Net gamma exposure by strike ($M per 1% move) · estimated from the WDC options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in WDC right now. The heaviest is 320 at -2.3M per 1% move, 14.2% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 417.5 | +0.6M | 12.0% | pins price |
| 400 | +1M | 7.3% | pins price |
| 380 | +0.6M | 1.9% | pins price |
| 350 | -0.7M | -6.1% | accelerates moves |
| 330 | -0.8M | -11.5% | accelerates moves |
| 320 | -2.3M | -14.2% | accelerates moves |
As of the latest session, WDC is trading at $372.92 (+1.81% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 400 (upside magnet / resistance) and the put wall at 330 (downside level). Max pain is 380, and the options market is pricing a 1-sigma expected move of about ±6.8% (ATM IV 75%).
The gamma is stacked above spot: +$7M sits overhead against +$0M underneath, a 70.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 400 — but it is also why there is so little to catch WDC if it goes the other way.
One strike dominates the map: 320, carrying −$2M 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 75%, pricing a 1-sigma move of ±6.8% (±$25.46) 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 330 to 400 — 18.8% of spot, with +7.26% of room to the call wall and −11.51% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open WDC on the live gamma map → · see how WDC compares across the whole board on the free market regime tracker · new to this? What is GEX →
WDC 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.
WDC's flip isn't resolvable from the current chain — check the live map for today's level.
WDC'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.
WDC's call wall (400) is a magnet and resistance; the put wall (330) is support in positive gamma but a through-level once price is below the flip.
380, for the 2026-11-06 expiry — 3 days out. Spot is $372.92, so max pain sits 1.9% above 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 WDC options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
