AFRM max pain, gamma exposure (GEX) & options open interest
As of close · rank #364 by open interest · 1,360 sessions of history since Jan 21, 2021
AFRM's nearest-expiration max pain is 70.00 for 2026-10-09, its GEX flip is 69.51, net GEX is 1,255,034, its put/call open-interest ratio is 1.22. 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: IV rank 100 · volume/OI 0.08
AFRM closed 16.0% below its gamma max of 82.06. It is 1.2% above the delta neutral price of 69.90. Total open interest is 232,479, -7.3% versus the previous session. Its options catalyst-intensity score is 43.4 out of 100, led by IV rank 100, volume/OI 0.08. 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 | -12,724 contracts · -10.8% |
| Put OI change, 1 session | -5,645 contracts · -4.2% |
| Call minus put OI growth, 1 session | -6.6 pp |
| Call OI change, 5 sessions | +6,692 contracts · +6.8% |
| Put OI change, 5 sessions | +5,562 contracts · +4.6% |
| Call minus put OI growth, 5 sessions | +2.3 pp |
| Daily call OI change surprise | -0.91σ (252 prior changes) |
| Daily put OI change surprise | -0.49σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.87σ (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 14 completed Day +10 paths · latest Jul 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | +1.2% | -0.9% to +3.0% | 71% | -1.2% to +3.2% | 0.0% |
| Day +2 | 14 | +1.2% | -3.0% to +2.8% | 64% | -3.6% to +2.8% | 0.0% |
| Day +3 | 14 | -0.6% | -3.8% to +3.4% | 50% | -4.0% to +3.4% | 0.0% |
| Day +4 | 14 | +0.2% | -3.9% to +7.5% | 50% | -4.3% to +7.8% | 0.0% |
| Day +5 | 14 | +0.8% | -2.0% to +8.1% | 50% | -2.1% to +8.6% | 0.0% |
| Day +6 | 14 | +3.5% | +1.1% to +8.9% | 79% | +1.0% to +9.6% | +1.0% |
| Day +7 | 14 | +3.4% | -1.1% to +12.3% | 64% | -1.4% to +13.3% | 0.0% |
| Day +8 | 14 | +4.4% | -2.9% to +10.7% | 64% | -3.4% to +12.0% | 0.0% |
| Day +9 | 14 | +2.6% | -4.3% to +10.6% | 64% | -5.6% to +10.6% | 0.0% |
| Day +10 | 14 | +4.3% | -7.9% to +14.4% | 57% | -8.7% to +15.1% | 0.0% |
Crosses above gamma max 13 completed Day +10 paths · latest Jul 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | +1.2% | -1.7% to +3.1% | 62% | -1.7% to +3.1% | 0.0% |
| Day +2 | 13 | +2.0% | +1.2% to +5.5% | 85% | +1.2% to +5.5% | +1.2% |
| Day +3 | 13 | +0.8% | -3.9% to +4.6% | 62% | -3.9% to +4.6% | 0.0% |
| Day +4 | 13 | +1.2% | -5.0% to +5.2% | 54% | -5.0% to +5.2% | 0.0% |
| Day +5 | 13 | +2.7% | -6.1% to +9.3% | 62% | -6.1% to +9.3% | 0.0% |
| Day +6 | 13 | +4.0% | -4.1% to +11.0% | 54% | -4.1% to +11.0% | 0.0% |
| Day +7 | 13 | +7.6% | -5.3% to +10.2% | 62% | -5.3% to +10.2% | 0.0% |
| Day +8 | 13 | +5.8% | -0.5% to +14.2% | 62% | -0.5% to +14.2% | 0.0% |
| Day +9 | 13 | +5.4% | -1.8% to +16.2% | 69% | -1.8% to +16.2% | 0.0% |
| Day +10 | 13 | +9.3% | -0.2% to +13.1% | 69% | -0.2% to +13.1% | 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 | 4 |
| Delta neutral crosses | 34 |
| Prior-year sessions closer to gamma max | 58.7% of 252 |
| Prior-year sessions closer to delta neutral | 12.7% of 252 |
| Open interest percentile (1y) | 12th |
| Daily open interest change versus prior year | -0.75σ (-18,369 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.6% |
| Open interest change, 21 sessions | -5.7% |
| History available | Jan 21, 2021 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 70.43 vs 69.77 (+0.9%)
- closed below delta neutral at 67.21 vs 69.90 (-4.0%)
- closed above delta neutral at 71.57 vs 70.54 (+1.4%)
- closed below delta neutral at 68.09 vs 70.02 (-2.8%)
- closed above delta neutral at 71.21 vs 70.94 (+0.4%)
- closed below delta neutral at 70.28 vs 71.26 (-1.4%)
- closed above delta neutral at 71.44 vs 70.88 (+0.8%)
- closed below delta neutral at 72.35 vs 72.62 (-0.4%)
- closed above delta neutral at 74.09 vs 72.66 (+1.9%)
- closed below delta neutral at 69.94 vs 72.14 (-3.1%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/AFRM
Questions people ask about AFRM
Where is AFRM's gamma max today?
As of Oct 2, 2026, the gamma max for AFRM is 82.06, +16.0% from the 70.77 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 AFRM above or below its delta neutral price?
AFRM closed above delta neutral: 70.77 against a delta neutral price of 69.90. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does AFRM have?
232,479 contracts of open interest across 672 listed contracts on Oct 2, 2026, -7.3% 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.