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 680 at -340.2M per 1% move, 0.4% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 685 | -260.4M | 0.4% | accelerates moves |
| 684 | -82.9M | 0.2% | accelerates moves |
| 683 | -81.2M | 0.1% | accelerates moves |
| 681 | -65M | -0.2% | accelerates moves |
| 680 | -340.2M | -0.4% | accelerates moves |
| 675 | -237.9M | -1.1% | accelerates moves |
As of the latest session, QQQ is trading at $682.51 (-1.21% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 695 (upside magnet / resistance) and the put wall at 680 (downside level). Max pain is 688, and the options market is pricing a 1-sigma expected move of about ±1% (ATM IV 28%).
One strike dominates the map: 680, carrying −$340M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±1% (±$7.02) into the nearest expiry, with ATM implied volatility at 28% — neither stretched nor giving anything away.
That leaves a working band of 680 to 695 — 2.2% of spot, with +1.83% of room to the call wall and −0.37% 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 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 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.
QQQ's flip isn't resolvable from the current chain — check the live map for today's level.
QQQ'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.
QQQ's call wall (695) is a magnet and resistance; the put wall (680) is support in positive gamma but a through-level once price is below the flip.
688, for the 2026-11-02 expiry — expiring today. Spot is $682.51, so max pain sits 0.8% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -1121M per 1% move into the 2026-11-02 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 QQQ options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
