Net gamma exposure by strike ($M per 1% move) · estimated from the SMH options chain (Polygon).
As of the latest session, SMH is trading at $550.93 (+9.26% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 550 (upside magnet / resistance) and the put wall at 520 (downside level). Max pain is 560, and the options market is pricing a 1-sigma expected move of about ±1.1% (ATM IV 31%).
SMH is in negative gamma. Dealers are net short gamma — they chase the move (buy strength, sell weakness), which amplifies volatility. Moves trend and extend, and the 520 put wall is a through-level, not a floor. It only calms on an accepted reclaim of the flip.
Want it interactive? Open SMH on the live gamma map → · new to this? What is GEX →
SMH is currently in negative gamma, with the zero-gamma flip near the current level. Negative gamma means dealers amplify moves — a trending, more volatile tape where dips and rips extend.
The zero-gamma flip is the price where SMH's net dealer gamma crosses zero — above it price tends to pin, below it it tends to trend. See SMH's live flip on the free gamma map.
SMH's call wall (550) is a magnet and resistance; the put wall (520) is support in positive gamma but a through-level once price is below the flip.
SMH's max pain is 560 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: SMH options flow →
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Estimated from the SMH options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
