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 650 at +2.7M per 1% move, 6.7% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 650 | +2.7M | 6.7% | pins price |
| 640 | +0.8M | 5.1% | pins price |
| 630 | +1.1M | 3.4% | pins price |
| 620 | +0.6M | 1.8% | pins price |
| 600 | +1.8M | -1.5% | pins price |
| 575 | -0.8M | -5.6% | accelerates moves |
As of the latest session, SPOT is trading at $609.00 (+2.36% on the day). Net dealer gamma is positive, with the zero-gamma flip near 599.83. The call wall sits at 650 (upside magnet / resistance) and the put wall at 575 (downside level). Max pain is 565, and the options market is pricing a 1-sigma expected move of about ±6% (ATM IV 47%).
SPOT is perched right on its flip. Spot 609 is only +1.51% above 599.83 — about 0.3× 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: +$7M of positive gamma above spot versus +$3M below, a 2.5-to-1 tilt. Enough to bias drift toward 650, not enough to call it a magnet.
One strike dominates the map: 650, carrying +$3M 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.
The options market is pricing a 1-sigma move of ±6% (±$36.79) into the nearest expiry, with ATM implied volatility at 47% — neither stretched nor giving anything away.
That leaves a working band of 575 to 650 — 12.3% of spot, with +6.73% of room to the call wall and −5.58% 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 technically in positive gamma, but only just — spot sits +1.51% above the 599.83 flip, inside 0.3× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.51%, which is roughly 0.3× the ±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.
SPOT's flip is 599.83, with spot at $609.00. The level SPOT would have to lose is 599.83, about 0.3× the ±6% one session is priced for — inside a normal day's range, so this regime is not safe.
SPOT's call wall (650) is a magnet and resistance; the put wall (575) is support in positive gamma but a through-level once price is below the flip.
565, for the 2026-11-20 expiry — 6 days out. Spot is $609.00, so max pain sits 7.2% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +7M per 1% move into the 2026-11-20 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 SPOT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
