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 235 at +8.5M per 1% move, 1.5% below spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 250 | +4.2M | 4.8% | pins price |
| 245 | +2.5M | 2.7% | pins price |
| 240 | +5.4M | 0.6% | pins price |
| 237.5 | -5.4M | -0.4% | accelerates moves |
| 235 | +8.5M | -1.5% | pins price |
| 227.5 | +2.1M | -4.6% | pins price |
As of the latest session, NBIS is trading at $238.47 (-2.33% on the day). Net dealer gamma is positive, with the zero-gamma flip near 232.84. The call wall sits at 235 (upside magnet / resistance) and the put wall at 237.5 (downside level). Max pain is 227.5, and the options market is pricing a 1-sigma expected move of about ±1.4% (ATM IV 39%).
NBIS holds a working cushion above its flip. Spot 238.47 sits +2.36% clear of 232.84, roughly 1.7× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided NBIS was cheap.
The book leans mildly upward: +$21M of positive gamma above spot versus +$12M below, a 1.8-to-1 tilt. Enough to bias drift toward 235, not enough to call it a magnet.
One strike dominates the map: 235, carrying +$9M per 1% move — below the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
The options market is pricing a 1-sigma move of ±1.4% (±$3.41) into the nearest expiry, with ATM implied volatility at 39% — neither stretched nor giving anything away.
Note that NBIS has already traded through its call wall at 235 (−1.46% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 237.5–235 band spans -1.0% of spot.
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 +2.36% of room above the 232.84 flip (about 1.7× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +2.36%, which is roughly 1.7× the ±1.4% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
NBIS's flip is 232.84, with spot at $238.47. The level NBIS would have to lose is 232.84, about 1.7× the ±1.4% one session is priced for.
NBIS's call wall (235) is a magnet and resistance; the put wall (237.5) is support in positive gamma but a through-level once price is below the flip.
227.5, for the 2026-09-25 expiry — expiring today. Spot is $238.47, so max pain sits 4.6% below the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About +23M per 1% move into the 2026-09-25 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. 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.
