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Where options dealers are positioned across the most-optioned names. Short gamma ? = dealers chase price → moves amplified (trend/breakout risk); long gamma = they fade price → moves dampened / pinned. Spot near the flip ? = a small move flips the regime. 144 names · Aug 15, 9:23 PM.
What's here: the dealer-gamma (GEX) read for the most-optioned US names. Net γ is the dollar gamma dealers must hedge per 1% move — negative (short) means their hedging chases price and amplifies moves; positive (long) means they fade price and dampen moves. Gross γ is total positioning size regardless of sign.
Flip / Δflip: the spot level where net dealer gamma crosses zero, and how far spot sits from it (% of spot). Near 0 = the name sits on the regime boundary, where a small move flips dealer hedging from dampening to amplifying.
P/C is put ÷ call open interest — ≥1.3 put-heavy (hedged/defensive) and ≤0.7 call-heavy (speculative) are color-coded. Call/put walls are the biggest-OI strikes — they often act as magnets or resistance/support into expiry.
| Name | Regime | Net γ/1% | Gross γ | Spot | Flip | Δflip | P/C ? | Call wall ? | Put wall ? |
|---|---|---|---|---|---|---|---|---|---|
| SPY S&P 500 ETF | long | $585M | $5.72B | 776.34 | 774.4 | +0.2% | 1.16 | 780 | 775 |
| QQQ Nasdaq 100 ETF | long | $336M | $2.39B | 731.07 | 728.26 | +0.4% | 1.76 | 740 | 680 |
| NVDA NVIDIA Corporation | long | $578M | $1.11B | 225.16 | 211.01 | +6.3% | 0.63 | 230 | 190 |
| MSFT Microsoft Corporation | long | $511M | $1.06B | 495.4 | 467.95 | +5.5% | 0.82 | 500 | 450 |
| AAPL Apple Inc. | long | $195M | $910M | 305.93 | 301.47 | +1.5% | 0.63 | 340 | 300 |
| MU Micron Technology, Inc. | long | $212M | $707M | 971.66 | 905.03 | +6.9% | 0.83 | 1000 | 1190 |
| AMZN Amazon.com, Inc. | long | $285M | $651M | 262.65 | 243.23 | +7.4% | 0.39 | 270 | 220 |
| DIA Dow 30 ETF | long | $63M | $624M | 536.8 | 534.95 | +0.3% | 1.41 | 550 | 475 |
| META Meta Platforms, Inc. | long | $128M | $586M | 589.85 | 576.05 | +2.3% | 0.46 | 720 | 550 |
| GOOGL Alphabet Inc. | long | $80M | $582M | 345.9 | 341.43 | +1.3% | 0.63 | 350 | 360 |
| TSLA Tesla, Inc. | long | $223M | $543M | 342.27 | 321.79 | +6.0% | 0.55 | 420 | 300 |
| IWM Russell 2000 ETF | long | $241M | $418M | 305.09 | 301.82 | +1.1% | 1.17 | 306 | 295 |
| SNDK Sandisk Corporation | long | $84M | $318M | 1641.11 | 1321.37 | +19.5% | 0.62 | 1600 | 1600 |
| COST Costco Wholesale Corporation | long | $48M | $295M | 961.1 | 951.34 | +1.0% | 1.41 | 1000 | 900 |
| AMD Advanced Micro Devices, Inc. | long | $111M | $280M | 514.39 | 478.4 | +7.0% | 0.71 | 500 | 450 |
| BRK-B Berkshire Hathaway Inc. | long | $124M | $275M | 504.03 | 490.41 | +2.7% | 0.63 | 500 | 480 |
| AVGO Broadcom Inc. | short | −$17M | $230M | 392.99 | 398.62 | -1.4% | 0.9 | 500 | 340 |
| GS Goldman Sachs Group, Inc. (The) | short | −$22M | $212M | 1039.42 | 1049.26 | -0.9% | 1.29 | 1100 | 1050 |
| LLY Eli Lilly and Company | long | $20M | $194M | 1180.16 | 1168.37 | +1.0% | 0.96 | 1300 | 1000 |
