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 160 at -2.6M per 1% move, 3.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 177.5 | +1.3M | 6.8% | pins price |
| 175 | -2.2M | 5.3% | accelerates moves |
| 172.5 | +1.4M | 3.8% | pins price |
| 160 | -2.6M | -3.7% | accelerates moves |
| 155 | -1.6M | -6.7% | accelerates moves |
| 150 | -1.5M | -9.7% | accelerates moves |
As of the latest session, QCOM is trading at $166.19 (+0.85% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 172.5 (upside magnet / resistance) and the put wall at 160 (downside level). Max pain is 175, and the options market is pricing a 1-sigma expected move of about ±9.1% (ATM IV 100%).
One strike dominates the map: 160, carrying −$3M 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 100%, pricing a 1-sigma move of ±9.1% (±$15.11) 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 160 to 172.5 — 7.5% of spot, with +3.80% of room to the call wall and −3.72% 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 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 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.
QCOM's flip isn't resolvable from the current chain — check the live map for today's level.
QCOM'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.
QCOM's call wall (172.5) is a magnet and resistance; the put wall (160) is support in positive gamma but a through-level once price is below the flip.
175, for the 2026-11-06 expiry — 3 days out. Spot is $166.19, so max pain sits 5.3% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -4M 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 QCOM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
