Gamma max: the price where the whole options chain has the most gamma
Gamma max is the underlying price at which the summed gamma of every open contract on a ticker is largest. It is recomputed after every trading day for every optionable US stock and ETF, and it is the red line on every ticker page and on the chart.
What the published level means
Gamma max is a model-derived reference level for the options chain. The site publishes its value, date, history and relationship to the close. The implementation and numerical procedures are proprietary. Read the methodology page for scope and limitations.
What it can tell you
The level provides a reference for comparing the close with the model’s options-positioning output. Historical pages let you inspect previous crosses and changes in that relationship. A level alone does not establish actual dealer positions, prove support or resistance, or predict a re-hedging move. The gamma exposure explainer introduces the surrounding terminology.
How to read it
- Distance from close. Each ticker page shows the level and how far the close is from it. A stock sitting within a percent of gamma max is close to the published reference level; the nearest gamma max screen lists those each day.
- Crosses. A close that moves from one side of the level to the other is logged as an event on the ticker page, and the gamma max crosses screen lists all of them for the day.
- History. Full-history pages show what share of the last year’s sessions closed above the level and how many times it was crossed.
Descriptive, not predictive: these pages say where the level is and what happened at it, never what to buy.