| PLTR Palantir Technologies Inc. | long | $72M | $186M | 174.04 | 151.11 | +13.2% | 0.64 | 180 | 150 |
| JPM JP Morgan Chase & Co. | long | $98M | $178M | 362.84 | 348.39 | +4.0% | 1.29 | 375 | 285 |
| UNH UnitedHealth Group Incorporated | short | −$979471 | $158M | 401.73 | 402.09 | -0.1% | 0.77 | 400 | 280 |
| ORCL Oracle Corporation | long | $50M | $145M | 150.52 | 137.45 | +8.7% | 0.66 | 160 | 140 |
| INTC Intel Corporation | long | $37M | $134M | 102.5 | 96.32 | +6.0% | 0.63 | 110 | 70 |
| NFLX Netflix, Inc. | long | $55M | $134M | 78.16 | 74.74 | +4.4% | 0.49 | 105 | 70 |
| BA The Boeing Company | long | $45M | $127M | 231.67 | 225.14 | +2.8% | 0.71 | 250 | 200 |
| CVX Chevron Corporation | long | $97M | $121M | 200 | 186.95 | +6.5% | 0.5 | 205 | 175 |
| V Visa Inc. | long | $33M | $114M | 364.15 | 357.95 | +1.7% | 1.18 | 375 | 330 |
| CAT Caterpillar, Inc. | short | −$19M | $110M | 856.57 | 880.73 | -2.8% | 1.17 | 1060 | 600 |
| JNJ Johnson & Johnson | long | $32M | $109M | 260.35 | 253.46 | +2.6% | 0.74 | 280 | 240 |
| WMT Walmart Inc. | short | −$6M | $105M | 115.27 | 116.4 | -1.0% | 1.58 | 120 | 100 |
| CRM Salesforce, Inc. | long | $45M | $105M | 196.21 | 170.32 | +13.2% | 0.56 | 180 | 170 |
| MRVL Marvell Technology, Inc. | long | $34M | $94M | 222.02 | 199.44 | +10.2% | 0.58 | 250 | 200 |
| MCD McDonald's Corporation | long | $22M | $89M | 272.83 | 267.17 | +2.1% | 0.6 | 270 | 265 |
| IBM International Business Machines Corporation | long | $28M | $83M | 234.32 | 223.92 | +4.4% | 0.65 | 250 | 200 |
| GEV GE Vernova Inc. | long | $9M | $82M | 1063.25 | 1040.09 | +2.2% | 1.77 | 1100 | 780 |
| LRCX Lam Research Corporation | long | $15M | $80M | 332.36 | 308.09 | +7.3% | 1.03 | 400 | 240 |
| KO Coca-Cola Company (The) | long | $32M | $80M | 87.71 | 83.27 | +5.1% | 1 | 85 | 75 |
| ABBV AbbVie Inc. | long | $47M | $76M | 249.46 | 233.16 | +6.5% | 0.66 | 250 | 220 |
| BAC Bank of America Corporation | long | $41M | $75M | 64.49 | 61.31 | +4.9% | 1.09 | 65 | 60 |
| DELL Dell Technologies Inc. | long | $36M | $73M | 490.81 | 422.14 | +14.0% | 0.59 | 500 | 400 |
| C Citigroup Inc. | long | $37M | $71M | 139.33 | 132.78 | +4.7% | 0.78 | 150 | 115 |
| XOM ExxonMobil Holdings Corporation | long | $43M | $68M | 160.1 | 153.77 | +4.0% | 0.79 | 160 | 135 |
| WDC Western Digital Corporation | long | $5M | $63M | 508.8 | 495.13 | +2.7% | 0.81 | 590 | 450 |
| QCOM QUALCOMM Incorporated | long | $6M | $62M | 165.79 | 160.23 | +3.4% | 0.71 | 230 | 190 |
| CRWD CrowdStrike Holdings, Inc. | long | $23M | $61M | 216.95 | 192.67 | +11.2% | 0.7 | 205 | 200 |
| WFC Wells Fargo & Company | long | $21M | $61M | 88.82 | 86.87 | +2.2% | 1.26 | 90 | 77.5 |
| HD Home Depot, Inc. (The) | long | $4M | $59M | 338.86 | 336.1 | +0.8% | 0.76 | 360 | 335 |
| STX Seagate Technology Holdings PLC | long | $29M | $58M | 973.44 | 804.85 | +17.3% | 0.58 | 850 | 750 |
| AMAT Applied Materials, Inc. | short | −$9M | $58M | 507.18 | 526.8 | -3.9% | 0.9 | 600 | 400 |
| NOW ServiceNow, Inc. | long | $25M | $57M | 124 | 111.34 | +10.2% | 0.68 | 150 | 100 |
