The strike with the most gamma. Trading is pulled toward it because dealer hedging is densest there. Sometimes mislabeled as the magnet, highest absolute gamma or strongest liquidity cluster; the platform's term is Peak Gamma Strike.
What this level is
The Peak Gamma Strike (Peak Gamma Strike) is the strike price where total gamma reaches its absolute peak across the whole chain. Hedging concentrates here more heavily than anywhere else, so it acts as a center of gravity that pulls price toward it on quiet days, especially close to expiration.
Why it pulls
Around it, market maker hedging is at its most sensitive: every small move away creates opposite flow that pushes price back. In a positive gamma regime the market acts as if a rubber band ties it to this level. This is the well-known "pinning" (Pinning) on expiration Friday afternoons.
Reading it with the walls
It is the top of the map the walls draw. The walls are the edges of the range, and this is its center of weight. A price above it tends to drift down toward it, and the reverse holds below. That applies on days without real flow. On news days the level breaks like any other mechanical structure.
Hypothetical example
A stock trades at $148 and its pull level is $150, two days before expiration, with market gamma positive. The mechanical scenario is a slow drift toward $150 and a tightening range around it. Sellers of neutral structures build around this level, not around the current price.
Common mistake
Relying on it on a scheduled event day: earnings and major data releases switch off the pull for a while, because real flow overwhelms hedging flow. The pull is a tool for ordinary days.
Where to see it on the platform
The Gamma dashboard marks it on each symbol's strike map, with its walls and flip point in one view.
