Aug. 18 at 5:05 PM
$FLNC into Friday's opex — the whole event is one strike.
$12 carries -126K net gamma. Biggest node on the board by 2.3x, ~20% of normalized GEX, all puts (
$13 holds another -54K behind it). Spot:
$11.90. Sitting directly on it.
Negative gamma doesn't pin — it repels. Dealers short those puts sell weakness and buy strength THROUGH the strike. Expect whip around
$12 into Friday, not a quiet drift.
The binary at Friday's close:
≥
$12: the put wall burns worthless. Dealer hedges unwind = mechanical buying into Monday. Air overhead until
$13, then the
$16 call mass (98K), wall at
$20.
<
$12: cascade shelves at
$11 (-39K) and
$10 (-22K). Dealers press it.
Either way, ~half the gamma rolls off Friday. The downside amplifier that walked it from
$13.20 to
$11.90 unplugs — and the tape walks into the ~8/26 short interest print (26.7M shares) with no dealer anchor at all.
Flat + max negative gamma + crowded short + expiry = a volatility setup, not a directional one. Position for range, not a side.
