Net gamma exposure by strike ($M per 1% move) · estimated from the QCOM options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in QCOM right now. The heaviest is 190 at +23.1M per 1% move, 0.7% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 210 | +2.3M | 11.3% | pins price |
| 200 | +14.7M | 6.0% | pins price |
| 195 | +7.2M | 3.3% | pins price |
| 192.5 | +4.1M | 2.0% | pins price |
| 190 | +23.1M | 0.7% | pins price |
| 187.5 | +4.2M | -0.6% | pins price |
As of the latest session, QCOM is trading at $188.71 (+0.82% on the day). Net dealer gamma is positive, with the zero-gamma flip near 187.17. The call wall sits at 190 (upside magnet / resistance) and the put wall at 182.5 (downside level). Max pain is 175, and the options market is pricing a 1-sigma expected move of about ±1.5% (ATM IV 42%).
QCOM is perched right on its flip. Spot 188.71 is only +0.82% above 187.17 — about 0.5× 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: +$57M sits overhead against +$5M underneath, a 11.8-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 190 — but it is also why there is so little to catch QCOM if it goes the other way.
One strike dominates the map: 190, carrying +$23M 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.
The options market is pricing a 1-sigma move of ±1.5% (±$2.91) into the nearest expiry, with ATM implied volatility at 42% — neither stretched nor giving anything away.
Spot is effectively at the 190 call wall (+0.68% away), the top of a 182.5–190 band worth 4.0% 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 QCOM on the live gamma map → · see how QCOM compares across the whole board on the free market regime tracker · new to this? What is GEX →
QCOM is technically in positive gamma, but only just — spot sits +0.82% above the 187.17 flip, inside 0.5× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +0.82%, which is roughly 0.5× the ±1.5% 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.
QCOM's flip is 187.17, with spot at $188.71. The level QCOM would have to lose is 187.17, about 0.5× the ±1.5% one session is priced for — inside a normal day's range, so this regime is not safe.
QCOM's call wall (190) is a magnet and resistance; the put wall (182.5) is support in positive gamma but a through-level once price is below the flip.
175, for the 2026-09-18 expiry — expiring today. Spot is $188.71, so max pain sits 7.3% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +57M 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 QCOM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