| MA Mastercard Incorporated | long | $20M | $56M | 569.29 | 550.26 | +3.3% | 1.35 | 600 | 450 |
| UBER Uber Technologies, Inc. | long | $29M | $56M | 75.95 | 71.56 | +5.8% | 0.86 | 80 | 60 |
| PEP PepsiCo, Inc. | long | $24M | $56M | 140.79 | 136.89 | +2.8% | 0.65 | 140 | 130 |
| CSCO Cisco Systems, Inc. | long | $1M | $54M | 111.68 | 111.35 | +0.3% | 0.46 | 120 | 110 |
| PFE Pfizer, Inc. | long | $33M | $53M | 26.79 | 25.11 | +6.3% | 1.06 | 26 | 23 |
| PG Procter & Gamble Company (The) | long | $4M | $51M | 144.55 | 143.78 | +0.5% | 0.59 | 155 | 140 |
| ADBE Adobe Inc. | long | $16M | $46M | 264.02 | 251.81 | +4.6% | 0.63 | 275 | 185 |
| LMT Lockheed Martin Corporation | long | $32M | $46M | 608.68 | 579.07 | +4.9% | 1.11 | 610 | 450 |
| GE GE Aerospace | long | $10M | $45M | 368.38 | 359.8 | +2.3% | 1.37 | 370 | 350 |
| LIN Linde plc | short | −$13M | $45M | 482.74 | 501.13 | -3.8% | 1.06 | 545 | 475 |
| VRT Vertiv Holdings Co | long | $6M | $45M | 293.84 | 284.49 | +3.2% | 1.6 | 330 | 210 |
| DIS Walt Disney Company (The) | long | $32M | $43M | 106.85 | 98.09 | +8.2% | 0.7 | 110 | 85 |
| TXN Texas Instruments Incorporated | long | $10M | $43M | 279.58 | 271.96 | +2.7% | 0.59 | 350 | 220 |
| PWR Quanta Services, Inc. | short | −$2M | $42M | 685.78 | 690.96 | -0.8% | 2.65 | 700 | 560 |
| VZ Verizon Communications Inc. | long | $27M | $41M | 48.48 | 45.8 | +5.5% | 0.8 | 50 | 43 |
| JCI Johnson Controls International | long | $31M | $40M | 153.64 | 139.55 | +9.2% | 0.53 | 160 | 135 |
| AXP American Express Company | long | $5M | $39M | 342.48 | 337.78 | +1.4% | 1.37 | 360 | 310 |
| GLW Corning Incorporated | long | $8M | $38M | 165.99 | 154.03 | +7.2% | 0.8 | 160 | 140 |
| MCK McKesson Corporation | long | $7M | $38M | 869 | 784.98 | +9.7% | 0.67 | 900 | 850 |
| BMY Bristol-Myers Squibb Company | long | $6M | $37M | 63.83 | 62.66 | +1.8% | 0.97 | 62.5 | 61 |
| KLAC KLA Corporation | short | −$2M | $36M | 203.72 | 208.58 | -2.4% | 1.25 | 240 | 218 |
| BLK BlackRock, Inc. | long | $24M | $36M | 1173.73 | 1075.21 | +8.4% | 0.95 | 1120 | 950 |
| MRK Merck & Company, Inc. | long | $25M | $36M | 135.84 | 126.87 | +6.6% | 0.81 | 135 | 120 |
| EQIX Equinix, Inc. | long | $7M | $35M | 1102.1 | 1082.97 | +1.7% | 2.91 | 1060 | 1000 |
| PANW Palo Alto Networks, Inc. | long | $20M | $35M | 384.27 | 349.63 | +9.0% | 0.72 | 400 | 280 |
| TMUS T-Mobile US, Inc. | long | $12M | $34M | 182.61 | 177.81 | +2.6% | 0.24 | 195 | 185 |
| RTX RTX Corporation | long | $17M | $34M | 222.97 | 214.78 | +3.7% | 1.83 | 230 | 195 |
| FCX Freeport-McMoRan, Inc. | long | $10M | $33M | 66.49 | 63.71 | +4.2% | 1 | 70 | 55 |
| SBUX Starbucks Corporation | long | $13M | $33M | 107.69 | 104.68 | +2.8% | 0.75 | 110 | 105 |
| UNP Union Pacific Corporation | long | $16M | $32M | 293.68 | 281.71 | +4.1% | 0.66 | 300 | 280 |
| CB Chubb Limited | long | $12M | $31M | 343.64 | 331.28 | +3.6% | 0.51 | 375 | 315 |
| NEE NextEra Energy, Inc. | long | $6M | $31M | 86.19 | 84.76 | +1.7% | 0.55 | 95 | 80 |
