GAMMA & VOLATILITY$CRWVCoreWeave, Inc.Open ticker analysis →
Options positioning in CoreWeave is stacking up around the $70 strike into Oct 16, 4.2% above where the stock trades at $67.17. Net gamma reads negative, a setup where hedging can speed moves up instead of slowing them down.
What happened
Across 168 contracts in the Oct 16 expiration, the heaviest gamma sits at $70. Net gamma exposure across the chain comes to roughly $15.58M negative, with about $22.93M 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 3 days left, this is expiration-week territory, when pinning pressure around big strikes is usually at its strongest.
The numbers
| Stock price | $67.17 |
|---|---|
| Expiration | Oct 16 (3 days) |
| Peak gamma strike | $70 |
| Strike vs. stock | 4.2% above |
| Net gamma exposure | $15.58M (negative) |
| Premium traded | $22.93M |
| Contracts in chain | 168 |
Three ways this could play out
Bullish continuation
If $CRWV pushes through $70.53, it breaks away from the $70 cluster. With negative gamma, hedging can add fuel and extend the move.
Bearish rejection
If $CRWV drops under $63.81, the $70 cluster stops acting as support. Negative gamma means hedging sells into the drop and can speed it up.
Neutral stabilization
If $CRWV hovers near $70 into Oct 16, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $70: 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.
