Net gamma exposure by strike ($M per 1% move) · estimated from the PEP options chain (Polygon).
As of the latest session, PEP is trading at $139.86 (-2.54% on the day). Net dealer gamma is positive, with the zero-gamma flip near 138.52. The call wall sits at 140 (upside magnet / resistance) and the put wall at 135 (downside level). Max pain is 137, and the options market is pricing a 1-sigma expected move of about ±1.6% (ATM IV 44%).
PEP is in positive gamma. Dealers are net long gamma — they sell strength and buy weakness, which compresses volatility and pulls price toward the big strikes. Expect a grindy, mean-reverting tape that wants to pin near 137. The edge is fading the extremes of the 135–140 band — until 138.52 gives way to the downside.
Want it interactive? Open PEP on the live gamma map → · new to this? What is GEX →
PEP is currently in positive gamma, with the zero-gamma flip near 138.52. Positive gamma means dealers dampen moves — a calmer, mean-reverting, pin-toward-the-strikes tape.
PEP's zero-gamma flip is around 138.52 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
PEP's call wall (140) is a magnet and resistance; the put wall (135) is support in positive gamma but a through-level once price is below the flip.
PEP's max pain is 137 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: PEP options flow →
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the PEP options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