| APP AppLovin Corporation | short | −$7M | $30M | 315.44 | 332.48 | -5.4% | 1.01 | 350 | 300 |
| APH Amphenol Corporation | long | $15M | $30M | 167.11 | 151.44 | +9.4% | 0.83 | 175 | 120 |
| MS Morgan Stanley | long | $10M | $29M | 217.36 | 211.37 | +2.8% | 0.8 | 260 | 200 |
| MMM 3M Company | long | $12M | $29M | 182.65 | 162.7 | +10.9% | 0.6 | 170 | 160 |
| CEG Constellation Energy Corporation | long | $7M | $29M | 282.5 | 272.92 | +3.4% | 0.88 | 300 | 230 |
| AMGN Amgen Inc. | long | $14M | $28M | 415.21 | 396.24 | +4.6% | 2.18 | 435 | 300 |
| ANET Arista Networks, Inc. | long | $17M | $28M | 198.82 | 171.21 | +13.9% | 0.51 | 210 | 150 |
| PH Parker-Hannifin Corporation | long | $15M | $28M | 1055.85 | 830.54 | +21.3% | 0.59 | 1100 | 930 |
| SCHW The Charles Schwab Corporation | long | $20M | $27M | 111.09 | 105.77 | +4.8% | 1.59 | 110 | 85 |
| BX Blackstone Inc. | long | $5M | $26M | 143.93 | 136.85 | +4.9% | 1.45 | 140 | 130 |
| CVNA Carvana Co. | long | $10M | $26M | 75.59 | 63.33 | +16.2% | 0.64 | 100 | 60 |
| T AT&T Inc. | long | $18M | $25M | 24.89 | 23.2 | +6.8% | 0.68 | 25 | 20 |
| CVS CVS Health Corporation | long | $4M | $25M | 97.16 | 95.16 | +2.1% | 0.47 | 110 | 70 |
| DUK Duke Energy Corporation | long | $5M | $25M | 123.92 | 122.05 | +1.5% | 0.49 | 130 | 120 |
| ISRG Intuitive Surgical, Inc. | long | $5M | $25M | 394.51 | 370.24 | +6.2% | 0.67 | 450 | 320 |
| SYK Stryker Corporation | long | $13M | $22M | 339.21 | 306.32 | +9.7% | 0.41 | 330 | 290 |
| TMO Thermo Fisher Scientific Inc | long | $11M | $21M | 588.29 | 560.07 | +4.8% | 0.58 | 620 | 550 |
| ABT Abbott Laboratories | long | $12M | $21M | 111.25 | 100.82 | +9.4% | 0.65 | 105 | 90 |
| DDOG Datadog, Inc. | long | $3M | $21M | 255.46 | 247.88 | +3.0% | 1.14 | 280 | 200 |
| PM Philip Morris International Inc | long | $7M | $21M | 190.39 | 183.94 | +3.4% | 0.92 | 200 | 175 |
| WMB The Williams Companies, Inc. | long | $12M | $20M | 75.2 | 71.9 | +4.4% | 0.91 | 75 | 64 |
| NEM Newmont Corporation | long | $13M | $20M | 117.76 | 106.22 | +9.8% | 0.68 | 115 | 87.5 |
| ETN Eaton Corporation, PLC | long | $10M | $20M | 451.51 | 411.85 | +8.8% | 1.48 | 470 | 340 |
| BKNG Booking Holdings Inc. | long | $10M | $20M | 212.06 | 193.99 | +8.5% | 0.75 | 230 | 155 |
| DHR Danaher Corporation | long | $13M | $20M | 202.45 | 176.55 | +12.8% | 0.57 | 200 | 160 |
| TJX The TJX Companies, Inc. | short | −$8M | $20M | 152.11 | 158.36 | -4.1% | 1.9 | 160 | 145 |
| BNY The Bank of New York Mellon Cor | long | $12M | $19M | 163.24 | 141.4 | +13.4% | 0.92 | 155 | 120 |
| GILD Gilead Sciences, Inc. | long | $13M | $19M | 138.36 | 130.62 | +5.6% | 0.39 | 150 | 130 |
| COP ConocoPhillips | long | $12M | $19M | 126.78 | 121.36 | +4.3% | 1.11 | 125 | 105 |
| INTU Intuit Inc. | long | $8M | $18M | 345.66 | 321.3 | +7.0% | 0.76 | 380 | 300 |
| SO Southern Company (The) | short | −$821606 | $18M | 92.8 | 93.02 | -0.2% | 0.67 | 101 | 90 |
| MPC Marathon Petroleum Corporation | long | $12M | $17M | 355.42 | 309.2 | +13.0% | 0.76 | 340 | 260 |
