Net gamma exposure by strike ($M per 1% move) · estimated from the TJX options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in TJX right now. The heaviest is 125 at -3.8M per 1% move, 5.5% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 140 | +2.3M | 5.8% | pins price |
| 135 | +1.8M | 2.0% | pins price |
| 132 | +0.9M | -0.2% | pins price |
| 131 | +0.9M | -1.0% | pins price |
| 130 | +1.5M | -1.7% | pins price |
| 125 | -3.8M | -5.5% | accelerates moves |
As of the latest session, TJX is trading at $132.31 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near 134.98. The call wall sits at 140 (upside magnet / resistance) and the put wall at 125 (downside level). Max pain is 130, and the options market is pricing a 1-sigma expected move of about ±1.7% (ATM IV 33%).
TJX is trading below its zero-gamma flip. Spot 132.31 sits −2.02% under 134.98, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in TJX are extending rather than fading right now. Until 134.98 is reclaimed and held, treat every level below as a through-level rather than support.
The book leans mildly upward: +$7M of positive gamma above spot versus +$3M below, a 2.1-to-1 tilt. Enough to bias drift toward 140, not enough to call it a magnet.
One strike dominates the map: 125, carrying −$4M per 1% move — below 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 ±1.7% (±$2.29) into the nearest expiry, with ATM implied volatility at 33% — neither stretched nor giving anything away.
That leaves a working band of 125 to 140 — 11.3% of spot, with +5.81% of room to the call wall and −5.52% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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TJX is in negative gamma — spot is −2.02% below the 134.98 flip. Dealers amplify moves at these levels, so TJX trends rather than pins, and downside levels behave as through-levels instead of support.
About −2.02%, which is roughly -1.2× the ±1.7% 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.
TJX's flip is 134.98, with spot at $132.31. Price is under it, so TJX needs to reclaim 134.98 and hold it to get back into the suppressed regime — roughly -1.2× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
TJX's call wall (140) is a magnet and resistance; the put wall (125) is support in positive gamma but a through-level once price is below the flip.
130, for the 2026-10-02 expiry — 1 day out. Spot is $132.31, so max pain sits 1.7% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +4M 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 →
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Estimated from the TJX options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
