Net gamma exposure by strike ($M per 1% move) · estimated from the PFE options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in PFE right now. The heaviest is 28 at +6.3M per 1% move, 1.4% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 30 | +2.3M | 8.6% | pins price |
| 29 | +4.7M | 5.0% | pins price |
| 28.5 | +3.3M | 3.2% | pins price |
| 28 | +6.3M | 1.4% | pins price |
| 27.5 | -0.5M | -0.4% | accelerates moves |
| 27 | +1.1M | -2.2% | pins price |
As of the latest session, PFE is trading at $27.62 (-0.07% on the day). Net dealer gamma is positive, with the zero-gamma flip near 27.52. The call wall sits at 28 (upside magnet / resistance) and the put wall at 27.5 (downside level). Max pain is 26.5, and the options market is pricing a 1-sigma expected move of about ±2.4% (ATM IV 23%).
PFE is perched right on its flip. Spot 27.62 is only +0.36% above 27.52 — about 0.2× 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: +$17M sits overhead against +$1M underneath, a 15.7-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 28 — but it is also why there is so little to catch PFE if it goes the other way.
One strike dominates the map: 28, 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.
Options are cheap here: ATM implied volatility is just 23%, pricing only ±2.4% (±$0.67) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
Spot is effectively at the 28 call wall (+1.38% away), the top of a 27.5–28 band worth 1.8% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open PFE on the live gamma map → · see how PFE compares across the whole board on the free market regime tracker · new to this? What is GEX →
PFE is technically in positive gamma, but only just — spot sits +0.36% above the 27.52 flip, inside 0.2× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.36%, which is roughly 0.2× the ±2.4% 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.
PFE's flip is 27.52, with spot at $27.62. The level PFE would have to lose is 27.52, about 0.2× the ±2.4% one session is priced for — inside a normal day's range, so this regime is not safe.
PFE's call wall (28) is a magnet and resistance; the put wall (27.5) is support in positive gamma but a through-level once price is below the flip.
26.5, for the 2026-09-25 expiry — 4 days out. Spot is $27.62, so max pain sits 4.1% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +17M per 1% move into the 2026-09-25 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: PFE options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live PFE dealer gamma, updates itself. No signup, no API key. Copy and paste:
Keep the credit line — it's the only thing we ask for.
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 PFE options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
