Net gamma exposure by strike ($M per 1% move) · estimated from the TLT options chain (Polygon).
As of the latest session, TLT is trading at $82.75 (-0.12% on the day). Net dealer gamma is positive, with the zero-gamma flip near 84.36. The call wall sits at 84 (upside magnet / resistance) and the put wall at 82.5 (downside level). Max pain is 83.5, and the options market is pricing a 1-sigma expected move of about ±0.4% (ATM IV 11%).
TLT is in positive gamma. Dealers are net long gamma — they sell strength and buy weakness, which compresses volatility and pulls price toward the big strikes. Expect a grindy, mean-reverting tape that wants to pin near 83.5. The edge is fading the extremes of the 82.5–84 band — until 84.36 gives way to the downside.
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TLT is currently in positive gamma, with the zero-gamma flip near 84.36. Positive gamma means dealers dampen moves — a calmer, mean-reverting, pin-toward-the-strikes tape.
TLT's zero-gamma flip is around 84.36 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
TLT's call wall (84) is a magnet and resistance; the put wall (82.5) is support in positive gamma but a through-level once price is below the flip.
TLT's max pain is 83.5 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the TLT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
