Net gamma exposure by strike ($M per 1% move) · estimated from the NBIS options chain (Polygon).
As of the latest session, NBIS is trading at $191.12 (+3.72% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 200 (upside magnet / resistance) and the put wall at 180 (downside level). Max pain is 200, and the options market is pricing a 1-sigma expected move of about ±11.7% (ATM IV 158%).
One strike dominates the map: 180, carrying −$3M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 158%, pricing a 1-sigma move of ±11.7% (±$22.34) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
That leaves a working band of 180 to 200 — 10.5% of spot, with +4.65% of room to the call wall and −5.82% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open NBIS on the live gamma map → · see how NBIS compares across the whole board on the free market regime tracker · new to this? What is GEX →
NBIS is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
NBIS's flip isn't resolvable from the current chain — check the live map for today's level.
The zero-gamma flip is the price where NBIS's net dealer gamma crosses zero — above it price tends to pin, below it it tends to trend. See NBIS's live flip on the free gamma map.
NBIS's call wall (200) is a magnet and resistance; the put wall (180) is support in positive gamma but a through-level once price is below the flip.
NBIS's max pain is 200 — the strike where the most options expire worthless. In a positive-gamma tape, price often gets drawn toward max pain into expiration.
Gamma exposure is a map of where option dealers are forced to hedge. Positive GEX = dealers sell strength / buy weakness (suppresses volatility, pins price). Negative GEX = dealers chase the move (amplifies volatility, trends). It tells you the character of the tape, not the direction. Full GEX guide →
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Estimated from the NBIS options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
