Net gamma exposure by strike ($M per 1% move) · estimated from the SMR options chain (Polygon).
These are the 5 strikes carrying the most dealer gamma in SMR right now. The heaviest is 9.5 at +0.5M per 1% move, 3.9% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 11 | -0.1M | 20.4% | accelerates moves |
| 10 | +0.4M | 9.4% | pins price |
| 9.5 | +0.5M | 3.9% | pins price |
| 9 | +0.5M | -1.5% | pins price |
| 8 | -0.2M | -12.5% | accelerates moves |
As of the latest session, SMR is trading at $9.14 (+1.33% on the day). Net dealer gamma is positive, with the zero-gamma flip near 8.74. The call wall sits at 9.5 (upside magnet / resistance) and the put wall at 8.5 (downside level). Max pain is 10, and the options market is pricing a 1-sigma expected move of about ±3.2% (ATM IV 87%).
SMR holds a working cushion above its flip. Spot 9.14 sits +4.38% clear of 8.74, roughly 1.4× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided SMR was cheap.
The book leans mildly upward: +$1M of positive gamma above spot versus +$1M below, a 1.8-to-1 tilt. Enough to bias drift toward 9.5, not enough to call it a magnet.
One strike dominates the map: 9, carrying +$1M per 1% move — below 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 87%, pricing a 1-sigma move of ±3.2% (±$0.3) 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 8.5 to 9.5 — 10.9% of spot, with +3.94% of room to the call wall and −7.00% 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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SMR is in positive gamma with +4.38% of room above the 8.74 flip (about 1.4× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +4.38%, which is roughly 1.4× the ±3.2% 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.
SMR's flip is 8.74, with spot at $9.14. The level SMR would have to lose is 8.74, about 1.4× the ±3.2% one session is priced for.
SMR's call wall (9.5) is a magnet and resistance; the put wall (8.5) is support in positive gamma but a through-level once price is below the flip.
10, for the 2026-09-18 expiry — expiring today. Spot is $9.14, so max pain sits 9.4% above the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +1M per 1% move into the 2026-09-18 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.
