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 15 at +0.8M per 1% move, 14.4% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 15 | +0.8M | 14.4% | pins price |
| 14 | +0.1M | 6.8% | pins price |
| 13.5 | +0.2M | 3.0% | pins price |
| 13 | +0.7M | -0.8% | pins price |
| 12 | -0.1M | -8.5% | accelerates moves |
| 11 | -0.2M | -16.1% | accelerates moves |
As of the latest session, RIOT is trading at $13.11 (+2.34% on the day). Net dealer gamma is positive, with the zero-gamma flip near 12.74. The call wall sits at 13 (upside magnet / resistance) and the put wall at 12 (downside level). Max pain is 13, and the options market is pricing a 1-sigma expected move of about ±11.7% (ATM IV 129%).
RIOT is perched right on its flip. Spot 13.11 is only +2.82% above 12.74 — about 0.2× 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 book leans mildly upward: +$1M of positive gamma above spot versus +$1M below, a 1.7-to-1 tilt. Enough to bias drift toward 13, not enough to call it a magnet.
One strike dominates the map: 15, carrying +$1M 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 129%, pricing a 1-sigma move of ±11.7% (±$1.54) 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.
Note that RIOT has already traded through its call wall at 13 (−0.84% 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 12–13 band spans 7.6% of spot.
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 +2.82% above the 12.74 flip, inside 0.2× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +2.82%, which is roughly 0.2× the ±11.7% 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 12.74, with spot at $13.11. The level RIOT would have to lose is 12.74, about 0.2× the ±11.7% one session is priced for — inside a normal day's range, so this regime is not safe.
RIOT's call wall (13) is a magnet and resistance; the put wall (12) is support in positive gamma but a through-level once price is below the flip.
13, for the 2026-11-06 expiry — 3 days out. Spot is $13.11, so max pain sits 0.8% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +1M per 1% move into the 2026-11-06 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 RIOT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
