MSTR gamma exposure — latest available snapshot
MSTR net gamma exposure was an estimated +$49M per 1% move (positive gamma), from open interest settled on 2026-09-03 · MSTR (Strategy, formerly MicroStrategy) · no zero gamma crossing within ±10% of the last price · last price $137.81 on 2026-09-08 · 932 contracts used
Latest available snapshot — open interest settled on 2026-09-03. This is a dated estimate, not a live number. The static page is rebuilt nightly from the latest upstream chain available; the settlement itself may lag the rebuild, intraday volume is not reflected, and gamma positioning can change completely after this date.
What did the 2026-09-03 snapshot show?
Net gamma exposure for MSTR was +$49M per 1% move as of 2026-09-03 — a positive gamma regime — with no zero gamma crossing within ±10% of the last price, so the whole settled range read as one positive gamma regime. Gross gamma across the same contracts was $142M, so the net figure was about 35% of the total in size — the rest cancels out between calls and puts. The single largest gamma wall sat at $150.00, carrying 5.5% of all the gamma in the chain. In plain terms: the dealers on the other side of these options are estimated to be net long gamma, so their hedging sells strength and buys weakness, which mechanically calms the tape. This is an estimate of positioning built from public open interest, not a look inside anyone's book.
How to read MSTR gamma exposure
The sign first. In the 2026-09-03 snapshot, estimated net GEX for MSTR was $49M per 1% underlying move under the public calls-long, puts-short dealer-position convention, so this was a positive gamma reading. Under that convention, the modelled hedge sells into price rises and buys into declines. That counter-flow can damp moves mechanically; it does not establish that the realized range will be narrow. This estimate describes modelled hedge mechanics from settled open interest, not observed dealer positions or a price forecast.
No zero-gamma crossing was found within the search range. Aggregate estimated GEX did not change sign as the assumed underlying price moved through the model's grid spanning ±10% of the settled last price. That means there was no zero gamma level to report from the tested range; it does not prove a crossing was absent outside that range. The positive estimate therefore held throughout the prices the calculation tested.
Then the concentration. The estimate was distributed: even at the largest strike, $150.00, absolute net GEX equaled only 5.5% of gross contract-level GEX. No single strike dominated; the regime sign was the main headline in this snapshot.
What this number is not. Public GEX is a model on top of a guess. It uses end-of-day open interest, assumes every call is long for the dealer and every put is short — a convention, not a measurement — and prices gamma with a simplified Black-Scholes approximation at zero interest rate and zero dividend. Real market-maker books are hedged across futures, other expirations and other products, and nobody outside the firm sees them. No hit rate has been measured for the flip level, any wall, or any other level on this page — what zero gamma means sets out why that boundary describes a volatility regime rather than marking a level. Read this as a description of the volatility environment, not as advice, and never as a reason to buy or sell.
Net gamma by strike
■ positive gamma (hedging leans against the move) ■ negative gamma (hedging leans with the move) — strikes near the last price. Bar height is the estimated dollar hedging requirement per 1% move at that strike.
Text version of this chart
The largest gamma concentrations for MSTR in the 2026-09-03 chain were $150.00 ($8M per 1% move, 5.5% of the total), $145.00 ($7M per 1% move, 4.9% of the total), $147.00 ($5M per 1% move, 3.6% of the total). The centre line is zero net gamma; no crossing was found in the ±10% underlying-price search range, and the last traded price was $137.81.
Gamma walls
The strikes carrying the most gamma. "Share" is that strike's slice of all the gamma in the chain, so a handful of rows adding up to a large share means the hedging is concentrated in a narrow band of prices.
| Strike | Net GEX per 1% | Share of gamma | From last price |
|---|---|---|---|
| $150.00 | $8M | 5.5% | +8.85% |
| $145.00 | $7M | 4.9% | +5.22% |
| $147.00 | $5M | 3.6% | +6.67% |
| $152.50 | $5M | 3.2% | +10.66% |
| $148.00 | $3M | 2.4% | +7.39% |
Gamma by expiration
Which expirations hold the exposure. Short-dated contracts usually carry most of the gamma, which is why the whole picture can reset the day after a big expiry.
