No Shot
A reaction expressing disbelief, impossibility, refusal, or very low confidence that something will happen.
“No shot we finish all of this before midnight.”
No shot can mean there is no chance, I do not believe you, or absolutely not, depending on context.
The phrase developed from sports and gaming language about the probability of a successful shot or outcome and spread into general internet speech.
there's no shot
A fuller version meaning no chance.
zero shot
An intensified variation.
no shot bro
A common addressed reaction.
Does no shot always concern probability?
No. It can simply express shock or rejection.
Is it the same as no way?
Usually, though no shot often emphasizes that an outcome seems impossible.