9% one session is priced for — inside a normal day's range, so this regime is not safe.
OKE's call wall (100) is a magnet and resistance; the put wall (90) is support in positive gamma but a through-level once price is below the flip.
90, for the 2026-11-20 expiry — 17 days out. Spot is $94.55, so max pain sits 4.8% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +10M per 1% move into the 2026-11-20 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 OKE options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