| Expiration | Net GEX per 1% | Gross gamma |
|---|---|---|
| 2026-09-11 | $33M | $67M |
| 2026-09-18 | $11M | $38M |
| 2026-09-25 | -$412,719 | $7M |
| 2026-10-02 | -$488,162 | $5M |
| 2026-10-09 | -$308,060 | $2M |
| 2026-10-16 | $7M | $23M |
| 2026-10-23 | -$2,161 | $31,863 |
The expiry view of the same MSTR chain
Gamma exposure is about what happens every day as price moves. Max pain is about one moment: the settlement price that would pay option holders the least. They come from the same open interest and often point at different levels. See MSTR max pain for that side, and max pain vs gamma exposure for what it means when the two disagree. Two narrower views of the same file: MSTR put/call ratio by expiration with daily history, and MSTR open interest with the heaviest strikes named.
Common questions
What was MSTR GEX in the latest available snapshot?
Using open interest settled at the close on 2026-09-03, MSTR net gamma exposure was +$49M per 1% move — a positive gamma regime — against $142M of gross gamma. No zero gamma crossing fell within ±10% of the last price, so the whole settled range read as one positive gamma regime in this snapshot.
How is GEX calculated?
GEX, short for gamma exposure, adds up an estimated hedging requirement across every outstanding contract. For each strike, gamma — the rate at which an option's share-equivalent exposure changes as price moves — is priced with a Black-Scholes model at zero interest rate and zero dividend, multiplied by open interest, and summed with calls counted positive and puts negative, following the convention that dealers are long every call and short every put. That convention is an assumption, not a measurement, which is why every figure here is labelled an estimate. The result is stated in dollars of hedging per 1% move.
What is the gamma flip (zero gamma) level?
The gamma flip is the price at which aggregate dealer gamma would cross zero, so the hedging regime switches. Above it, dealers are estimated to be long gamma and their hedging sells rallies and buys dips, which mechanically damps moves. Below it, they are short gamma and hedging does the opposite, which tends to make ranges wider. For MSTR in this snapshot no crossing fell within ±10% of the last price — gamma kept one sign across that whole range, which is a state worth knowing, not an error. No hit rate has been measured for this level, so do not treat it as support, resistance or a target.
Can MSTR GEX update intraday?
No. GEX is computed from open interest, and the clearing house settles open interest once per trading day. Intraday option volume only becomes open interest at the next settlement, so no GEX figure built on it can be a live intraday reading. Quant Data recomputes MSTR GEX nightly and stamps every figure with its date. It is a description of the prior close's positioning, not a trading instruction.
New to this? Start here
What is gamma exposure builds the idea from one option and one hedge, with the arithmetic written out, then explains why every public GEX number is an estimate. What is zero gamma focuses on the flip level itself: how the crossing is found and why it sometimes does not exist. What is max pain does the same for the expiry-payout calculation. All three start from the same raw input: what is open interest explains how that number is created, destroyed and settled once a day, and why it is not the same thing as volume.
Pointing an AI agent at this? Everything here is static HTML with real tables — no key, no login, no scraping tricks. The JSON version of this page is GET /v1/gamma/{symbol} — any optionable US stock or ETF, with the full by_strike detail, a by_expiration breakdown, and an explicit flip_status when there is no crossing. One $149/month plan covers it and the other three Quant Data endpoints. See the API reference and pricing.
Gamma exposure for other tickers
See every ticker in one table.
This page is rebuilt nightly from the latest available end-of-day open interest and closing quotes, but its values are stamped to 2026-09-03, not build or fetch time. GEX uses a Black-Scholes approximation with zero rate and zero dividend, matching the convention most public trackers use (how we compute it). A derived estimate, not raw market data or a live quote. Educational only: not investment advice, not a recommendation, not a price forecast.
Everything on MSTR in one place — the four positioning readings plus what published research said about it — is at /stocks/mstr.