Net gamma exposure by strike ($M per 1% move) · estimated from the WOLF options chain (Polygon).
As of the latest session, WOLF is trading at $31.97 (+1.47% on the day). Net dealer gamma is positive, with the zero-gamma flip near 31.65. The call wall sits at 32 (upside magnet / resistance) and the put wall at 30 (downside level). Max pain is 30, and the options market is pricing a 1-sigma expected move of about ±19.4% (ATM IV 185%).
WOLF is perched right on its flip. Spot 31.97 is only +1.00% above 31.65 — about 0.1× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
One strike dominates the map: 32, carrying +$1M 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.
Options are expensive here: ATM implied volatility is 185%, pricing a 1-sigma move of ±19.4% (±$6.21) 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.
Spot is effectively at the 32 call wall (+0.09% away), the top of a 30–32 band worth 6.3% 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 WOLF on the live gamma map → · see how WOLF compares across the whole board on the free market regime tracker · new to this? What is GEX →
WOLF is technically in positive gamma, but only just — spot sits +1.00% above the 31.65 flip, inside 0.1× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.00%, which is roughly 0.1× the ±19.4% 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.
WOLF's zero-gamma flip is around 31.65 — the price where net dealer gamma crosses zero. Above it the tape tends to be positive-gamma (suppressed, range-bound); below it, negative-gamma (amplified, trending). Reclaiming or losing the flip is the single most important level on the map.
WOLF's call wall (32) is a magnet and resistance; the put wall (30) is support in positive gamma but a through-level once price is below the flip.
WOLF's max pain is 30 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the WOLF options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
