Net gamma exposure by strike ($M per 1% move) · estimated from the SPY options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in SPY right now. The heaviest is 765 at +1622.6M per 1% move, 0.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 770 | +401.7M | 0.8% | pins price |
| 767 | +483.6M | 0.4% | pins price |
| 765 | +1622.6M | 0.2% | pins price |
| 764 | +471.8M | 0.0% | pins price |
| 763 | +405.3M | -0.1% | pins price |
| 762 | +527.4M | -0.2% | pins price |
As of the latest session, SPY is trading at $763.69 (+0.07% on the day). Net dealer gamma is positive, with the zero-gamma flip near 760.26. The call wall sits at 765 (upside magnet / resistance) and the put wall at 673 (downside level). Max pain is 660, and the options market is pricing a 1-sigma expected move of about ±0.4% (ATM IV 9%).
SPY holds a working cushion above its flip. Spot 763.69 sits +0.45% clear of 760.26, roughly 1.1× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided SPY was cheap.
The gamma is stacked above spot: +$4.25B sits overhead against +$1.03B underneath, a 4.1-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 765 — but it is also why there is so little to catch SPY if it goes the other way.
One strike dominates the map: 765, carrying +$1.62B 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 cheap here: ATM implied volatility is just 9%, pricing only ±0.4% (±$2.68) to the nearest expiry. When implied vol is this compressed against a positive-gamma book, buying optionality costs little — and it is usually compressed because the hedging flow has been suppressing realised movement.
Spot is effectively at the 765 call wall (+0.17% away), the top of a 673–765 band worth 12.0% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
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SPY is in positive gamma with +0.45% of room above the 760.26 flip (about 1.1× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +0.45%, which is roughly 1.1× the ±0.4% 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.
SPY's flip is 760.26, with spot at $763.69. The level SPY would have to lose is 760.26, about 1.1× the ±0.4% one session is priced for.
SPY's call wall (765) is a magnet and resistance; the put wall (673) is support in positive gamma but a through-level once price is below the flip.
660, for the 2026-09-18 expiry — expiring today. Spot is $763.69, so max pain sits 13.6% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +5253M 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 SPY options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
