Net gamma exposure by strike ($M per 1% move) · estimated from the VRTX options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in VRTX right now. The heaviest is 550 at +0.2M per 1% move, 1.6% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 550 | +0.2M | -1.6% | pins price |
| 520 | -0.2M | -7.0% | accelerates moves |
| 505 | -0.1M | -9.6% | accelerates moves |
| 500 | -0.1M | -10.5% | accelerates moves |
| 495 | -0.1M | -11.4% | accelerates moves |
| 490 | -0.1M | -12.3% | accelerates moves |
As of the latest session, VRTX is trading at $558.90 (+0% on the day). Net dealer gamma is negative, with the zero-gamma flip near 599.06. The call wall sits at 550 (upside magnet / resistance) and the put wall at 520 (downside level). Max pain is 530, and the options market is pricing a 1-sigma expected move of about ±4.7% (ATM IV 52%).
VRTX is trading below its zero-gamma flip. Spot 558.9 sits −7.19% under 599.06, 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 VRTX are extending rather than fading right now. Until 599.06 is reclaimed and held, treat every level below as a through-level rather than support.
Gamma is close to evenly split around spot — +$0M above, +$0M below. Neither side is pulling VRTX, which usually means chop until a catalyst redraws the map.
One strike dominates the map: 520, carrying −$0M 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 ±4.7% (±$26.28) into the nearest expiry, with ATM implied volatility at 52% — neither stretched nor giving anything away.
Note that VRTX has already traded through its call wall at 550 (−1.59% 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 520–550 band spans 5.4% of spot.
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VRTX is in negative gamma — spot is −7.19% below the 599.06 flip. Dealers amplify moves at these levels, so VRTX trends rather than pins, and downside levels behave as through-levels instead of support.
About −7.19%, which is roughly -1.5× the ±4.7% 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.
VRTX's flip is 599.06, with spot at $558.90. Price is under it, so VRTX needs to reclaim 599.06 and hold it to get back into the suppressed regime — roughly -1.5× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
VRTX's call wall (550) is a magnet and resistance; the put wall (520) is support in positive gamma but a through-level once price is below the flip.
530, for the 2026-11-06 expiry — 3 days out. Spot is $558.90, so max pain sits 5.2% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-11-06 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 VRTX options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
