GAMMA EXPOSURE · Dealer positioning

KMI Gamma Today: Positioning Walls and the Flip

Every number here is computed from the traded KMI options chain. The call wall is where dealer hedging accumulates above spot and caps upside, the put wall is its mirror below, and the gamma flip is the level where hedging stops damping moves and starts amplifying them.

31.40$ Positive gamma Refreshed every five minutes during the US session (UTC)

🔒 مستوياتُ التنفيذ مقفلة

جدارا الغاما ونقطةُ انقلابها لـKMI متاحةٌ للمشتركين.

ويمكنك فحصُ SPY وQQQ وNVDA كاملةً الآن بلا اشتراك.

اطّلع على الباقات

31.00$ Spot right now 33.00$

Gamma on other symbols

SPX SPY QQQ DIA IWM AAPL MSFT GOOGL AMZN NVDA META TSLA All symbols

Options chain around KMI price

KMI · open interest at each strike.
Strike	Calls	Puts	Today's volume	Skew
28.50	2	182	—	Put
29.00	870	7,532	33	Put
29.50	37	167	33	Put
30.00	3,714	4,719	130	Put
30.50	22	123	130	Put
31.00	4,372	8,790	384	Put
31.50	148	116	384	Call
32.00	6,872	3,519	192	Call
32.50	326	7	192	Call
33.00	17,790	1,228	48	Call
33.50	107	3	48	Call
34.00	22,282	189	2	Call

How the levels moved over the last 3 days

KMI archive · each day's close.
Day	Price	Gamma flip	Call wall	Put wall
2026-08-10	31.30	30.75	32.00	30.00
2026-08-11	31.53	30.75	32.00	30.00
2026-08-12	31.71	30.81	32.00	30.00

KMI numeric indicators.
Metric	Value
Max pain strike	31.00
Put/Call ratio · today's volume	0.21
Put/Call ratio · open interest	0.51
0DTE gamma flip	31.77
0DTE contracts in chain	62
Total contracts read	298

Strongest magnet levels

33.00 ⁦2.46⁩ مليون
34.00 ⁦1.63⁩ مليون
32.00 885,111

Strongest accelerant levels

31.00 ⁦−1⁩ مليون
29.00 −461,541
28.00 −246,134

Where does KMI stand relative to the gamma flip?

Price 31.4000 is above the gamma flip 30.5600 by 2.75%. Positioning is positive: as price rises dealers sell hedges, and as it falls they buy — so their hedging acts as a brake pulling price toward the middle. This explains sessions that look quiet despite news that would justify a wider move. Price is inside the range between 31.0000 and 33.0000, closer to Put wall of the two.

Option walls and session range

أكبرُ تجمّعٍ لعقود الشراء عند 33.0000 (5.10% from price)، ولعقود البيع عند 31.0000 (-1.27% from price)، والمسافةُ بينهما 6.45٪، a **wide** range. That does not imply a move is coming, only that the walls are far enough apart not to confine KMI during the session, so flow leads rather than hedging.

Exposure size and hedging density

صافي تعرّض الغاما لـKMI يبلغ ⁦3.61⁩ مليون، وهو حجمٌ محدود. Hedging for a 1% move is about 114,964 shares. In this range hedging stays secondary to the stock's own flow, so the levels below should not be asked to carry more than they can.

Supporting signals

and this reading is built on 298 contracts in the chain.

What the recent history of KMI says

Over the last 27 days of tracking (292 archived snapshots), KMI stayed above the gamma flip in 98% of readings، وتنقّلت نقطةُ الانقلاب نفسُها بين 30.5100 و31.3000، أي بنطاق 2.59٪، وهو ما يعني أنّ the level is relatively stable and reads as a firmer reference than a symbol whose level swings، and net exposure today is below the period average (⁦3.9⁩ مليون).