Net gamma exposure by strike ($M per 1% move) · estimated from the OKLO options chain (Polygon).
These are the 5 strikes carrying the most dealer gamma in OKLO right now. The heaviest is 25 at -0.2M per 1% move, 3.0% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 29 | +0.1M | 12.6% | pins price |
| 28 | +0.1M | 8.7% | pins price |
| 27 | +0.1M | 4.8% | pins price |
| 25 | -0.2M | -3.0% | accelerates moves |
| 22.5 | -0.1M | -12.7% | accelerates moves |
As of the latest session, OKLO is trading at $25.76 (+2.02% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 28 (upside magnet / resistance) and the put wall at 25 (downside level). Max pain is 28.5, and the options market is pricing a 1-sigma expected move of about ±12.1% (ATM IV 116%).
One strike dominates the map: 25, carrying −$0M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 116%, pricing a 1-sigma move of ±12.1% (±$3.12) 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 25 to 28 — 11.6% of spot, with +8.70% of room to the call wall and −2.95% 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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OKLO is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
OKLO's flip isn't resolvable from the current chain — check the live map for today's level.
OKLO's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
OKLO's call wall (28) is a magnet and resistance; the put wall (25) is support in positive gamma but a through-level once price is below the flip.
28.5, for the 2026-11-06 expiry — 4 days out. Spot is $25.76, so max pain sits 10.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-11-06 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 OKLO options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
