Net gamma exposure by strike ($M per 1% move) · estimated from the OKLO options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in OKLO right now. The heaviest is 45 at +3.3M per 1% move, 12.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 45 | +3.3M | 12.2% | pins price |
| 42 | +0.2M | 4.7% | pins price |
| 40.5 | +0.2M | 1.0% | pins price |
| 40 | +0.5M | -0.2% | pins price |
| 39 | +0.7M | -2.7% | pins price |
| 35 | -0.5M | -12.7% | accelerates moves |
As of the latest session, OKLO is trading at $40.10 (+0.93% on the day). Net dealer gamma is positive, with the zero-gamma flip near 38.91. The call wall sits at 39 (upside magnet / resistance) and the put wall at 37 (downside level). Max pain is 40, and the options market is pricing a 1-sigma expected move of about ±3.7% (ATM IV 99%).
OKLO is perched right on its flip. Spot 40.1 is only +2.97% above 38.91 — about 0.8× 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 gamma is stacked above spot: +$4M sits overhead against +$1M underneath, a 3.1-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 39 — but it is also why there is so little to catch OKLO if it goes the other way.
One strike dominates the map: 45, carrying +$3M 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 99%, pricing a 1-sigma move of ±3.7% (±$1.46) 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.
Note that OKLO has already traded through its call wall at 39 (−2.74% 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 37–39 band spans 5.0% of spot.
Want it interactive? Open OKLO on the live gamma map → · see how OKLO compares across the whole board on the free market regime tracker · new to this? What is GEX →
OKLO is technically in positive gamma, but only just — spot sits +2.97% above the 38.91 flip, inside 0.8× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +2.97%, which is roughly 0.8× the ±3.7% 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.
OKLO's flip is 38.91, with spot at $40.10. The level OKLO would have to lose is 38.91, about 0.8× the ±3.7% one session is priced for — inside a normal day's range, so this regime is not safe.
OKLO's call wall (39) is a magnet and resistance; the put wall (37) is support in positive gamma but a through-level once price is below the flip.
40, for the 2026-09-18 expiry — expiring today. Spot is $40.10, so max pain sits 0.2% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +5M 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 OKLO options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
