GAMMA & VOLATILITY$CRWVCoreWeave, Inc.Open ticker analysis →
Options positioning in CoreWeave is stacking up around the $60 strike into Oct 16, 8.8% below where the stock trades at $65.78. Net gamma reads negative, a setup where hedging can speed moves up instead of slowing them down.
What happened
Across 200 contracts in the Oct 16 expiration, the heaviest gamma sits at $60. Net gamma exposure across the chain comes to roughly $13.92M negative, with about $68.03M of premium traded.
This read uses the standard gamma-map convention, counting call open interest as positive gamma and put open interest as negative. Real dealer books can differ, so treat the sign as a guide to the setup rather than a certainty.
Why it matters
When net gamma is negative, hedging chases the move: market makers buy as the stock rises and sell as it falls. Breaks can travel further and faster than usual in that setup.
For scale, CoreWeave is a large-cap prepackaged software company valued near $42.9B, so it takes serious money to move the stock, which is what makes signals like this one worth tracking.
With 2 days left, this is expiration-week territory, when pinning pressure around big strikes is usually at its strongest.
Zooming out, $CRWV has been in a sharp slide, down 21.1% over the past 20 sessions, and it trades below its 20-day average of $84.47, near the bottom of that range between $64.41 and $104.59.
The numbers
| Stock price | $65.78 |
|---|---|
| Expiration | Oct 16 (2 days) |
| Peak gamma strike | $60 |
| Strike vs. stock | 8.8% below |
| Net gamma exposure | $13.92M (negative) |
| Premium traded | $68.03M |
| Contracts in chain | 200 |
| 40-session range | $64.41, $104.59 |
| 20-day average price | $84.47 |
| 20-session change | -21.1% |
Three ways this could play out
Bullish continuation
If $CRWV pushes through $104.59, the top of its recent range, it breaks away from the $60 cluster. With negative gamma, hedging can add fuel and extend the move.
Bearish rejection
If $CRWV drops under $60.00, below the gamma cluster, the $60 cluster stops acting as support. Negative gamma means hedging sells into the drop and can speed it up.
Neutral stabilization
If $CRWV hovers near $60 into Oct 16, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $60: the peak gamma strike and the most likely pin into expiration.
- Oct 16: expiration, when this positioning rolls off and the magnet effect ends.
- Whether net gamma flips sign as the stock moves. A flip from positive to negative often marks a volatility shift.
- $64.41 and $104.59: the edges of the recent trading range.
