Net gamma exposure by strike ($M per 1% move) · estimated from the ROST options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in ROST right now. The heaviest is 220 at -2.8M per 1% move, 5.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 240 | -0.9M | 2.8% | accelerates moves |
| 237.5 | +0.8M | 1.8% | pins price |
| 235 | -2M | 0.7% | accelerates moves |
| 225 | -0.8M | -3.6% | accelerates moves |
| 220 | -2.8M | -5.7% | accelerates moves |
| 215 | -2.6M | -7.9% | accelerates moves |
As of the latest session, ROST is trading at $233.40 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 250 (upside magnet / resistance) and the put wall at 220 (downside level). Max pain is 240, and the options market is pricing a 1-sigma expected move of about ±0.9% (ATM IV 17%).
The gamma is stacked above spot: +$2M sits overhead against +$1M underneath, a 3.8-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 250 — but it is also why there is so little to catch ROST if it goes the other way.
One strike dominates the map: 220, 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 cheap here: ATM implied volatility is just 17%, pricing only ±0.9% (±$2.13) 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.
That leaves a working band of 220 to 250 — 12.9% of spot, with +7.11% of room to the call wall and −5.74% 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 ROST on the live gamma map → · see how ROST compares across the whole board on the free market regime tracker · new to this? What is GEX →
ROST 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.
ROST's flip isn't resolvable from the current chain — check the live map for today's level.
ROST'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.
ROST's call wall (250) is a magnet and resistance; the put wall (220) is support in positive gamma but a through-level once price is below the flip.
240, for the 2026-10-02 expiry — 1 day out. Spot is $233.40, so max pain sits 2.8% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -7M per 1% move into the 2026-10-02 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 ROST options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
