Net gamma exposure by strike ($M per 1% move) · estimated from the SMR options chain (Polygon).
As of the latest session, SMR is trading at $5.73 (+1.97% on the day). Net dealer gamma is positive, with the zero-gamma flip near 5.61. The call wall sits at 6 (upside magnet / resistance) and the put wall at 5.5 (downside level). Max pain is 6, and the options market is pricing a 1-sigma expected move of about ±9.6% (ATM IV 106%).
SMR is perched right on its flip. Spot 5.73 is only +2.09% above 5.61 — 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.
One strike dominates the map: 6, carrying +$0M 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 106%, pricing a 1-sigma move of ±9.6% (±$0.55) 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 5.5 to 6 — 8.7% of spot, with +4.71% of room to the call wall and −4.01% 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 SMR on the live gamma map → · see how SMR compares across the whole board on the free market regime tracker · new to this? What is GEX →
SMR is technically in positive gamma, but only just — spot sits +2.09% above the 5.61 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 +2.09%, which is roughly 0.2× the ±9.6% 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.
SMR's flip is 5.61, with spot at $5.73. The level SMR would have to lose is 5.61, about 0.2× the ±9.6% one session is priced for — inside a normal day's range, so this regime is not safe.
SMR's call wall (6) is a magnet and resistance; the put wall (5.5) is support in positive gamma but a through-level once price is below the flip.
6, for the 2026-11-06 expiry — 3 days out. Spot is $5.73, so max pain sits 4.7% above the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About 0M 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 SMR options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
