Net gamma exposure by strike ($M per 1% move) · estimated from the SPOT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in SPOT right now. The heaviest is 515 at -0.7M per 1% move, 1.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 517.5 | -0.3M | 1.7% | accelerates moves |
| 515 | -0.7M | 1.2% | accelerates moves |
| 510 | -0.3M | 0.2% | accelerates moves |
| 500 | -0.5M | -1.8% | accelerates moves |
| 495 | -0.3M | -2.8% | accelerates moves |
| 475 | -0.2M | -6.7% | accelerates moves |
As of the latest session, SPOT is trading at $509.00 (-0.27% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 532.5 (upside magnet / resistance) and the put wall at 515 (downside level). Max pain is 520, and the options market is pricing a 1-sigma expected move of about ±4.7% (ATM IV 45%).
The gamma is stacked above spot: +$1M sits overhead against +$0M underneath, a 13.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 532.5 — but it is also why there is so little to catch SPOT if it goes the other way.
One strike dominates the map: 515, carrying −$1M per 1% move — above the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
The options market is pricing a 1-sigma move of ±4.7% (±$24.01) into the nearest expiry, with ATM implied volatility at 45% — neither stretched nor giving anything away.
That leaves a working band of 515 to 532.5 — 3.4% of spot, with +4.62% of room to the call wall and +1.18% 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 SPOT on the live gamma map → · see how SPOT compares across the whole board on the free market regime tracker · new to this? What is GEX →
SPOT is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
SPOT's flip isn't resolvable from the current chain — check the live map for today's level.
SPOT's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
SPOT's call wall (532.5) is a magnet and resistance; the put wall (515) is support in positive gamma but a through-level once price is below the flip.
520, for the 2026-10-02 expiry — 4 days out. Spot is $509.00, so max pain sits 2.2% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -3M per 1% move into the 2026-10-02 expiry — though spot is below the zero-gamma flip, so hedging at this price runs with the move and adds to it. GEX describes the character of the tape, not the direction. How dealer gamma works →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: SPOT options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live SPOT dealer gamma, updates itself. No signup, no API key. Copy and paste:
Keep the credit line — it's the only thing we ask for.
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the SPOT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
