ORCL Gamma Exposure
As of the close, Mon 19 Oct 2026
flip $136.97 → $135.95 since 16-OCT-2026
- Call gamma?
- +$17.8B Dealer gamma from calls alone, summed across every strike, in dollars per $1 move. Positive by convention: dealers are taken to be long the calls.
- Put gamma?
- −$23.8B Dealer gamma from puts alone, summed across every strike, in dollars per $1 move. Negative by convention: dealers are taken to be short the puts.
- Total gamma?
- −$6.0B Net dealer gamma across every strike, in dollars per $1 move in the underlying — gamma × open interest × 100 × spot². Trackers that quote per-1% show this figure divided by 100. Positive means dealers are long gamma and hedging leans against the move; negative means the reverse.
- Gamma flip?
- $135.95 The underlying price at which total dealer gamma changes sign. Above it hedging tends to damp moves; below it hedging tends to amplify them. Blank means gamma kept one sign across the whole scan, so there is no crossing to report.
- Call wall?
- $160 The strike carrying the most positive net dealer gamma. Dealers hedging that position tend to sell into rallies toward it, so it often behaves as resistance — a tendency, not a rule.
- Put wall?
- $120 The strike carrying the most negative net dealer gamma. Hedging there tends to buy dips toward it, so it often behaves as support — again a tendency, not a rule.
- Spot?
- $129.59 The underlying's closing price for the session these figures are computed from. Every strike below is measured against it.
Every strike — ORCL
The 98 strikes these readings are drawn from, calls and puts apart, with the distribution the walls sit in.
Or read every strike free on SPY.
An estimate of dealer positioning from open interest, on the convention that dealers are long the calls and short the puts, over the 19 nearest expiries. It says where hedging pressure would sit, not where the price will go.
How this is computed
Dealer gamma is estimated per contract as gamma × open interest × 100 × spot², calls positive and puts negative, and summed by strike — the convention that dealers are long calls and short puts. Gamma is the feed's own where it reports one and Black-Scholes at the contract's implied volatility where it does not, priced at the close, never at the time you are reading this. The flip is found by re-pricing gamma across candidate prices and taking the crossing nearest the close; a cumulative sum across strikes is a different quantity and never crosses on a put-skewed chain. 1722 of 1944 contracts carried open interest and are counted here. This reads the 19 nearest expirations, 23-OCT-2026 through 19-JAN-2029 — most of the gamma, not all of it.