GAMMA & VOLATILITY$PLTRPalantir Technologies Inc.Open ticker analysis →
Options positioning in Palantir Technologies is stacking up around the $200 strike into Oct 16, 4.3% below where the stock trades at $209.05. Net gamma reads positive, a setup that tends to calm price swings and pull the stock toward heavy strikes.
What happened
Across 138 contracts in the Oct 16 expiration, the heaviest gamma sits at $200. Net gamma exposure across the chain comes to roughly $67.73M positive, with about $125.45M 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 positive, market makers hedge against the move: they sell into rallies and buy into dips. That tends to compress ranges, which is why heavily positioned strikes can act like magnets into expiration.
For scale, Palantir Technologies is a mega-cap prepackaged software company valued near $502.4B, so it takes serious money to move the stock, which is what makes signals like this one worth tracking.
With 6 days until Oct 16, the cluster matters more as expiration gets closer; its pull is weakest now and strongest in the final sessions.
Zooming out, $PLTR has been in a strong run, up 25% over the past 20 sessions, and it trades above its 20-day average of $187.00, near the top of that range between $164.55 and $209.58.
The numbers
| Stock price | $209.05 |
|---|---|
| Expiration | Oct 16 (6 days) |
| Peak gamma strike | $200 |
| Strike vs. stock | 4.3% below |
| Net gamma exposure | $67.73M (positive) |
| Premium traded | $125.45M |
| Contracts in chain | 138 |
| 40-session range | $164.55, $209.58 |
| 20-day average price | $187.00 |
| 20-session change | +25.0% |
Three ways this could play out
Bullish continuation
If $PLTR pushes through $219.50, it breaks away from the $200 cluster. In a positive-gamma setup that takes real buying, so follow-through would say something about demand.
Bearish rejection
If $PLTR drops under $164.55, the bottom of its recent range, the $200 cluster stops acting as support. Dealers buying the dip usually slows that slide at first.
Neutral stabilization
If $PLTR hovers near $200 into Oct 16, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $200: 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.
- $164.55 and $209.58: the edges of the recent trading range.
