Net gamma exposure by strike ($M per 1% move) · estimated from the UNH options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in UNH right now. The heaviest is 370 at -26.8M per 1% move, 1.4% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 375 | -5.3M | -0.1% | accelerates moves |
| 372.5 | -4.1M | -0.7% | accelerates moves |
| 370 | -26.8M | -1.4% | accelerates moves |
| 367.5 | -3.2M | -2.1% | accelerates moves |
| 365 | -3.8M | -2.7% | accelerates moves |
| 360 | -6.9M | -4.1% | accelerates moves |
As of the latest session, UNH is trading at $375.21 (+0.25% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 377.5 (upside magnet / resistance) and the put wall at 370 (downside level). Max pain is 385, and the options market is pricing a 1-sigma expected move of about ±1.3% (ATM IV 35%).
One strike dominates the map: 370, carrying −$27M 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 ±1.3% (±$4.91) into the nearest expiry, with ATM implied volatility at 35% — neither stretched nor giving anything away.
Spot is effectively at the 377.5 call wall (+0.61% away), the top of a 370–377.5 band worth 2.0% 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 UNH on the live gamma map → · see how UNH compares across the whole board on the free market regime tracker · new to this? What is GEX →
UNH 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.
UNH's flip isn't resolvable from the current chain — check the live map for today's level.
UNH'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.
UNH's call wall (377.5) is a magnet and resistance; the put wall (370) is support in positive gamma but a through-level once price is below the flip.
385, for the 2026-09-18 expiry — expiring today. Spot is $375.21, so max pain sits 2.6% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -46M per 1% move into the 2026-09-18 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 UNH options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
