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 190 at +11.8M per 1% move, 4.5% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 200 | +7M | 10.0% | pins price |
| 195 | +6M | 7.2% | pins price |
| 190 | +11.8M | 4.5% | pins price |
| 185 | +7.7M | 1.7% | pins price |
| 180 | +2.5M | -1.0% | pins price |
| 170 | +4.3M | -6.5% | pins price |
As of the latest session, XOM is trading at $181.82 (-2.88% on the day). Net dealer gamma is positive, with the zero-gamma flip near 177.98. The call wall sits at 190 (upside magnet / resistance) and the put wall at 172.5 (downside level). Max pain is 170, and the options market is pricing a 1-sigma expected move of about ±3.4% (ATM IV 37%).
XOM is perched right on its flip. Spot 181.82 is only +2.11% above 177.98 — about 0.6× 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.
The gamma is stacked above spot: +$38M sits overhead against +$8M underneath, a 5.0-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 190 — but it is also why there is so little to catch XOM if it goes the other way.
One strike dominates the map: 190, carrying +$12M 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 ±3.4% (±$6.11) into the nearest expiry, with ATM implied volatility at 37% — neither stretched nor giving anything away.
That leaves a working band of 172.5 to 190 — 9.6% of spot, with +4.50% of room to the call wall and −5.13% 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 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 technically in positive gamma, but only just — spot sits +2.11% above the 177.98 flip, inside 0.6× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +2.11%, which is roughly 0.6× the ±3.4% 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.
XOM's flip is 177.98, with spot at $181.82. The level XOM would have to lose is 177.98, about 0.6× the ±3.4% one session is priced for — inside a normal day's range, so this regime is not safe.
XOM's call wall (190) is a magnet and resistance; the put wall (172.5) is support in positive gamma but a through-level once price is below the flip.
170, for the 2026-11-06 expiry — 3 days out. Spot is $181.82, so max pain sits 6.5% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +40M 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 XOM options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
