AAL max pain, gamma exposure (GEX) & options open interest
As of close · rank #57 by open interest · 1,394 sessions of history since Dec 1, 2020
AAL's nearest-expiration max pain is 13.00 for 2026-10-09, its GEX flip is 13.88, net GEX is -33,975,051, its put/call open-interest ratio is 1.65. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: front IV premium 6.7 pp
AAL closed 30.4% below its gamma max of 16.88. It is 5.8% below the delta neutral price of 13.70. Total open interest is 1,797,691, -4.3% versus the previous session. Its options catalyst-intensity score is 58.8 out of 100, led by front IV premium 6.7 pp. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -73,313 contracts · -9.7% |
| Put OI change, 1 session | -8,068 contracts · -0.7% |
| Call minus put OI growth, 1 session | -9.0 pp |
| Call OI change, 5 sessions | -36,864 contracts · -5.1% |
| Put OI change, 5 sessions | +23,360 contracts · +2.1% |
| Call minus put OI growth, 5 sessions | -7.3 pp |
| Daily call OI change surprise | -1.40σ (252 prior changes) |
| Daily put OI change surprise | -0.07σ (252 prior changes) |
| Daily call-minus-put growth surprise | -3.58σ (252 prior changes) |
History
Hover for valuesDrag to panScroll to zoomClick a series to hide it ← → step a session+ − zoomTouch: swipe to pan, pinch to zoom, hold for the crosshair
Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
No matching visualizations.
Gamma walls
Chart loads when this section is in view.
What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 7 completed Day +10 paths · latest Jan 17, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | +1.6% | -0.7% to +2.4% | 71% | -2.5% to +4.9% | 0.0% |
| Day +2 | 7 | +0.9% | -0.7% to +1.8% | 71% | -2.7% to +7.5% | 0.0% |
| Day +3 | 7 | -2.0% | -2.8% to +2.4% | 43% | -6.8% to +4.6% | 0.0% |
| Day +4 | 7 | -2.2% | -3.5% to +2.1% | 29% | -7.2% to +9.7% | 0.0% |
| Day +5 | 7 | -3.0% | -5.9% to +1.4% | 43% | -9.0% to +4.0% | 0.0% |
| Day +6 | 7 | -2.0% | -5.9% to +0.8% | 29% | -10.9% to +2.0% | 0.0% |
| Day +7 | 7 | +1.4% | -6.0% to +3.3% | 57% | -7.8% to +16.5% | 0.0% |
| Day +8 | 7 | +2.8% | -6.9% to +4.7% | 57% | -8.6% to +16.6% | 0.0% |
| Day +9 | 7 | +1.4% | -6.9% to +3.4% | 57% | -8.4% to +15.0% | 0.0% |
| Day +10 | 7 | +0.7% | -5.0% to +5.6% | 57% | -10.8% to +17.2% | 0.0% |
Crosses above gamma max 7 completed Day +10 paths · latest Jan 16, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | +0.6% | -1.4% to +1.5% | 57% | -3.4% to +3.8% | 0.0% |
| Day +2 | 7 | +1.9% | +0.3% to +4.3% | 71% | -5.9% to +7.0% | 0.0% |
| Day +3 | 7 | +1.9% | -0.6% to +2.0% | 71% | -6.1% to +9.6% | 0.0% |
| Day +4 | 7 | +1.0% | -3.5% to +2.3% | 57% | -6.9% to +6.7% | 0.0% |
| Day +5 | 7 | +1.0% | -6.3% to +2.6% | 57% | -7.6% to +11.8% | 0.0% |
| Day +6 | 7 | -1.4% | -7.6% to +2.8% | 43% | -11.5% to +6.0% | 0.0% |
| Day +7 | 7 | -1.6% | -7.6% to +3.7% | 43% | -13.3% to +8.5% | 0.0% |
| Day +8 | 7 | +1.6% | -7.4% to +4.8% | 57% | -11.0% to +20.9% | 0.0% |
| Day +9 | 7 | +0.0% | -8.2% to +3.7% | 57% | -11.7% to +21.1% | 0.0% |
| Day +10 | 7 | +2.0% | -8.2% to +4.7% | 57% | -11.6% to +19.4% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 38 |
| Prior-year sessions closer to gamma max | 88.5% of 252 |
| Prior-year sessions closer to delta neutral | 64.3% of 252 |
| Open interest percentile (1y) | 1th |
| Daily open interest change versus prior year | -0.66σ (-81,381 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -0.7% |
| Open interest change, 21 sessions | -8.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 13.37 vs 13.53 (-1.2%)
- closed above delta neutral at 13.61 vs 13.58 (+0.2%)
- closed below delta neutral at 13.52 vs 13.66 (-1.0%)
- closed above delta neutral at 13.35 vs 13.33 (+0.2%)
- closed below delta neutral at 13.35 vs 13.43 (-0.6%)
- closed above delta neutral at 13.57 vs 13.57 (+0.0%)
- closed below delta neutral at 14.05 vs 14.20 (-1.0%)
- closed above delta neutral at 14.48 vs 14.42 (+0.4%)
- closed below delta neutral at 13.56 vs 14.42 (-6.4%)
- closed above delta neutral at 14.65 vs 14.36 (+2.0%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/AAL
Questions people ask about AAL
Where is AAL's gamma max today?
As of Oct 2, 2026, the gamma max for AAL is 16.88, +30.4% from the 12.94 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is AAL above or below its delta neutral price?
AAL closed below delta neutral: 12.94 against a delta neutral price of 13.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AAL have?
1,797,691 contracts of open interest across 516 listed contracts on Oct 2, 2026, -4.3% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.