Net gamma exposure by strike ($M per 1% move) · estimated from the NBIS options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in NBIS right now. The heaviest is 115 at -3.9M per 1% move, 2.2% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 125 | -1.2M | 11.1% | accelerates moves |
| 120 | -1.6M | 6.7% | accelerates moves |
| 115 | -3.9M | 2.2% | accelerates moves |
| 110 | -2.1M | -2.2% | accelerates moves |
| 105 | -0.9M | -6.7% | accelerates moves |
| 100 | -2.3M | -11.1% | accelerates moves |
As of the latest session, NBIS is trading at $112.50 (-12.54% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 126 (upside magnet / resistance) and the put wall at 115 (downside level). Max pain is 125, and the options market is pricing a 1-sigma expected move of about ±18.9% (ATM IV 147%).
One strike dominates the map: 115, carrying −$4M per 1% move — above 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 147%, pricing a 1-sigma move of ±18.9% (±$21.24) 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 115 to 126 — 9.8% of spot, with +12.00% of room to the call wall and +2.22% 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.
NBIS's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
NBIS's call wall (126) is a magnet and resistance; the put wall (115) is support in positive gamma but a through-level once price is below the flip.
125, for the 2026-11-20 expiry — 6 days out. Spot is $112.50, so max pain sits 11.1% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About -12M per 1% move into the 2026-11-20 expiry — though spot is below the zero-gamma flip, so hedging at this price runs with the move and adds to it. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the NBIS options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
