Net gamma exposure by strike ($M per 1% move) · estimated from the XOM options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in XOM right now. The heaviest is 165 at +34M per 1% move, 1.1% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 175 | +9.5M | 7.2% | pins price |
| 170 | +20M | 4.1% | pins price |
| 167.5 | +5.2M | 2.6% | pins price |
| 165 | +34M | 1.1% | pins price |
| 162.5 | -18.5M | -0.5% | accelerates moves |
| 155 | +6.8M | -5.1% | pins price |
As of the latest session, XOM is trading at $163.27 (-0.11% on the day). Net dealer gamma is negative, with the zero-gamma flip near 164.09. The call wall sits at 165 (upside magnet / resistance) and the put wall at 162.5 (downside level). Max pain is 155, and the options market is pricing a 1-sigma expected move of about ±2.5% (ATM IV 66%).
XOM is trading below its zero-gamma flip. Spot 163.27 sits −0.50% under 164.09, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in XOM are extending rather than fading right now. Until 164.09 is reclaimed and held, treat every level below as a through-level rather than support.
The gamma is stacked above spot: +$77M sits overhead against +$7M underneath, a 11.4-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 165 — but it is also why there is so little to catch XOM if it goes the other way.
One strike dominates the map: 165, carrying +$34M 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 66%, pricing a 1-sigma move of ±2.5% (±$4.01) 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 165 call wall (+1.06% away), the top of a 162.5–165 band worth 1.5% 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 XOM on the live gamma map → · see how XOM compares across the whole board on the free market regime tracker · new to this? What is GEX →
XOM is in negative gamma — spot is −0.50% below the 164.09 flip. Dealers amplify moves at these levels, so XOM trends rather than pins, and downside levels behave as through-levels instead of support.
About −0.50%, which is roughly -0.2× the ±2.5% 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.
XOM's flip is 164.09, with spot at $163.27. Price is under it, so XOM needs to reclaim 164.09 and hold it to get back into the suppressed regime — roughly -0.2× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
XOM's call wall (165) is a magnet and resistance; the put wall (162.5) is support in positive gamma but a through-level once price is below the flip.
155, for the 2026-09-18 expiry — expiring today. Spot is $163.27, so max pain sits 5.1% below the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About +56M 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 →
The flip, walls and max pain before the open — free. No card required.
Also see the flow side: XOM options flow →
Posting the link is enough — X, Discord and Slack render the live data card automatically.
Live XOM dealer gamma, updates itself. No signup, no API key. Copy and paste:
Keep the credit line — it's the only thing we ask for.
This is the free auto-read. Premium members get the daily SPY gamma drop — the map turned into a scenario-by-scenario trading plan — plus the live conviction desk and AI copilot.
Estimated from the XOM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
