Gamma exposure / MSTR
MSTR gamma exposure
Dealer hedging is positioned to lean against moves.
MSTR is at 155.49, 6.07% above its gamma flip at 146.05. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
The call wall is 165 and the put wall is 150. The king node, the strike where dealer hedging is most concentrated, is 165.
As of 4:11 PM ET, Tue Sep 29. The live map refreshes through the trading day.
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The numbers
| Price | 155.49 |
|---|---|
| Gamma regime | Positive gamma |
| Gamma flip | 146.05-6.07% |
| Call wall | 165+6.12% |
| Put wall | 150-3.53% |
| King node | 165+6.12% |
| Total dealer gamma | +$0.07bn per 1% move |
Common questions
- Is MSTR in positive or negative gamma right now?
- Positive gamma. As of 4:11 PM ET, Tue Sep 29, MSTR is at 155.49, 6.07% above its gamma flip at 146.05. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
- Where is MSTR's gamma flip?
- At 146.05, -6.07% from the price of 155.49. The flip is the price where total dealer gamma crosses zero: positive gamma above it, negative below.
- What are MSTR's call wall and put wall?
- The call wall is 165 and the put wall is 150. 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 MSTR's king node?
- 165. It's the strike with the largest absolute dealer gamma, where hedging is most concentrated.
How it's calculated
Levels come from the MSTR 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.