As of the latest session, NIO is trading at $3.67 (+1.38% on the day). Net dealer gamma is negative, with the zero-gamma flip near 3.75. The call wall sits at 4 (upside magnet / resistance) and the put wall at 3.5 (downside level). Max pain is 4, and the options market is pricing a 1-sigma expected move of about ±5.8% (ATM IV 56%).
NIO is trading below its zero-gamma flip. Spot 3.67 sits −2.18% under 3.75, which puts dealers on the wrong side of their hedges: staying neutral forces them to sell weakness and buy strength. That is the mechanical reason moves in NIO are extending rather than fading right now. Until 3.75 is reclaimed and held, treat every level below as a through-level rather than support.
One strike dominates the map: 4, carrying +$0M per 1% move — above 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 ±5.8% (±$0.21) into the nearest expiry, with ATM implied volatility at 56% — neither stretched nor giving anything away.
That leaves a working band of 3.5 to 4 — 13.6% of spot, with +8.99% of room to the call wall and −4.63% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
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NIO is in negative gamma — spot is −2.18% below the 3.75 flip. Dealers amplify moves at these levels, so NIO trends rather than pins, and downside levels behave as through-levels instead of support.
About −2.18%, which is roughly -0.4× the ±5.8% 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.
NIO's flip is 3.75, with spot at $3.67. Price is under it, so NIO needs to reclaim 3.75 and hold it to get back into the suppressed regime — roughly -0.4× a single session's expected move away, which is why the level matters more than any moving average on the chart right now.
NIO's call wall (4) is a magnet and resistance; the put wall (3.5) is support in positive gamma but a through-level once price is below the flip.
4, for the 2026-09-25 expiry — 4 days out. Spot is $3.67, so max pain sits 9.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-09-25 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 NIO options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
