Key Gamma
The strike with the most concentrated gamma-pinning pressure — a fair-value magnet where price tends to gravitate. Used as an anchor for choosing hedge or covered-call strikes.
TL;DR: Key gamma is the strike exerting the strongest pinning pull — a fair-value anchor price tends to drift back toward.
It falls out of the same gamma exposure profile as the other gamma walls. Because the most pinning pressure sits at that strike, price often behaves as if magnetized to it, especially into expiration when dealer hedging concentrates.
Traders use key gamma less as a trade trigger and more as a reference: a natural anchor for choosing where to set a hedge or a covered-call strike, and a sense of where "fair value" sits within the wall structure. Like the other walls it's a tendency, not a certainty, and it moves as open interest shifts each session. It's one of the four levels in Gamma Walls Explained.
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