AAOI max pain, gamma exposure (GEX) & options open interest
As of close · rank #304 by open interest · 1,351 sessions of history since Dec 1, 2020
AAOI's nearest-expiration max pain is 103.00 for 2026-10-09, its GEX flip is 95.76, net GEX is 6,971,869, its put/call open-interest ratio is 0.95. 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: volume/OI 0.24 · IV rank 100 · 7d expected move +12.0%
AAOI closed 3.9% below its gamma max of 120.13. It is 14.5% above the delta neutral price of 98.82. Total open interest is 303,238, -10.1% versus the previous session. Its options catalyst-intensity score is 55.8 out of 100, led by volume/OI 0.24, IV rank 100, 7d expected move +12.0%. 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 | -21,476 contracts · -12.1% |
| Put OI change, 1 session | -12,647 contracts · -7.9% |
| Call minus put OI growth, 1 session | -4.3 pp |
| Call OI change, 5 sessions | +4,211 contracts · +2.8% |
| Put OI change, 5 sessions | +6,803 contracts · +4.8% |
| Call minus put OI growth, 5 sessions | -2.0 pp |
| Daily call OI change surprise | -1.70σ (252 prior changes) |
| Daily put OI change surprise | -0.73σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.40σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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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 38 completed Day +10 paths · latest Mar 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 38 | -0.9% | -3.6% to +3.1% | 45% | -2.8% to +1.7% | 0.0% |
| Day +2 | 38 | -2.1% | -8.1% to +2.3% | 37% | -4.0% to +0.4% | 0.0% |
| Day +3 | 38 | -1.2% | -13.3% to +5.8% | 45% | -10.2% to +2.2% | 0.0% |
| Day +4 | 38 | -2.7% | -13.5% to +7.3% | 45% | -7.3% to +6.0% | 0.0% |
| Day +5 | 38 | -0.0% | -9.1% to +11.7% | 50% | -4.8% to +6.2% | 0.0% |
| Day +6 | 38 | -3.2% | -10.6% to +11.2% | 42% | -7.2% to +7.0% | 0.0% |
| Day +7 | 38 | -5.1% | -10.5% to +15.4% | 39% | -8.7% to +6.8% | 0.0% |
| Day +8 | 38 | +0.1% | -11.8% to +15.5% | 50% | -7.1% to +11.8% | 0.0% |
| Day +9 | 38 | -1.0% | -14.9% to +15.2% | 50% | -8.7% to +11.4% | 0.0% |
| Day +10 | 38 | -0.1% | -18.2% to +16.9% | 50% | -7.7% to +11.3% | 0.0% |
Crosses above gamma max 40 completed Day +10 paths · latest Mar 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | -0.2% | -3.1% to +1.7% | 43% | -1.8% to +0.4% | 0.0% |
| Day +2 | 40 | -0.7% | -4.5% to +3.8% | 45% | -3.2% to +2.2% | 0.0% |
| Day +3 | 40 | -0.1% | -8.1% to +3.5% | 50% | -5.2% to +2.1% | 0.0% |
| Day +4 | 40 | +0.8% | -8.0% to +7.4% | 50% | -5.0% to +3.6% | 0.0% |
| Day +5 | 40 | +0.8% | -11.8% to +9.7% | 57% | -5.6% to +5.8% | 0.0% |
| Day +6 | 40 | +0.7% | -9.2% to +12.1% | 50% | -4.4% to +9.3% | 0.0% |
| Day +7 | 40 | +1.3% | -10.5% to +12.7% | 50% | -7.2% to +10.2% | 0.0% |
| Day +8 | 40 | +3.7% | -8.5% to +11.8% | 55% | -6.2% to +9.5% | 0.0% |
| Day +9 | 40 | +6.6% | -8.6% to +16.2% | 57% | -4.6% to +11.9% | 0.0% |
| Day +10 | 40 | +5.3% | -11.5% to +16.5% | 60% | -4.5% to +12.5% | 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 | 4% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 22 |
| Prior-year sessions closer to gamma max | 7.1% of 252 |
| Prior-year sessions closer to delta neutral | 61.5% of 252 |
| Open interest percentile (1y) | 83th |
| Daily open interest change versus prior year | -1.21σ (-34,123 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.8% |
| Open interest change, 21 sessions | -3.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 100.67 vs 98.04 (+2.6%)
- closed below delta neutral at 96.82 vs 97.84 (-1.1%)
- closed above delta neutral at 105.17 vs 100.02 (+4.9%)
- closed below delta neutral at 103.29 vs 106.47 (-3.1%)
- closed above delta neutral at 111.55 vs 106.48 (+4.5%)
- closed below delta neutral at 106.23 vs 110.41 (-3.9%)
- closed above delta neutral at 113.76 vs 113.34 (+0.4%)
- closed below delta neutral at 107.63 vs 114.45 (-6.3%)
- closed above delta neutral at 129.10 vs 127.25 (+1.4%)
- closed below delta neutral at 122.19 vs 123.37 (-1.0%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/AAOI
Questions people ask about AAOI
Where is AAOI's gamma max today?
As of Oct 2, 2026, the gamma max for AAOI is 120.13, +3.9% from the 115.59 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 AAOI above or below its delta neutral price?
AAOI closed above delta neutral: 115.59 against a delta neutral price of 98.82. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AAOI have?
303,238 contracts of open interest across 1,004 listed contracts on Oct 2, 2026, -10.1% 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.