Net gamma exposure by strike ($M per 1% move) · estimated from the QQQ options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in QQQ right now. The heaviest is 720 at +843.9M per 1% move, 0.2% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 725 | +261.1M | 0.5% | pins price |
| 720 | +843.9M | -0.2% | pins price |
| 715 | +304.9M | -0.9% | pins price |
| 710 | -637.8M | -1.6% | accelerates moves |
| 705 | -209.2M | -2.3% | accelerates moves |
| 700 | -384.7M | -3.0% | accelerates moves |
As of the latest session, QQQ is trading at $721.58 (+0.09% on the day). Net dealer gamma is negative, with the zero-gamma flip near 723.29. The call wall sits at 720 (upside magnet / resistance) and the put wall at 710 (downside level). Max pain is 700, and the options market is pricing a 1-sigma expected move of about ±0.6% (ATM IV 18%).
QQQ is trading below its zero-gamma flip. Spot 721.58 sits −0.24% under 723.29, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in QQQ are extending rather than fading right now. Until 723.29 is reclaimed and held, treat every level below as a through-level rather than support.
Unusually, the gamma mass sits below spot: +$1.81B underneath against only +$979M overhead. QQQ has more structure supporting it than capping it, and the thin overhead is why upside moves can travel further than the walls suggest.
One strike dominates the map: 720, carrying +$844M per 1% move — below 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 18%, pricing only ±0.6% (±$4.68) 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.
Note that QQQ has already traded through its call wall at 720 (−0.22% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 710–720 band spans 1.4% of spot.
Want it interactive? Open QQQ on the live gamma map → · see how QQQ compares across the whole board on the free market regime tracker · new to this? What is GEX →
QQQ is in negative gamma — spot is −0.24% below the 723.29 flip. Dealers amplify moves at these levels, so QQQ trends rather than pins, and downside levels behave as through-levels instead of support.
About −0.24%, which is roughly -0.4× the ±0.6% 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.
QQQ's flip is 723.29, with spot at $721.58. Price is under it, so QQQ needs to reclaim 723.29 and hold it to get back into the suppressed regime — roughly -0.4× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
QQQ's call wall (720) is a magnet and resistance; the put wall (710) is support in positive gamma but a through-level once price is below the flip.
700, for the 2026-09-18 expiry — expiring today. Spot is $721.58, so max pain sits 3.0% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +757M per 1% move into the 2026-09-18 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: QQQ options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live QQQ 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 QQQ options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
