As of the latest session, SOUN is trading at $3.47 (-3.61% on the day). Net dealer gamma is positive, with the zero-gamma flip near 3.16. The call wall sits at 3.5 (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 ±7.5% (ATM IV 204%).
SOUN holds a working cushion above its flip. Spot 3.47 sits +8.93% clear of 3.16, roughly 1.2× a normal session's expected move. Dealers are absorbing supply here, so pullbacks get bought back mechanically rather than because anyone decided SOUN was cheap.
One strike dominates the map: 3.5, 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.
Options are expensive here: ATM implied volatility is 204%, pricing a 1-sigma move of ±7.5% (±$0.26) 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.
Spot is effectively at the 3.5 call wall (+0.86% away), the top of a 3.5–3.5 band worth 0.0% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
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SOUN is in positive gamma with +8.93% of room above the 3.16 flip (about 1.2× a normal session). Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
About +8.93%, which is roughly 1.2× the ±7.5% 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.
SOUN's flip is 3.16, with spot at $3.47. The level SOUN would have to lose is 3.16, about 1.2× the ±7.5% one session is priced for.
SOUN's call wall (3.5) 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 2026-11-13 expiry — expiring today. Spot is $3.47, so max pain sits 15.3% above the current price — and with positive gamma this close to expiry, that gap is the pin risk.
About 0M per 1% move into the 2026-11-13 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 →
The flip, walls and max pain before the open — free. No card required.
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Estimated from the SOUN options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
