Net gamma exposure by strike ($M per 1% move) · estimated from the TEAM options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in TEAM right now. The heaviest is 190 at +4.1M per 1% move, 0.8% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 205 | +0.2M | 7.0% | pins price |
| 200 | +1.2M | 4.4% | pins price |
| 192.5 | +0.5M | 0.5% | pins price |
| 190 | +4.1M | -0.8% | pins price |
| 187.5 | +0.3M | -2.1% | pins price |
| 175 | -0.2M | -8.7% | accelerates moves |
As of the latest session, TEAM is trading at $191.58 (-0.49% on the day). Net dealer gamma is positive, with the zero-gamma flip near 184.35. The call wall sits at 190 (upside magnet / resistance) and the put wall at 175 (downside level). Max pain is 170, and the options market is pricing a 1-sigma expected move of about ±6.7% (ATM IV 64%).
TEAM is perched right on its flip. Spot 191.58 is only +3.77% above 184.35 — about 0.6× 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.
Unusually, the gamma mass sits below spot: +$5M underneath against only +$2M overhead. TEAM has more structure supporting it than capping it, and the thin overhead is why upside moves can travel further than the walls suggest.
One strike dominates the map: 190, carrying +$4M per 1% move — below 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 64%, pricing a 1-sigma move of ±6.7% (±$12.92) 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.
Note that TEAM has already traded through its call wall at 190 (−0.82% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 175–190 band spans 7.8% of spot.
Want it interactive? Open TEAM on the live gamma map → · see how TEAM compares across the whole board on the free market regime tracker · new to this? What is GEX →
TEAM is technically in positive gamma, but only just — spot sits +3.77% above the 184.35 flip, inside 0.6× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +3.77%, which is roughly 0.6× the ±6.7% 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.
TEAM's flip is 184.35, with spot at $191.58. The level TEAM would have to lose is 184.35, about 0.6× the ±6.7% one session is priced for — inside a normal day's range, so this regime is not safe.
TEAM's call wall (190) is a magnet and resistance; the put wall (175) is support in positive gamma but a through-level once price is below the flip.
170, for the 2026-09-25 expiry — 4 days out. Spot is $191.58, so max pain sits 11.3% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +7M 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 TEAM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
