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 775 at -118.8M per 1% move, 2.0% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 775 | -118.8M | 2.0% | accelerates moves |
| 765 | -78.7M | 0.7% | accelerates moves |
| 760 | -109.9M | 0.0% | accelerates moves |
| 757 | -74M | -0.4% | accelerates moves |
| 755 | -72.9M | -0.6% | accelerates moves |
| 750 | -93.1M | -1.3% | accelerates moves |
As of the latest session, SPY is trading at $759.86 (+0.53% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 767 (upside magnet / resistance) and the put wall at 775 (downside level). Max pain is 772, and the options market is pricing a 1-sigma expected move of about ±0.6% (ATM IV 17%).
One strike dominates the map: 775, carrying −$119M per 1% move — above the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are cheap here: ATM implied volatility is just 17%, pricing only ±0.6% (±$4.7) 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 767 call wall (+0.94% away), the top of a 775–767 band worth -1.1% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open SPY on the live gamma map → · see how SPY compares across the whole board on the free market regime tracker · new to this? What is GEX →
SPY 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.
SPY's flip isn't resolvable from the current chain — check the live map for today's level.
SPY'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.
SPY's call wall (767) is a magnet and resistance; the put wall (775) is support in positive gamma but a through-level once price is below the flip.
772, for the 2026-11-02 expiry — expiring today. Spot is $759.86, so max pain sits 1.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -706M per 1% move into the 2026-11-02 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 →
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Estimated from the SPY options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
