APO max pain, gamma exposure (GEX) & options open interest
As of close · rank #285 by open interest · 1,393 sessions of history since Dec 1, 2020
APO's nearest-expiration max pain is 115.00 for 2026-10-09, its GEX flip is 128.80, net GEX is -24,390,785, its put/call open-interest ratio is 0.99. 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 19.0 pp · IV rank 100 · OI change 0.08σ
APO closed 39.7% below its gamma max of 159.29. It is 9.9% below the delta neutral price of 125.28. Total open interest is 327,609, +0.3% versus the previous session. Its options catalyst-intensity score is 72.3 out of 100, led by smile convexity 19.0 pp, IV rank 100, OI change 0.08σ. 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 | -601 contracts · -0.4% |
| Put OI change, 1 session | +1,719 contracts · +1.1% |
| Call minus put OI growth, 1 session | -1.4 pp |
| Call OI change, 5 sessions | +1,555 contracts · +1.0% |
| Put OI change, 5 sessions | +3,997 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -1.6 pp |
| Daily call OI change surprise | -0.05σ (252 prior changes) |
| Daily put OI change surprise | +0.24σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.47σ (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 38 completed Day +10 paths · latest Jul 18, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 38 | +0.3% | -0.5% to +1.3% | 66% | +0.1% to +1.0% | +0.1% |
| Day +2 | 38 | +0.1% | -0.9% to +2.0% | 50% | -0.7% to +1.4% | 0.0% |
| Day +3 | 38 | +1.3% | -0.1% to +2.6% | 71% | +0.3% to +1.8% | +0.3% |
| Day +4 | 38 | +1.5% | -0.4% to +3.2% | 68% | +0.3% to +2.6% | +0.3% |
| Day +5 | 38 | +2.2% | -0.6% to +5.3% | 71% | +0.3% to +3.3% | +0.3% |
| Day +6 | 38 | +1.8% | -0.7% to +5.0% | 74% | +0.4% to +3.5% | +0.4% |
| Day +7 | 38 | +2.4% | -1.3% to +5.3% | 68% | +0.6% to +4.4% | +0.6% |
| Day +8 | 38 | +1.7% | -0.6% to +6.1% | 71% | +0.7% to +3.5% | +0.7% |
| Day +9 | 38 | +1.5% | -1.1% to +5.2% | 61% | -0.5% to +2.4% | 0.0% |
| Day +10 | 38 | +1.3% | -1.0% to +5.6% | 63% | -0.2% to +3.4% | 0.0% |
Crosses above gamma max 39 completed Day +10 paths · latest Jul 16, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | -0.1% | -0.9% to +0.8% | 46% | -0.7% to +0.4% | 0.0% |
| Day +2 | 39 | +0.5% | -0.9% to +1.5% | 54% | -0.6% to +1.0% | 0.0% |
| Day +3 | 39 | +0.4% | -0.7% to +2.2% | 54% | -0.4% to +1.4% | 0.0% |
| Day +4 | 39 | +0.8% | -1.0% to +3.4% | 59% | -0.3% to +2.0% | 0.0% |
| Day +5 | 39 | +1.1% | -0.7% to +3.4% | 62% | -0.3% to +2.9% | 0.0% |
| Day +6 | 39 | +1.3% | -0.7% to +3.4% | 67% | +0.0% to +2.7% | +0.0% |
| Day +7 | 39 | +0.3% | -1.1% to +4.2% | 54% | -0.7% to +3.6% | 0.0% |
| Day +8 | 39 | +1.4% | -1.9% to +5.0% | 62% | -0.3% to +3.1% | 0.0% |
| Day +9 | 39 | +1.5% | -1.2% to +4.4% | 64% | -0.0% to +3.6% | 0.0% |
| Day +10 | 39 | +0.9% | -1.0% to +4.6% | 59% | -0.3% to +2.9% | 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 90.9% of 252 |
| Prior-year sessions closer to delta neutral | 88.5% of 252 |
| Open interest percentile (1y) | 48th |
| Daily open interest change versus prior year | +0.08σ (1,118 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.7% |
| Open interest change, 21 sessions | +4.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 127.91 vs 129.86 (-1.5%)
- closed above delta neutral at 125.59 vs 124.75 (+0.7%)
- closed below delta neutral at 119.77 vs 121.66 (-1.6%)
- closed above delta neutral at 124.24 vs 122.85 (+1.1%)
- closed below delta neutral at 123.00 vs 124.82 (-1.5%)
- closed above delta neutral at 132.63 vs 130.12 (+1.9%)
- closed below delta neutral at 128.06 vs 129.00 (-0.7%)
- closed above delta neutral at 128.41 vs 127.55 (+0.7%)
- closed below delta neutral at 124.42 vs 126.78 (-1.9%)
- closed above delta neutral at 120.54 vs 118.07 (+2.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/APO
Questions people ask about APO
Where is APO's gamma max today?
As of Oct 2, 2026, the gamma max for APO is 159.29, +39.7% from the 114.02 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 APO above or below its delta neutral price?
APO closed below delta neutral: 114.02 against a delta neutral price of 125.28. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does APO have?
327,609 contracts of open interest across 574 listed contracts on Oct 2, 2026, +0.3% 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.