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 95 at +5.2M per 1% move, 1.9% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 105 | +0.8M | 12.6% | pins price |
| 100 | +2.4M | 7.3% | pins price |
| 95 | +5.2M | 1.9% | pins price |
| 90 | -0.2M | -3.5% | accelerates moves |
| 85 | -0.5M | -8.8% | accelerates moves |
| 80 | -0.1M | -14.2% | accelerates moves |
As of the latest session, OKE is trading at $93.22 (+0% on the day). Net dealer gamma is positive, with the zero-gamma flip near 90.77. The call wall sits at 95 (upside magnet / resistance) and the put wall at 85 (downside level). Max pain is 90, and the options market is pricing a 1-sigma expected move of about ±2.2% (ATM IV 60%).
OKE holds a working cushion above its flip. Spot 93.22 sits +2.63% clear of 90.77, roughly 1.2× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided OKE was cheap.
One strike dominates the map: 95, carrying +$5M 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.
Options are expensive here: ATM implied volatility is 60%, pricing a 1-sigma move of ±2.2% (±$2.08) 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 85 to 95 — 10.7% of spot, with +1.91% of room to the call wall and −8.82% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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OKE is in positive gamma with +2.63% of room above the 90.77 flip (about 1.2× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.63%, which is roughly 1.2× the ±2.2% 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 90.77, with spot at $93.22. The level OKE would have to lose is 90.77, about 1.2× the ±2.2% one session is priced for.
OKE's call wall (95) is a magnet and resistance; the put wall (85) is support in positive gamma but a through-level once price is below the flip.
90, for the 2026-09-18 expiry — expiring today. Spot is $93.22, so max pain sits 3.5% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +8M 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 OKE options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
