Net gamma exposure by strike ($M per 1% move) · estimated from the SLB options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in SLB right now. The heaviest is 55 at +1.7M per 1% move, 6.9% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 55 | +1.7M | 6.9% | pins price |
| 52.5 | +0.5M | 2.0% | pins price |
| 51 | +0.5M | -0.9% | pins price |
| 50 | +1.2M | -2.8% | pins price |
| 47.5 | -0.4M | -7.7% | accelerates moves |
| 45 | -0.4M | -12.5% | accelerates moves |
As of the latest session, SLB is trading at $51.45 (-1.09% on the day). Net dealer gamma is positive, with the zero-gamma flip near 49.99. The call wall sits at 55 (upside magnet / resistance) and the put wall at 47.5 (downside level). Max pain is 50, and the options market is pricing a 1-sigma expected move of about ±2.2% (ATM IV 42%).
SLB holds a working cushion above its flip. Spot 51.45 sits +2.84% clear of 49.99, roughly 1.3× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided SLB was cheap.
The book leans mildly upward: +$4M of positive gamma above spot versus +$2M below, a 2.3-to-1 tilt. Enough to bias drift toward 55, not enough to call it a magnet.
One strike dominates the map: 55, carrying +$2M 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.
The options market is pricing a 1-sigma move of ±2.2% (±$1.14) into the nearest expiry, with ATM implied volatility at 42% — neither stretched nor giving anything away.
That leaves a working band of 47.5 to 55 — 14.6% of spot, with +6.90% of room to the call wall and −7.68% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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SLB is in positive gamma with +2.84% of room above the 49.99 flip (about 1.3× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.84%, which is roughly 1.3× the ±2.2% 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.
SLB's flip is 49.99, with spot at $51.45. The level SLB would have to lose is 49.99, about 1.3× the ±2.2% one session is priced for.
SLB's call wall (55) is a magnet and resistance; the put wall (47.5) is support in positive gamma but a through-level once price is below the flip.
50, for the 2026-11-06 expiry — 1 day out. Spot is $51.45, so max pain sits 2.8% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +4M 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 SLB options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
