ANET max pain, gamma exposure (GEX) & options open interest
As of close · rank #318 by open interest · 1,393 sessions of history since Dec 1, 2020
ANET's nearest-expiration max pain is 195.00 for 2026-10-09, its GEX flip is 187.22, net GEX is 9,693,138, its put/call open-interest ratio is 0.87. 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.
ANET closed 6.8% below its gamma max of 221.53. It is 11.3% above the delta neutral price of 183.89. Total open interest is 279,470, -6.2% versus the previous session. Its options catalyst-intensity score is 38.0 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 | -10,461 contracts · -6.5% |
| Put OI change, 1 session | -7,887 contracts · -5.7% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | +1,480 contracts · +1.0% |
| Put OI change, 5 sessions | +3,312 contracts · +2.6% |
| Call minus put OI growth, 5 sessions | -1.6 pp |
| Daily call OI change surprise | -0.75σ (252 prior changes) |
| Daily put OI change surprise | -0.70σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.25σ (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 34 completed Day +10 paths · latest Aug 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | +0.6% | -0.3% to +2.1% | 68% | +0.0% to +1.7% | +0.0% |
| Day +2 | 34 | +0.5% | -1.0% to +2.0% | 59% | -0.0% to +1.7% | 0.0% |
| Day +3 | 34 | +0.5% | -1.0% to +2.3% | 59% | -0.8% to +1.7% | 0.0% |
| Day +4 | 34 | +0.9% | -2.3% to +3.7% | 56% | -1.1% to +2.6% | 0.0% |
| Day +5 | 34 | +0.2% | -2.0% to +3.1% | 53% | -1.8% to +2.1% | 0.0% |
| Day +6 | 34 | -0.4% | -3.9% to +3.8% | 47% | -1.6% to +1.5% | 0.0% |
| Day +7 | 34 | +0.5% | -4.7% to +3.5% | 59% | -2.2% to +2.0% | 0.0% |
| Day +8 | 34 | +0.6% | -4.7% to +5.6% | 56% | -4.3% to +3.3% | 0.0% |
| Day +9 | 34 | +0.5% | -4.7% to +6.2% | 56% | -2.9% to +3.6% | 0.0% |
| Day +10 | 34 | +0.7% | -4.8% to +4.7% | 56% | -1.7% to +2.8% | 0.0% |
Crosses above gamma max 33 completed Day +10 paths · latest Aug 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 33 | -0.2% | -1.8% to +1.1% | 45% | -1.0% to +0.4% | 0.0% |
| Day +2 | 33 | -0.2% | -1.9% to +1.5% | 45% | -1.1% to +0.9% | 0.0% |
| Day +3 | 33 | -0.8% | -2.6% to +1.7% | 39% | -2.2% to +0.8% | 0.0% |
| Day +4 | 33 | +0.9% | -1.5% to +2.1% | 61% | -0.5% to +1.5% | 0.0% |
| Day +5 | 33 | +0.9% | -1.8% to +2.8% | 67% | +0.2% to +1.9% | +0.2% |
| Day +6 | 33 | +0.3% | -2.1% to +3.1% | 52% | -1.6% to +2.3% | 0.0% |
| Day +7 | 33 | +0.7% | -3.2% to +2.8% | 55% | -2.0% to +2.2% | 0.0% |
| Day +8 | 33 | +0.2% | -3.7% to +2.9% | 52% | -1.9% to +2.5% | 0.0% |
| Day +9 | 33 | -0.1% | -5.2% to +4.9% | 48% | -4.3% to +3.9% | 0.0% |
| Day +10 | 33 | -0.1% | -5.4% to +5.3% | 48% | -4.9% to +4.0% | 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 | 6 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 31.0% of 252 |
| Prior-year sessions closer to delta neutral | 65.1% of 252 |
| Open interest percentile (1y) | 9th |
| Daily open interest change versus prior year | -0.74σ (-18,348 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.7% |
| Open interest change, 21 sessions | -10.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 203.62 vs 209.60 (-2.9%)
- closed above gamma max at 210.50 vs 209.88 (+0.3%)
- closed above delta neutral at 142.54 vs 139.38 (+2.2%)
- closed below delta neutral at 136.43 vs 138.61 (-1.6%)
- closed above delta neutral at 141.77 vs 138.97 (+2.0%)
- closed below delta neutral at 141.82 vs 143.25 (-1.0%)
- closed below gamma max at 172.55 vs 176.87 (-2.5%)
- closed above gamma max at 177.73 vs 175.90 (+1.0%)
- closed below gamma max at 166.85 vs 167.55 (-0.4%)
- closed above gamma max at 161.01 vs 159.91 (+0.7%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ANET
Questions people ask about ANET
Where is ANET's gamma max today?
As of Oct 2, 2026, the gamma max for ANET is 221.53, +6.8% from the 207.35 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 ANET above or below its delta neutral price?
ANET closed above delta neutral: 207.35 against a delta neutral price of 183.89. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ANET have?
279,470 contracts of open interest across 696 listed contracts on Oct 2, 2026, -6.2% 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.