Net gamma exposure by strike ($M per 1% move) · estimated from the TQQQ options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in TQQQ right now. The heaviest is 60 at -2.5M per 1% move, 4.9% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 65 | +1.9M | 3.0% | pins price |
| 63 | +1.8M | -0.1% | pins price |
| 62 | -1M | -1.7% | accelerates moves |
| 60 | -2.5M | -4.9% | accelerates moves |
| 59 | -0.9M | -6.5% | accelerates moves |
| 55 | -0.9M | -12.8% | accelerates moves |
As of the latest session, TQQQ is trading at $63.09 (+1.76% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 65 (upside magnet / resistance) and the put wall at 60 (downside level). Max pain is 66.5, and the options market is pricing a 1-sigma expected move of about ±3.8% (ATM IV 103%).
The book leans mildly upward: +$4M of positive gamma above spot versus +$2M below, a 2.4-to-1 tilt. Enough to bias drift toward 65, not enough to call it a magnet.
One strike dominates the map: 60, carrying −$3M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 103%, pricing a 1-sigma move of ±3.8% (±$2.42) 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.
That leaves a working band of 60 to 65 — 7.9% of spot, with +3.03% of room to the call wall and −4.90% 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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TQQQ 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.
TQQQ's flip isn't resolvable from the current chain — check the live map for today's level.
TQQQ'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.
TQQQ's call wall (65) is a magnet and resistance; the put wall (60) is support in positive gamma but a through-level once price is below the flip.
66.5, for the 2026-11-02 expiry — expiring today. Spot is $63.09, so max pain sits 5.4% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -1M 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 TQQQ options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
