Palo Alto Networks, Inc. (PANW) 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.
Palo Alto Networks, Inc. (PANW) operates in the Technology sector, specifically the Software - Infrastructure industry, with a market capitalization near $155.24B, listed on NASDAQ, employing roughly 15,758 people, carrying a beta of 0.77 to the broader market. Palo Alto Networks, Inc. Led by Nikesh Arora, public since 2012-07-20.
Snapshot as of May 15, 2026.
- Spot Price
- $242.47
- Net Gamma
- $39.4M
- Net Delta
- -$5.27B
- Net Vega
- -$17.5M
- Gamma Concentration
- 0.05
As of May 15, 2026, Palo Alto Networks, Inc. (PANW) has positive net gamma exposure of $39.4M under the standard dealer-hedging convention. Net delta exposure is -$5.27B. 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.
PANW Strategy Sizing in the Current GEX Regime
Palo Alto Networks, Inc. is in a positive dealer-gamma regime ($39.4M). Net dealer delta of -$5.27B 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 →
Frequently asked PANW gamma exposure (gex) & greeks questions
- What is the current PANW gamma exposure (GEX)?
- As of May 15, 2026, Palo Alto Networks, Inc. (PANW) net gamma exposure is positive at $39.4M under the standard dealer-hedging convention. Net dealer delta exposure is -$5.27B. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is PANW in positive or negative dealer gamma right now?
- PANW 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 PANW 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.