AES max pain, gamma exposure (GEX) & options open interest
As of close · rank #443 by open interest · 1,394 sessions of history since Dec 1, 2020
AES's nearest-expiration max pain is 15.00 for 2026-10-16, its GEX flip is 11.19, net GEX is 7,688,103, its put/call open-interest ratio is 1.07. 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: OI change 0.08σ · 25Δ risk reversal 18.3 pp
AES closed 0.6% below its gamma max of 15.00. It is 4.9% above the delta neutral price of 14.17. Total open interest is 175,496, +0.4% versus the previous session. Its options catalyst-intensity score is 29.3 out of 100, led by OI change 0.08σ, 25Δ risk reversal 18.3 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 | +582 contracts · +0.7% |
| Put OI change, 1 session | +32 contracts · +0.0% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +625 contracts · +0.7% |
| Put OI change, 5 sessions | +639 contracts · +0.7% |
| Call minus put OI growth, 5 sessions | +0.0 pp |
| Daily call OI change surprise | +0.09σ (252 prior changes) |
| Daily put OI change surprise | +0.06σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.15σ (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 above gamma max 38 completed Day +10 paths · latest Feb 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 38 | +0.0% | -1.2% to +1.2% | 50% | -0.9% to +0.7% | 0.0% |
| Day +2 | 38 | +0.1% | -1.0% to +1.4% | 53% | -0.7% to +0.9% | 0.0% |
| Day +3 | 38 | -0.2% | -1.3% to +2.2% | 47% | -0.9% to +1.2% | 0.0% |
| Day +4 | 38 | 0.0% | -3.0% to +2.0% | 47% | -1.3% to +0.5% | 0.0% |
| Day +5 | 38 | -0.1% | -3.4% to +2.7% | 47% | -1.3% to +1.4% | 0.0% |
| Day +6 | 38 | -0.5% | -3.8% to +4.5% | 42% | -1.8% to +2.2% | 0.0% |
| Day +7 | 38 | -0.9% | -5.3% to +3.8% | 42% | -4.5% to +1.5% | 0.0% |
| Day +8 | 38 | -1.0% | -5.2% to +3.4% | 47% | -3.9% to +2.8% | 0.0% |
| Day +9 | 38 | -1.9% | -6.2% to +4.5% | 45% | -4.7% to +2.5% | 0.0% |
| Day +10 | 38 | -1.2% | -7.0% to +5.0% | 42% | -4.8% to +2.2% | 0.0% |
Crosses below gamma max 35 completed Day +10 paths · latest Feb 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | +0.4% | -0.8% to +1.0% | 60% | -0.5% to +0.8% | 0.0% |
| Day +2 | 35 | -0.2% | -2.8% to +1.8% | 49% | -1.3% to +1.0% | 0.0% |
| Day +3 | 35 | -0.7% | -4.4% to +2.4% | 43% | -2.4% to +1.0% | 0.0% |
| Day +4 | 35 | -0.2% | -4.9% to +3.1% | 43% | -4.1% to +0.9% | 0.0% |
| Day +5 | 35 | -2.0% | -7.3% to +2.2% | 37% | -4.2% to +1.4% | 0.0% |
| Day +6 | 35 | -2.7% | -8.4% to +1.5% | 31% | -4.9% to -0.7% | -0.7% |
| Day +7 | 35 | -2.9% | -8.1% to +1.5% | 31% | -6.0% to -0.4% | -0.4% |
| Day +8 | 35 | -4.1% | -6.6% to +2.6% | 29% | -5.5% to -2.3% | -2.3% |
| Day +9 | 35 | -3.6% | -7.8% to +1.9% | 29% | -5.0% to -1.5% | -1.5% |
| Day +10 | 35 | -4.1% | -7.8% to +1.6% | 31% | -6.9% to -1.6% | -1.6% |
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 | 6% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 2.0% of 252 |
| Prior-year sessions closer to delta neutral | 58.3% of 252 |
| Open interest percentile (1y) | 6th |
| Daily open interest change versus prior year | +0.08σ (614 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.7% |
| Open interest change, 21 sessions | -9.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 14.75 vs 15.93 (-8.0%)
- closed above gamma max at 14.77 vs 3.00 (+79.7%)
- closed above delta neutral at 14.83 vs 14.59 (+1.6%)
- closed below delta neutral at 14.84 vs 14.89 (-0.3%)
- closed above delta neutral at 14.64 vs 14.08 (+3.8%)
- closed below delta neutral at 14.66 vs 14.69 (-0.2%)
- closed above delta neutral at 14.71 vs 12.49 (+15.1%)
- closed below delta neutral at 14.70 vs 14.78 (-0.5%)
- closed above delta neutral at 14.27 vs 12.94 (+9.4%)
- closed below delta neutral at 14.30 vs 14.41 (-0.8%)
In today's screens
Neighbours by open interest
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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/AES
Questions people ask about AES
Where is AES's gamma max today?
As of Oct 2, 2026, the gamma max for AES is 15.00, +0.6% from the 14.91 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 AES above or below its delta neutral price?
AES closed above delta neutral: 14.91 against a delta neutral price of 14.17. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AES have?
175,496 contracts of open interest across 95 listed contracts on Oct 2, 2026, +0.4% 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.