Net gamma exposure by strike ($M per 1% move) · estimated from the VST options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in VST right now. The heaviest is 140 at -6.2M per 1% move, 3.1% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 150 | -2.2M | 3.9% | accelerates moves |
| 146 | +1.3M | 1.1% | pins price |
| 140 | -6.2M | -3.1% | accelerates moves |
| 135 | -1.8M | -6.5% | accelerates moves |
| 130 | -1.4M | -10.0% | accelerates moves |
| 125 | -2.3M | -13.4% | accelerates moves |
As of the latest session, VST is trading at $144.41 (+0.4% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 146 (upside magnet / resistance) and the put wall at 140 (downside level). Max pain is 146, and the options market is pricing a 1-sigma expected move of about ±1.9% (ATM IV 52%).
The gamma is stacked above spot: +$5M sits overhead against +$1M underneath, a 9.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 146 — but it is also why there is so little to catch VST if it goes the other way.
One strike dominates the map: 140, carrying −$6M 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 ±1.9% (±$2.78) into the nearest expiry, with ATM implied volatility at 52% — neither stretched nor giving anything away.
Spot is effectively at the 146 call wall (+1.10% away), the top of a 140–146 band worth 4.2% 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 VST on the live gamma map → · see how VST compares across the whole board on the free market regime tracker · new to this? What is GEX →
VST 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.
VST's flip isn't resolvable from the current chain — check the live map for today's level.
VST'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.
VST's call wall (146) is a magnet and resistance; the put wall (140) is support in positive gamma but a through-level once price is below the flip.
146, for the 2026-09-18 expiry — expiring today. Spot is $144.41, so max pain sits 1.1% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -11M 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 VST options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
