# TSLA Dealer Gamma by Strike and Expiration Source: SquawkFlow URL: https://squawkflow.com/gex-heatmap/tsla Symbol: TSLA As of: 2026-10-09 Unit: US dollars of dealer gamma per 1% move in Tesla common stock Contracts analysed: 4,870 Retrieved: 2026-10-08 21:50 ET As of 2026-10-09, SquawkFlow computes total TSLA dealer gamma at +482M per 1% move with spot at $375.05. The table below breaks that total down by strike and by expiration date, across 25 strikes nearest spot and 6 of 22 expirations in the chain. Positive means dealers are long gamma at that strike and expiry, so hedging leans against price moves; negative means they are short gamma and hedging leans with them. | Strike | All expiries | 2026-10-09 (1d) | 2026-10-12 (4d) | 2026-10-14 (6d) | 2026-10-16 (8d) | 2026-10-19 (11d) | 2026-10-23 (15d) | |---:|---:|---:|---:|---:|---:|---:|---:| | 405 | +11M | +2M | +804K | +347K | +3M | +180K | +1M | | 402.5 | +2M | +874K | +131K | +74K | +931K | +40K | 0 | | 400 | +95M | +10M | +2M | +2M | +24M | +2M | +4M | | 397.5 | +6M | +2M | +290K | +83K | +3M | +17K | 0 | | 395 | +15M | +7M | +941K | +381K | +3M | +337K | +2M | | 392.5 | +7M | +4M | +1M | +351K | +2M | +15K | +85K | | 390 | +35M | +24M | +3M | +1M | +5M | +509K | +4M | | 387.5 | +11M | +7M | +869K | +563K | +2M | +49K | +272K | | 385 | +63M | +29M | +4M | +2M | +19M | +253K | +5M | | 382.5 | +54M | +46M | +1M | +1M | +5M | +132K | +742K | | 380 | +57M | +48M | +9M | +840K | -2M | +293K | +2M | | 377.5 | +3M | +3M | +43K | +103K | -401K | +161K | -274K | | 375 **(spot)** | +60M | +56M | +1M | -7K | +26K | -423K | +524K | | 372.5 | +71M | +73M | -1M | -960K | +156K | -14K | -256K | | 370 | -38M | -22M | -2M | -771K | -4M | -176K | -2M | | 367.5 | -11M | -5M | -3M | -90K | -3M | -45K | -71K | | 365 | -9M | -10M | -2M | -56K | +2M | -220K | +2M | | 362.5 | +497K | +2M | -2M | -222K | -9K | -22K | -20K | | 360 | -24M | -5M | -2M | -420K | -8M | -253K | -1M | | 357.5 | -2M | -1M | -313K | -150K | +149K | -76K | -37K | | 355 | -8M | +275K | -399K | -474K | -2M | -54K | -1M | | 352.5 | -2M | +138K | -854K | -196K | -201K | -10K | -617K | | 350 | -19M | -1M | -398K | -219K | -6M | -124K | -1M | | 347.5 | -1M | -146K | -55K | -39K | -816K | -2K | -326K | | 345 | -7M | -539K | -253K | -106K | -2M | -109K | -1M | | **Net** | **+482M** | **+270M** | **+10M** | **+5M** | **+51M** | **+3M** | **+20M** | ## Live read 1. Dealers are net long about $482M of gamma per 1% move, so their hedging leans against price moves; this state has historically meant a choppier, mean-reverting tape. That figure spans all 22 expiries in the chain; the 10 expiries and 25 strikes shown in the grid sum to $369M. 2. Time decay alone shifts the aggregate dealer hedge by about $437M of delta in the stock per day, and rebalancing that drift implies steady mechanical buying, heaviest into the close. 3. Since the prior session's settlement, open interest at 380 grew by 7,458 contracts, the largest overnight change on this grid; those added positions carry gamma at that strike for as long as they stay open. ## Flow greeks (model-based) - **Net charm:** -437M of dollar delta decay per day. - **Net vanna:** +365M of dollar delta per +1 implied vol point. Charm and vanna are computed per contract from Black-Scholes using each contract's own implied volatility, summed with the same dealer sign convention as gamma. Volume activity is unsigned because the public tape carries no initiator; it shows where same-day trading concentrates, not which way it leans. ## Overnight open interest change Between the 2026-10-06 and 2026-10-07 settlements, open interest across the whole chain changed by a net +96,231 contracts. - **Largest changes:** 380 (+7,458), 385 (+6,348), 375 (+6,326) Counted in contracts, not dollars, and summed across every expiration and both calls and puts. Positive means more contracts are open at that strike than at the previous close; negative means they expired or were closed. **This is a settlement-to-settlement comparison.** Open interest is published once daily after the close, so a position opened and closed inside one session never appears, and the figure says nothing about intraday activity. It also records only that contracts exist, never who opened them or on which side. ## Why expiration matters here A conventional gamma exposure chart sums every expiration into one number, producing a single call wall and put wall. That hides where in time the positioning sits: a strike carrying 500M of gamma expiring tomorrow behaves nothing like the same 500M spread across three months, and the aggregate cannot distinguish them. Near-dated columns dominate in absolute size because gamma rises steeply as expiration approaches for strikes near the money, that is real, not a display artefact. ## Method and limits Per contract: gamma x open interest x 100 (contract multiplier) x spot^2 x 0.01, giving dollars of delta per 1% move. Calls positive, puts negative. The gamma is the value the delayed Cboe chain publishes with each contract, not a re-priced one, crossed with open interest settled on 2026-10-07. **This total is summed from the gamma published with each contract on the delayed Cboe chain, across every expiration dated today or later. The SPX total on the /gex levels page is a different book, where every contract is re-priced with Black-Scholes at the evaluation spot from an archived implied volatility surface, so the two totals are not directly comparable. Both derive from daily-settled Cboe open interest.** **Dealer positioning is an assumption, not an observable.** Open interest shows that a contract exists, never which side a dealer holds. Every gamma figure published anywhere (ours and every competitor's) inherits that assumption. **The 0DTE column reflects overnight positions only.** Open interest is settlement data, updated once daily, so contracts opened intraday, a large share of modern 0DTE volume, are not in it yet. Read the 0DTE column as gamma expiring today from positions held overnight, not as today's intraday 0DTE flow. ## Reuse These numbers are free to build on, with attribution (a visible link to squawkflow.com). The companion open dataset at https://github.com/dhawalc/spx-gamma-levels updates every trading day (CC BY 4.0) and is a more stable source than parsing rendered pages. ## Citation Source: SquawkFlow, https://squawkflow.com/gex-heatmap/tsla Retrieved: 2026-10-08 21:50 ET Attribution: cite the page URL rather than a copied number. Levels are recomputed every session, so a number without its date is wrong within a day. SquawkFlow publishes market-structure data and education. Nothing here is investment advice, a price target or a recommendation, and we have no order execution.