Gamma exposure / XLK
XLK gamma exposure
Dealer hedging is positioned to lean against moves.
XLK is at 194.67, 2.32% above its gamma flip at 190.15. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
The call wall is 195 and the put wall is 192. The king node, the strike where dealer hedging is most concentrated, is 195.
As of 4:12 PM ET, Tue Sep 29. The live map refreshes through the trading day.
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The numbers
| Price | 194.67 |
|---|---|
| Gamma regime | Positive gamma |
| Gamma flip | 190.15-2.32% |
| Call wall | 195+0.17% |
| Put wall | 192-1.37% |
| King node | 195+0.17% |
| Total dealer gamma | +$0.02bn per 1% move |
Common questions
- Is XLK in positive or negative gamma right now?
- Positive gamma. As of 4:12 PM ET, Tue Sep 29, XLK is at 194.67, 2.32% above its gamma flip at 190.15. In positive gamma, dealer hedging tends to lean against moves: dealers sell into rallies and buy into dips.
- Where is XLK's gamma flip?
- At 190.15, -2.32% from the price of 194.67. 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 195 and the put wall is 192. 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?
- 195. 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.