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GEX strike profile — APP spot $397.84 · flip $424.65 · 2026-07-23 · negative-gamma · 3 expiries, 1–15 DTE

Each row is a strike, summed across ALL expiries in the window above (front ~3 weeks of the board — not 0DTE, not a single expiry). Bar = net dealer gamma at that strike (green right = positive/pinning, red left = negative/amplifying). Put OI / call OI show where contracts are actually open — the positioning distribution behind the walls. Highlighted row ≈ spot.

strikeput OInet γ per strikecall OIγ $
437.525
33+523
435142
119-36694
432.553
59+14951
430call wall385
1,075+767618
427.523
168+119539
425⊘ flip241
302+5611
422.566
89-7742
420305
571+332190
417.554
41+24856
415505
168-392982
412.549
85+89972
410233
204+22718
407.546
14-101143
405288
25-957143
402.580
3-388269
400694
202-2M
397.530
0-168511
395375
34-1M
392.530
0-149738
390529
61-2M
387.518
2-35105
385169
9-349839
382.5121
0-225897
380put wall905
23-1M
377.5119
0-113997
375314
5-251156
372.531
1-12368
370543
20-350951
367.534
1-4028
365164
23-72517
362.59
0-1867
360693
26-245508

Dealer-sign convention assumed (long calls / short puts); OI is end-of-day lagged. High-traffic zones, not prophecy.