Net gamma exposure by strike ($M per 1% move) · estimated from the SNDK options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in SNDK right now. The heaviest is 1850 at +8.2M per 1% move, 2.9% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 2000 | +3.2M | 11.2% | pins price |
| 1900 | +2.9M | 5.7% | pins price |
| 1850 | +8.2M | 2.9% | pins price |
| 1800 | +7.3M | 0.1% | pins price |
| 1750 | +3.5M | -2.7% | pins price |
| 1700 | +4.3M | -5.5% | pins price |
As of the latest session, SNDK is trading at $1798.00 (+11.37% on the day). Net dealer gamma is positive, with the zero-gamma flip near 1722.7. The call wall sits at 1850 (upside magnet / resistance) and the put wall at 1600 (downside level). Max pain is 1600, and the options market is pricing a 1-sigma expected move of about ±7.7% (ATM IV 66%).
SNDK is perched right on its flip. Spot 1798 is only +4.19% above 1722.7 — about 0.5× 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.
The book leans mildly upward: +$34M of positive gamma above spot versus +$25M below, a 1.3-to-1 tilt. Enough to bias drift toward 1850, not enough to call it a magnet.
One strike dominates the map: 1850, carrying +$8M 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 66%, pricing a 1-sigma move of ±7.7% (±$138.31) 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 1600 to 1850 — 13.9% of spot, with +2.89% of room to the call wall and −11.01% 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 SNDK on the live gamma map → · see how SNDK compares across the whole board on the free market regime tracker · new to this? What is GEX →
SNDK is technically in positive gamma, but only just — spot sits +4.19% above the 1722.7 flip, inside 0.5× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +4.19%, which is roughly 0.5× the ±7.7% 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.
SNDK's flip is 1722.7, with spot at $1798.00. The level SNDK would have to lose is 1722.7, about 0.5× the ±7.7% one session is priced for — inside a normal day's range, so this regime is not safe.
SNDK's call wall (1850) is a magnet and resistance; the put wall (1600) is support in positive gamma but a through-level once price is below the flip.
1600, for the 2026-09-25 expiry — 5 days out. Spot is $1798.00, so max pain sits 11.0% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +46M per 1% move into the 2026-09-25 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 SNDK options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