| ADI Analog Devices, Inc. | long | $1M | $17M | 389.39 | 383.67 | +1.5% | 1.19 | 395 | 360 |
| DE Deere & Company | short | −$997271 | $17M | 608.85 | 615.05 | -1.0% | 1.26 | 630 | 540 |
| MDT Medtronic plc. | long | $11M | $17M | 91.27 | 82.91 | +9.2% | 0.78 | 85 | 82.5 |
| LOW Lowe's Companies, Inc. | long | $3M | $16M | 218.47 | 215.04 | +1.6% | 1.2 | 235 | 195 |
| VRTX Vertex Pharmaceuticals Incorporated | long | $3M | $16M | 505.75 | 490.3 | +3.1% | 1.69 | 500 | 340 |
| ADP Automatic Data Processing, Inc. | long | $910445 | $16M | 272.96 | 270.59 | +0.9% | 1.48 | 260 | 230 |
| COF Capital One Financial Corporation | long | $11M | $16M | 227.34 | 214.12 | +5.8% | 1.19 | 220 | 175 |
| MO Altria Group, Inc. | short | −$4M | $16M | 65.7 | 67.47 | -2.7% | 0.55 | 70 | 65 |
| PLD Prologis, Inc. | long | $2M | $16M | 141.03 | 139.82 | +0.9% | 0.84 | 150 | 125 |
| ACN Accenture plc | long | $6M | $16M | 176.89 | 164.31 | +7.1% | 1.25 | 190 | 140 |
| PGR The Progressive Corporation | short | −$1M | $15M | 209.6 | 210.89 | -0.6% | 1.1 | 220 | 200 |
| CSX CSX Corporation | short | −$564995 | $15M | 50.16 | 50.35 | -0.4% | 1.19 | 55 | 46 |
| CME CME Group Inc. | long | $3M | $14M | 269.8 | 265.32 | +1.7% | 1.15 | 280 | 210 |
| TT Trane Technologies plc | long | $3M | $14M | 480.2 | 466.8 | +2.8% | 0.74 | 520 | 460 |
| VLO Valero Energy Corporation | long | $8M | $14M | 341.67 | 292.39 | +14.4% | 0.86 | 320 | 270 |
| WELL Welltower Inc. | long | $2M | $13M | 235.52 | 230.71 | +2.0% | 0.67 | 260 | 230 |
| PNC The PNC Financial Services Group, Inc. | long | $7M | $13M | 256.97 | 244.67 | +4.8% | 0.58 | 270 | 230 |
| FTNT Fortinet, Inc. | long | $541898 | $12M | 160.01 | 159.19 | +0.5% | 1.44 | 190 | 140 |
| ABNB Airbnb, Inc. | long | $5M | $12M | 184.06 | 163.94 | +10.9% | 0.84 | 160 | 150 |
| MAR Marriot International Class A Common Stock | short | −$2M | $12M | 356.72 | 360.84 | -1.2% | 0.99 | 365 | 350 |
| DASH DoorDash, Inc. | long | $5M | $11M | 217.02 | 205.02 | +5.5% | 1.08 | 210 | 200 |
| KKR KKR & Co. Inc. | long | $5M | $10M | 114.01 | 104.8 | +8.1% | 1.12 | 120 | 100 |
| GD General Dynamics Corporation | long | $4M | $9M | 395.78 | 386.82 | +2.3% | 1.3 | 400 | 350 |
| SPGI S&P Global Inc. | short | −$2M | $8M | 418.8 | 430.31 | -2.7% | 1.21 | 450 | 360 |
| USB U.S. Bancorp | long | $6M | $8M | 65.42 | 62.2 | +4.9% | 0.58 | 67 | 57.5 |
| CMCSA Comcast Corporation | long | $4M | $8M | 26.18 | 24.63 | +5.9% | 2.11 | 24 | 20 |
| PSX Phillips 66 | long | $5M | $6M | 233.61 | 217.9 | +6.7% | 1.14 | 230 | 185 |
| HWM Howmet Aerospace Inc. | long | $2M | $6M | 289.18 | 280.83 | +2.9% | 1.68 | 280 | 220 |
| IBKR Interactive Brokers Group, Inc. | long | $130789 | $5M | 92.06 | 91.68 | +0.4% | 1.22 | 110 | 85 |
The "naive" dealer model: dealers assumed long call gamma / short put gamma; GEX = Γ·OI·100·S²·1% summed over the nearest expiries within ±40% of spot, from end-of-day open interest (IV solved from the mid). Real dealer books net across venues and expiries — this is a positioning heuristic, decision support, not a signal. US options only.