Plug Power Inc. (PLUG) 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.
Plug Power Inc. (PLUG) operates in the Industrials sector, specifically the Electrical Equipment & Parts industry, with a market capitalization near $4.54B, listed on NASDAQ, employing roughly 3,224 people, carrying a beta of 2.06 to the broader market. Plug Power Inc. Led by Jose Luis Crespo, public since 1999-10-29.
Snapshot as of May 15, 2026.
- Spot Price
- $3.85
- Net Gamma
- $1.5M
- Net Delta
- -$188.1M
- Net Vega
- -$641.1K
- Gamma Concentration
- 0.17
As of May 15, 2026, Plug Power Inc. (PLUG) has positive net gamma exposure of $1.5M under the standard dealer-hedging convention. Net delta exposure is -$188.1M. 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.
PLUG Strategy Sizing in the Current GEX Regime
Plug Power Inc. is in a positive dealer-gamma regime ($1.5M). Net dealer delta of -$188.1M 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 PLUG gamma exposure (gex) & greeks questions
- What is the current PLUG gamma exposure (GEX)?
- As of May 15, 2026, Plug Power Inc. (PLUG) net gamma exposure is positive at $1.5M under the standard dealer-hedging convention. Net dealer delta exposure is -$188.1M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is PLUG in positive or negative dealer gamma right now?
- PLUG 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 PLUG 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.