“Pinned to a strike” means price is being held near a big options strike by dealer hedging into expiration — a magnet effect that keeps price stuck. It's a real, mechanical phenomenon rooted in dealer gamma, and it shapes how the tape behaves near expiration.
Why pinning happens
When there's heavy options open interest at a strike, dealers hedging that positioning can create flows that pull price toward it. In a positive-gamma environment, dealers buy dips and sell rips to stay hedged, which damps volatility and holds price near the heavy strike. As expiration approaches and that positioning concentrates, the pull can strengthen, “pinning” price to the strike like a magnet. It's the hedging math creating the effect, not a coincidence.
What it means for a scalper
A pinned market is a range-bound, low-conviction tape near the strike — think chop. Breakouts tend to fail (dealer hedging fades them) and price reverts toward the pin, so fading moves back toward the strike can work while the pin holds, and chasing breakouts usually doesn't. But respect that a pin can break — a strong catalyst or a shift to negative gamma can release price violently (the post-expiration unclench). Knowing you're pinned tells you which game you're playing.
A pin is a magnet made of dealer hedging. Price sticks to the big strike — until a catalyst strong enough to overpower the magnet lets it go.
The quick takeaway
“Pinned to a strike” means dealer hedging is holding price near a heavy options strike — a range-bound magnet effect, strongest into expiration in positive gamma. Fade toward the pin while it holds; respect that it can break. NoVo maps the heavy strikes and gamma regime live, so you can see when a pin is forming and where it sits.
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NoVo is a software tool for market analysis, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.
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