Gamma exposure / XLK
XLK gamma exposure
Dealer hedging is positioned to add to moves.
XLK is at 170.23, 9.16% below its gamma flip at 185.82. In negative gamma, dealer hedging tends to push with moves instead of against them, so moves can run further.
The call wall is 190 and the put wall is 170. The king node, the strike where dealer hedging is most concentrated, is 170. The 1-sigma range to the 2026-11-20 close is ±8.45 (161.78 to 178.68).
As of 4:00 PM ET, Fri Nov 13. The map refreshes through the trading day.
The full map adds the playbook and the price chart with every level. Live data, options flow and CVD come with a HelmFi plan.
The numbers
| Price | 170.23 |
|---|---|
| Gamma regime | Negative gamma |
| Gamma flip | 185.82+9.16% |
| Call wall | 190+11.61% |
| Put wall | 170-0.14% |
| King node | 170-0.14% |
| Total dealer gamma | -$0.05bn per 1% move |
| 1-sigma range | ±8.45 to 2026-11-20 |
| Max pain | 1822026-11-20 expiry |
| Gamma expiring today | 0% |
Common questions
- Is XLK in positive or negative gamma right now?
- Negative gamma. As of 4:00 PM ET, Fri Nov 13, XLK is at 170.23, 9.16% below its gamma flip at 185.82. In negative gamma, dealer hedging tends to push with moves instead of against them, so moves can run further.
- Where is XLK's gamma flip?
- At 185.82, +9.16% from the price of 170.23. The flip is the price where total dealer gamma crosses zero: positive gamma above it, negative below.
- What are XLK's call wall and put wall?
- The call wall is 190 and the put wall is 170. 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 XLK's king node?
- 170. It's the strike with the largest absolute dealer gamma, where hedging is most concentrated.
How it's calculated
Levels come from the XLK 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.