AEM max pain, gamma exposure (GEX) & options open interest
As of close · rank #499 by open interest · 1,394 sessions of history since Dec 1, 2020
AEM's nearest-expiration max pain is 190.00 for 2026-10-09, its GEX flip is 173.64, net GEX is 1,367,483, its put/call open-interest ratio is 0.69. 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.
AEM closed 20.6% below its gamma max of 221.58. It is 7.1% above the delta neutral price of 170.63. Total open interest is 146,579, -1.5% versus the previous session. Its options catalyst-intensity score is 42.9 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 | -1,442 contracts · -1.6% |
| Put OI change, 1 session | -842 contracts · -1.4% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +6,984 contracts · +8.8% |
| Put OI change, 5 sessions | +2,179 contracts · +3.8% |
| Call minus put OI growth, 5 sessions | +5.0 pp |
| Daily call OI change surprise | -0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.24σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.09σ (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 30 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.2% | -0.9% to +0.9% | 43% | -0.7% to +0.6% | 0.0% |
| Day +2 | 30 | -0.2% | -0.8% to +1.6% | 47% | -0.4% to +0.5% | 0.0% |
| Day +3 | 30 | -0.4% | -2.7% to +2.1% | 37% | -1.4% to +0.1% | 0.0% |
| Day +4 | 30 | -0.6% | -2.5% to +1.4% | 40% | -1.6% to +0.6% | 0.0% |
| Day +5 | 30 | -0.6% | -3.0% to +2.3% | 37% | -2.5% to +0.7% | 0.0% |
| Day +6 | 30 | -0.4% | -3.1% to +1.7% | 47% | -2.2% to +0.9% | 0.0% |
| Day +7 | 30 | -0.3% | -4.2% to +2.5% | 47% | -1.9% to +0.5% | 0.0% |
| Day +8 | 30 | +1.6% | -3.3% to +3.3% | 63% | -0.9% to +2.3% | 0.0% |
| Day +9 | 30 | +1.6% | -2.1% to +4.5% | 63% | -0.4% to +3.1% | 0.0% |
| Day +10 | 30 | +3.0% | -2.9% to +4.9% | 63% | -0.0% to +4.4% | 0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.4% | -1.1% to +1.3% | 59% | -0.7% to +0.9% | 0.0% |
| Day +2 | 29 | +0.4% | -0.8% to +1.8% | 59% | -0.5% to +1.3% | 0.0% |
| Day +3 | 29 | +0.6% | -2.0% to +2.8% | 59% | -1.4% to +2.5% | 0.0% |
| Day +4 | 29 | +0.7% | -3.5% to +2.9% | 52% | -1.6% to +2.5% | 0.0% |
| Day +5 | 29 | +0.9% | -2.0% to +3.0% | 62% | -1.5% to +2.6% | 0.0% |
| Day +6 | 29 | +1.0% | -2.8% to +3.4% | 59% | -2.4% to +2.5% | 0.0% |
| Day +7 | 29 | +0.4% | -2.9% to +3.5% | 55% | -2.5% to +1.8% | 0.0% |
| Day +8 | 29 | -0.8% | -2.6% to +3.1% | 48% | -1.8% to +2.4% | 0.0% |
| Day +9 | 29 | +0.9% | -3.0% to +3.0% | 59% | -1.0% to +2.2% | 0.0% |
| Day +10 | 29 | +0.2% | -3.2% to +3.2% | 55% | -1.0% to +3.0% | 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 | 2% |
| Gamma max crosses | 9 |
| Delta neutral crosses | 12 |
| Prior-year sessions closer to gamma max | 78.6% of 252 |
| Prior-year sessions closer to delta neutral | 33.3% of 252 |
| Open interest percentile (1y) | 58th |
| Daily open interest change versus prior year | -0.26σ (-2,284 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.7% |
| Open interest change, 21 sessions | -8.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 216.06 vs 223.80 (-3.6%)
- closed above gamma max at 207.72 vs 199.66 (+3.9%)
- closed above delta neutral at 147.42 vs 146.59 (+0.6%)
- closed below delta neutral at 145.27 vs 145.99 (-0.5%)
- closed above delta neutral at 150.75 vs 146.96 (+2.5%)
- closed below delta neutral at 144.51 vs 146.49 (-1.4%)
- closed above delta neutral at 147.05 vs 146.35 (+0.5%)
- closed below delta neutral at 166.85 vs 167.04 (-0.1%)
- closed above delta neutral at 171.80 vs 165.20 (+3.8%)
- closed below delta neutral at 163.66 vs 167.78 (-2.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/AEM
Questions people ask about AEM
Where is AEM's gamma max today?
As of Oct 2, 2026, the gamma max for AEM is 221.58, +20.6% from the 183.69 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 AEM above or below its delta neutral price?
AEM closed above delta neutral: 183.69 against a delta neutral price of 170.63. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AEM have?
146,579 contracts of open interest across 730 listed contracts on Oct 2, 2026, -1.5% 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.