Net gamma exposure by strike ($M per 1% move) · estimated from the WFC options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in WFC right now. The heaviest is 85 at -4.3M per 1% move, 1.7% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 95 | +1.6M | 9.9% | pins price |
| 92.5 | +1.4M | 7.0% | pins price |
| 90 | +1.8M | 4.1% | pins price |
| 85 | -4.3M | -1.7% | accelerates moves |
| 82.5 | -2.3M | -4.5% | accelerates moves |
| 80 | -2.2M | -7.4% | accelerates moves |
As of the latest session, WFC is trading at $86.43 (-0.53% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 90 (upside magnet / resistance) and the put wall at 85 (downside level). Max pain is 87, and the options market is pricing a 1-sigma expected move of about ±2.9% (ATM IV 28%).
One strike dominates the map: 85, carrying −$4M 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 ±2.9% (±$2.51) into the nearest expiry, with ATM implied volatility at 28% — neither stretched nor giving anything away.
That leaves a working band of 85 to 90 — 5.8% of spot, with +4.13% of room to the call wall and −1.65% 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 WFC on the live gamma map → · see how WFC compares across the whole board on the free market regime tracker · new to this? What is GEX →
WFC 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.
WFC's flip isn't resolvable from the current chain — check the live map for today's level.
WFC'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.
WFC's call wall (90) is a magnet and resistance; the put wall (85) is support in positive gamma but a through-level once price is below the flip.
87, for the 2026-09-25 expiry — 4 days out. Spot is $86.43, so max pain sits 0.7% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -3M per 1% move into the 2026-09-25 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 WFC options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
