Net gamma exposure by strike ($M per 1% move) · estimated from the WMT options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in WMT right now. The heaviest is 125 at +31M per 1% move, 1.7% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 130 | +6.4M | 5.8% | pins price |
| 125 | +31M | 1.7% | pins price |
| 122 | +4.3M | -0.7% | pins price |
| 121 | +3.4M | -1.6% | pins price |
| 120 | +24.7M | -2.4% | pins price |
| 115 | +16.9M | -6.4% | pins price |
As of the latest session, WMT is trading at $122.91 (-0.49% on the day). Net dealer gamma is positive, with the zero-gamma flip near 114.08. The call wall sits at 125 (upside magnet / resistance) and the put wall at 110 (downside level). Max pain is 113, and the options market is pricing a 1-sigma expected move of about ±4% (ATM IV 38%).
WMT holds a working cushion above its flip. Spot 122.91 sits +7.18% clear of 114.08, roughly 1.8× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided WMT was cheap.
Gamma is close to evenly split around spot — +$49M above, +$50M below. Neither side is pulling WMT, which usually means chop until a catalyst redraws the map.
One strike dominates the map: 125, carrying +$31M per 1% move — above the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
The options market is pricing a 1-sigma move of ±4% (±$4.92) into the nearest expiry, with ATM implied volatility at 38% — neither stretched nor giving anything away.
That leaves a working band of 110 to 125 — 12.2% of spot, with +1.70% of room to the call wall and −10.50% 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 WMT on the live gamma map → · see how WMT compares across the whole board on the free market regime tracker · new to this? What is GEX →
WMT is in positive gamma with +7.18% of room above the 114.08 flip (about 1.8× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +7.18%, which is roughly 1.8× the ±4% 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.
WMT's flip is 114.08, with spot at $122.91. The level WMT would have to lose is 114.08, about 1.8× the ±4% one session is priced for.
WMT's call wall (125) is a magnet and resistance; the put wall (110) is support in positive gamma but a through-level once price is below the flip.
113, for the 2026-11-06 expiry — 4 days out. Spot is $122.91, so max pain sits 8.1% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +97M per 1% move into the 2026-11-06 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the WMT options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
