# Gamma max

Canonical: https://halfonadouble.com/learn/gamma-max
Data through: 2026-10-02 close
Publisher: Half on a Double

**Gamma max is the underlying price at which the summed gamma of every open
contract on a ticker is largest.** It is recomputed after every trading day
for every optionable US stock and ETF, and it is the red line on every
[ticker page](/screens/most-open-interest) and on the [chart](/chart).

## What the published level means

Gamma max is a model-derived reference level for the options chain. The
site publishes its value, date, history and relationship to the close.
The implementation and numerical procedures are proprietary. Read the
[methodology page](/methodology) for scope and limitations.

## What it can tell you

The level provides a reference for comparing the close with the model's
options-positioning output. Historical pages let you inspect previous
crosses and changes in that relationship. A level alone does not establish
actual dealer positions, prove support or resistance, or predict a
re-hedging move. The [gamma exposure](/learn/gamma-exposure) explainer
introduces the surrounding terminology.

## How to read it

- **Distance from close.** Each ticker page shows the level and how far
  the close is from it. A stock sitting within a percent of gamma max is
  close to the published reference level; the [nearest gamma max](/screens/nearest-gamma-max)
  screen lists those each day.
- **Crosses.** A close that moves from one side of the level to the other
  is logged as an event on the ticker page, and the [gamma max crosses](/screens/gamma-max-crosses)
  screen lists all of them for the day.
- **History.** Full-history pages show what share of the last year's
  sessions closed above the level and how many times it was crossed.

Descriptive, not predictive: these pages say where the level is and what
happened at it, never what to buy.

## Related

[Delta neutral price](/learn/delta-neutral-level) · [Max pain](/learn/max-pain) · [Methodology](/methodology)