Net gamma exposure by strike ($M per 1% move) · estimated from the PLTR options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in PLTR right now. The heaviest is 180 at +60.1M per 1% move, 2.1% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 185 | +12M | 5.0% | pins price |
| 182.5 | +14.2M | 3.6% | pins price |
| 180 | +60.1M | 2.1% | pins price |
| 177.5 | +35.2M | 0.7% | pins price |
| 175 | +41.4M | -0.7% | pins price |
| 172.5 | +17.5M | -2.1% | pins price |
As of the latest session, PLTR is trading at $176.24 (+0.15% on the day). Net dealer gamma is positive, with the zero-gamma flip near 172.35. The call wall sits at 180 (upside magnet / resistance) and the put wall at 165 (downside level). Max pain is 170, and the options market is pricing a 1-sigma expected move of about ±2.3% (ATM IV 63%).
PLTR is perched right on its flip. Spot 176.24 is only +2.21% above 172.35 — about 1.0× 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 book leans mildly upward: +$138M of positive gamma above spot versus +$61M below, a 2.2-to-1 tilt. Enough to bias drift toward 180, not enough to call it a magnet.
One strike dominates the map: 180, carrying +$60M 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 63%, pricing a 1-sigma move of ±2.3% (±$4.11) 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 165 to 180 — 8.5% of spot, with +2.13% of room to the call wall and −6.38% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open PLTR on the live gamma map → · see how PLTR compares across the whole board on the free market regime tracker · new to this? What is GEX →
PLTR is technically in positive gamma, but only just — spot sits +2.21% above the 172.35 flip, inside 1.0× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +2.21%, which is roughly 1.0× the ±2.3% 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.
PLTR's flip is 172.35, with spot at $176.24. The level PLTR would have to lose is 172.35, about 1.0× the ±2.3% one session is priced for — inside a normal day's range, so this regime is not safe.
PLTR's call wall (180) is a magnet and resistance; the put wall (165) is support in positive gamma but a through-level once price is below the flip.
170, for the 2026-09-18 expiry — expiring today. Spot is $176.24, 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 +181M 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 PLTR options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
