ADBE max pain, gamma exposure (GEX) & options open interest
As of close · rank #160 by open interest · 1,393 sessions of history since Dec 1, 2020
ADBE's nearest-expiration max pain is 247.50 for 2026-10-09, its GEX flip is 240.32, net GEX is -2,421,915, its put/call open-interest ratio is 0.64. 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.
ADBE closed 27.9% below its gamma max of 303.93. It is 0.6% above the delta neutral price of 236.32. Total open interest is 650,557, -3.2% versus the previous session. Its options catalyst-intensity score is 42.3 out of 100. 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 | -11,188 contracts · -2.7% |
| Put OI change, 1 session | -10,326 contracts · -3.9% |
| Call minus put OI growth, 1 session | +1.2 pp |
| Call OI change, 5 sessions | +17,745 contracts · +4.7% |
| Put OI change, 5 sessions | +1,218 contracts · +0.5% |
| Call minus put OI growth, 5 sessions | +4.2 pp |
| Daily call OI change surprise | -0.67σ (252 prior changes) |
| Daily put OI change surprise | -1.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.45σ (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 6 completed Day +10 paths · latest Feb 3, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 6 | -1.0% | -1.5% to +0.2% | 33% | -2.5% to +2.9% | 0.0% |
| Day +2 | 6 | +0.7% | -1.4% to +1.1% | 67% | -5.6% to +1.3% | 0.0% |
| Day +3 | 6 | -1.3% | -2.3% to +0.2% | 33% | -2.4% to +3.1% | 0.0% |
| Day +4 | 6 | -0.3% | -2.4% to +1.5% | 50% | -3.4% to +3.4% | 0.0% |
| Day +5 | 6 | +0.6% | -1.5% to +3.9% | 50% | -2.2% to +5.0% | 0.0% |
| Day +6 | 6 | +0.9% | -1.0% to +4.1% | 50% | -1.8% to +4.8% | 0.0% |
| Day +7 | 6 | +1.6% | +0.0% to +4.6% | 67% | -1.5% to +6.4% | 0.0% |
| Day +8 | 6 | +3.4% | -0.4% to +5.7% | 67% | -1.8% to +6.1% | 0.0% |
| Day +9 | 6 | +4.0% | -1.0% to +7.1% | 67% | -3.7% to +7.4% | 0.0% |
| Day +10 | 6 | +5.5% | -1.4% to +7.6% | 67% | -5.9% to +7.8% | 0.0% |
Crosses above gamma max 6 completed Day +10 paths · latest Feb 2, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 6 | -1.6% | -1.7% to -0.1% | 33% | -3.3% to +1.1% | 0.0% |
| Day +2 | 6 | -1.9% | -3.7% to -1.2% | 17% | -4.3% to +4.0% | 0.0% |
| Day +3 | 6 | -1.4% | -2.0% to -0.9% | 17% | -7.3% to +2.4% | 0.0% |
| Day +4 | 6 | -2.8% | -3.8% to +0.6% | 33% | -3.9% to +1.6% | 0.0% |
| Day +5 | 6 | -2.2% | -3.9% to +1.1% | 33% | -4.6% to +3.0% | 0.0% |
| Day +6 | 6 | -0.6% | -2.2% to +2.6% | 50% | -5.4% to +5.6% | 0.0% |
| Day +7 | 6 | -0.5% | -2.0% to +2.5% | 50% | -4.4% to +5.9% | 0.0% |
| Day +8 | 6 | -0.1% | -1.0% to +2.9% | 50% | -3.7% to +7.5% | 0.0% |
| Day +9 | 6 | +1.7% | -1.2% to +4.0% | 50% | -4.2% to +7.2% | 0.0% |
| Day +10 | 6 | +2.4% | -1.1% to +5.6% | 50% | -6.9% to +8.0% | 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 | 27 |
| Prior-year sessions closer to gamma max | 62.3% of 252 |
| Prior-year sessions closer to delta neutral | 7.9% of 252 |
| Open interest percentile (1y) | 73th |
| Daily open interest change versus prior year | -0.82σ (-21,514 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.0% |
| Open interest change, 21 sessions | -5.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 239.94 vs 236.98 (+1.2%)
- closed below delta neutral at 238.93 vs 240.09 (-0.5%)
- closed above delta neutral at 240.69 vs 240.65 (+0.0%)
- closed below delta neutral at 238.25 vs 240.23 (-0.8%)
- closed above delta neutral at 252.67 vs 250.66 (+0.8%)
- closed below delta neutral at 250.50 vs 251.51 (-0.4%)
- closed above delta neutral at 225.11 vs 218.95 (+2.7%)
- closed below delta neutral at 212.17 vs 217.49 (-2.5%)
- closed above delta neutral at 210.98 vs 208.71 (+1.1%)
- closed below delta neutral at 237.88 vs 244.64 (-2.8%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/ADBE
Questions people ask about ADBE
Where is ADBE's gamma max today?
As of Oct 2, 2026, the gamma max for ADBE is 303.93, +27.9% from the 237.69 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 ADBE above or below its delta neutral price?
ADBE closed above delta neutral: 237.69 against a delta neutral price of 236.32. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ADBE have?
650,557 contracts of open interest across 1,372 listed contracts on Oct 2, 2026, -3.2% 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.