AEO max pain, gamma exposure (GEX) & options open interest
As of close · rank #580 by open interest · 1,393 sessions of history since Dec 1, 2020
AEO's nearest-expiration max pain is 16.50 for 2026-10-09, its GEX flip is 12.62, net GEX is 4,718,458, its put/call open-interest ratio is 0.76. 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: smile convexity 13.7 pp · front IV premium 1.0 pp · IV rank 97
AEO closed 0.1% below its gamma max of 17.72. It is 14.4% above the delta neutral price of 15.15. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 120,391, -5.0% versus the previous session. Its options catalyst-intensity score is 61.8 out of 100, led by smile convexity 13.7 pp, front IV premium 1.0 pp, IV rank 97. 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 | -3,567 contracts · -4.9% |
| Put OI change, 1 session | -2,709 contracts · -5.0% |
| Call minus put OI growth, 1 session | +0.0 pp |
| Call OI change, 5 sessions | +1,556 contracts · +2.3% |
| Put OI change, 5 sessions | +856 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | +0.6 pp |
| Daily call OI change surprise | -0.44σ (252 prior changes) |
| Daily put OI change surprise | -0.40σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.01σ (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 31 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +1.1% | -2.5% to +2.7% | 61% | -0.9% to +2.0% | 0.0% |
| Day +2 | 31 | +0.7% | -1.8% to +2.4% | 55% | -0.5% to +2.0% | 0.0% |
| Day +3 | 31 | +1.4% | -2.3% to +4.6% | 58% | -1.1% to +3.9% | 0.0% |
| Day +4 | 31 | +0.1% | -4.2% to +4.8% | 52% | -0.6% to +3.4% | 0.0% |
| Day +5 | 31 | +1.2% | -3.8% to +4.5% | 55% | -1.8% to +3.5% | 0.0% |
| Day +6 | 31 | +3.0% | -3.3% to +4.7% | 65% | -0.4% to +4.3% | 0.0% |
| Day +7 | 31 | +2.2% | -4.2% to +5.3% | 61% | -1.9% to +3.9% | 0.0% |
| Day +8 | 31 | +1.9% | -7.0% to +4.3% | 65% | -1.6% to +3.4% | 0.0% |
| Day +9 | 31 | -0.2% | -4.2% to +4.5% | 48% | -2.4% to +3.5% | 0.0% |
| Day +10 | 31 | -0.3% | -5.3% to +7.1% | 48% | -3.6% to +1.0% | 0.0% |
Crosses above gamma max 36 completed Day +10 paths · latest Sep 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 37 | +0.4% | -1.7% to +1.9% | 59% | 0.0% to +1.3% | 0.0% |
| Day +2 | 37 | +1.2% | -1.7% to +4.2% | 59% | -0.3% to +2.7% | 0.0% |
| Day +3 | 37 | +0.7% | -2.9% to +3.5% | 57% | -0.7% to +2.2% | 0.0% |
| Day +4 | 37 | +0.6% | -1.1% to +2.8% | 57% | -0.3% to +2.3% | 0.0% |
| Day +5 | 36 | +0.8% | -2.1% to +4.4% | 58% | -0.9% to +3.4% | 0.0% |
| Day +6 | 36 | +0.2% | -2.6% to +4.6% | 50% | -1.7% to +3.7% | 0.0% |
| Day +7 | 36 | +2.5% | -2.5% to +6.2% | 58% | -1.1% to +4.7% | 0.0% |
| Day +8 | 36 | +2.0% | -3.1% to +6.8% | 64% | -2.0% to +5.4% | 0.0% |
| Day +9 | 36 | +3.1% | -4.8% to +6.0% | 61% | -0.7% to +5.3% | 0.0% |
| Day +10 | 36 | +1.2% | -6.2% to +6.1% | 58% | -1.8% to +3.8% | 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 | 11% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 30 |
| Prior-year sessions closer to gamma max | 0.8% of 252 |
| Prior-year sessions closer to delta neutral | 91.7% of 252 |
| Open interest percentile (1y) | 64th |
| Daily open interest change versus prior year | -0.46σ (-6,276 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.0% |
| Open interest change, 21 sessions | +1.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 17.71 vs 17.72 (-0.1%)
- closed above gamma max at 17.31 vs 16.85 (+2.7%)
- closed above delta neutral at 15.02 vs 14.77 (+1.7%)
- closed below delta neutral at 14.53 vs 15.80 (-8.7%)
- closed below gamma max at 17.39 vs 17.91 (-3.0%)
- closed above gamma max at 17.01 vs 16.73 (+1.6%)
- closed below gamma max at 16.68 vs 16.91 (-1.4%)
- closed above gamma max at 17.58 vs 16.89 (+4.0%)
- closed below gamma max at 16.73 vs 16.84 (-0.6%)
- closed above gamma max at 16.86 vs 16.69 (+1.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/AEO
Questions people ask about AEO
Where is AEO's gamma max today?
As of Oct 2, 2026, the gamma max for AEO is 17.72, +0.1% from the 17.71 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 AEO above or below its delta neutral price?
AEO closed above delta neutral: 17.71 against a delta neutral price of 15.15. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AEO have?
120,391 contracts of open interest across 308 listed contracts on Oct 2, 2026, -5.0% 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.