PG&E Corporation (PCG) 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.
PG&E Corporation (PCG) operates in the Utilities sector, specifically the Regulated Electric industry, with a market capitalization near $36.56B, listed on NYSE, employing roughly 28,410 people, carrying a beta of 0.29 to the broader market. PG&E Corp. Led by Patricia Kessler Poppe, public since 1972-06-01.
Snapshot as of May 15, 2026.
- Spot Price
- $16.19
- Net Gamma
- $16.4M
- Net Delta
- -$246.3M
- Net Vega
- -$3.1M
- Gamma Concentration
- 0.14
As of May 15, 2026, PG&E Corporation (PCG) has positive net gamma exposure of $16.4M under the standard dealer-hedging convention. Net delta exposure is -$246.3M. 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.
PCG Strategy Sizing in the Current GEX Regime
PG&E Corporation is in a positive dealer-gamma regime ($16.4M). Net dealer delta of -$246.3M 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 →
PCG largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $20.00 | Sep 18, 2026 | 324 | 282.6K | 36.7% | $0.36 | $0.40 |
| CALL | $23.00 | Sep 18, 2026 | 234 | 272.1K | 37.4% | $0.11 | $0.12 |
| CALL | $21.00 | Sep 18, 2026 | 6 | 98.7K | 36.8% | $0.24 | $0.27 |
| CALL | $27.00 | Sep 18, 2026 | 0 | 66.3K | 40.6% | $0.01 | $0.11 |
| CALL | $19.00 | Sep 18, 2026 | 25 | 65.2K | 36.6% | $0.51 | $0.64 |
| CALL | $18.00 | Jun 18, 2026 | 223 | 55.4K | 30.9% | $0.08 | $0.17 |
Top 6 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked PCG gamma exposure (gex) & greeks questions
- What is the current PCG gamma exposure (GEX)?
- As of May 15, 2026, PG&E Corporation (PCG) net gamma exposure is positive at $16.4M under the standard dealer-hedging convention. Net dealer delta exposure is -$246.3M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is PCG in positive or negative dealer gamma right now?
- PCG 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 PCG 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.