Net gamma exposure by strike ($M per 1% move) · estimated from the RIOT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in RIOT right now. The heaviest is 23 at +5.1M per 1% move, 3.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 25 | +0.8M | 12.3% | pins price |
| 24 | +1.1M | 7.8% | pins price |
| 23 | +5.1M | 3.3% | pins price |
| 22.5 | +0.8M | 1.0% | pins price |
| 22 | +1.2M | -1.2% | pins price |
| 20.5 | -0.5M | -7.9% | accelerates moves |
As of the latest session, RIOT is trading at $22.27 (+1.51% on the day). Net dealer gamma is positive, with the zero-gamma flip near 21.84. The call wall sits at 23 (upside magnet / resistance) and the put wall at 20.5 (downside level). Max pain is 20.5, and the options market is pricing a 1-sigma expected move of about ±3.3% (ATM IV 90%).
RIOT is perched right on its flip. Spot 22.27 is only +1.93% above 21.84 — about 0.6× 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: +$9M sits overhead against +$2M underneath, a 5.1-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 23 — but it is also why there is so little to catch RIOT if it goes the other way.
One strike dominates the map: 23, carrying +$5M 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 90%, pricing a 1-sigma move of ±3.3% (±$0.74) 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 20.5 to 23 — 11.2% of spot, with +3.28% of room to the call wall and −7.95% 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 RIOT on the live gamma map → · see how RIOT compares across the whole board on the free market regime tracker · new to this? What is GEX →
RIOT is technically in positive gamma, but only just — spot sits +1.93% above the 21.84 flip, inside 0.6× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.93%, which is roughly 0.6× the ±3.3% 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.
RIOT's flip is 21.84, with spot at $22.27. The level RIOT would have to lose is 21.84, about 0.6× the ±3.3% one session is priced for — inside a normal day's range, so this regime is not safe.
RIOT's call wall (23) is a magnet and resistance; the put wall (20.5) is support in positive gamma but a through-level once price is below the flip.
20.5, for the 2026-09-18 expiry — expiring today. Spot is $22.27, so max pain sits 7.9% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +9M 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: RIOT options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live RIOT 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 RIOT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
