The Coca-Cola Company (KO) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
The Coca-Cola Company (KO) operates in the Consumer Defensive sector, specifically the Beverages - Non-Alcoholic industry, with a market capitalization near $345.32B, listed on NYSE, employing roughly 69,700 people, carrying a beta of 0.36 to the broader market. The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. Led by Henrique Braun, public since 1919-09-05.
Snapshot as of May 15, 2026.
- Spot Price
- $80.93
- Net Gamma
- $120.3M
- Net Delta
- -$1.62B
- Net Vega
- -$6.6M
- Gamma Concentration
- 0.29
As of May 15, 2026, The Coca-Cola Company (KO) has positive net gamma exposure of $120.3M under the standard dealer-hedging convention. Net delta exposure is -$1.62B. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
KO Strategy Sizing in the Current GEX Regime
The Coca-Cola Company is in a positive dealer-gamma regime ($120.3M). Net dealer delta of -$1.62B sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.
Learn how gamma exposure is reported and how to read the data →
KO largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $84.00 | May 22, 2026 | 5.9K | 181 | 19.0% | $0.07 | $0.10 |
Top 1 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked KO gamma exposure (gex) & greeks questions
- What is the current KO gamma exposure (GEX)?
- As of May 15, 2026, The Coca-Cola Company (KO) net gamma exposure is positive at $120.3M under the standard dealer-hedging convention. Net dealer delta exposure is -$1.62B. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is KO in positive or negative dealer gamma right now?
- KO is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does KO GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.