Gamma exposure / ARM
ARM gamma exposure
Dealer hedging is positioned to lean against moves.
ARM is at 294.75, 6.30% above its gamma flip at 276.17. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
The call wall is 320 and the put wall is 270. The king node, the strike where dealer hedging is most concentrated, is 320.
As of 4:11 PM ET, Tue Sep 29. The live map refreshes through the trading day.
The live map adds the playbook, the price chart with every level, and options flow with CVD. No account needed.
The numbers
| Price | 294.75 |
|---|---|
| Gamma regime | Positive gamma |
| Gamma flip | 276.17-6.30% |
| Call wall | 320+8.57% |
| Put wall | 270-8.40% |
| King node | 320+8.57% |
| Total dealer gamma | +$0.01bn per 1% move |
Common questions
- Is ARM in positive or negative gamma right now?
- Positive gamma. As of 4:11 PM ET, Tue Sep 29, ARM is at 294.75, 6.30% above its gamma flip at 276.17. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
- Where is ARM's gamma flip?
- At 276.17, -6.30% from the price of 294.75. The flip is the price where total dealer gamma crosses zero: positive gamma above it, negative below.
- What are ARM's call wall and put wall?
- The call wall is 320 and the put wall is 270. The call wall is the strike above the price with the largest positive dealer gamma; the put wall is the strike below it with the largest negative dealer gamma. They mark where hedging pressure tends to lean against price.
- What is ARM's king node?
- 320. It's the strike with the largest absolute dealer gamma, where hedging is most concentrated.
How it's calculated
Levels come from the ARM options chain (expiries out to 45 days, strikes within 18% of the price), modeled with the industry-standard convention that dealers are long calls and short puts. It's a model of positioning, not a measurement. Full formulas are on the methodology page.