APP max pain, gamma exposure (GEX) & options open interest
As of close · rank #270 by open interest · 1,296 sessions of history since Apr 22, 2021
APP's nearest-expiration max pain is 302.50 for 2026-10-09, its GEX flip is 306.72, net GEX is -9,088,678, its put/call open-interest ratio is 0.86. 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: volume/OI 0.22 · smile convexity 11.1 pp · IV rank 94
APP closed 38.0% below its gamma max of 370.27. It is 13.9% below the delta neutral price of 305.58. Total open interest is 358,741, -5.6% versus the previous session. Its options catalyst-intensity score is 43.7 out of 100, led by volume/OI 0.22, smile convexity 11.1 pp, IV rank 94. 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 | -6,858 contracts · -3.4% |
| Put OI change, 1 session | -14,431 contracts · -8.0% |
| Call minus put OI growth, 1 session | +4.6 pp |
| Call OI change, 5 sessions | +16,589 contracts · +9.4% |
| Put OI change, 5 sessions | +13,526 contracts · +8.9% |
| Call minus put OI growth, 5 sessions | +0.6 pp |
| Daily call OI change surprise | -0.40σ (252 prior changes) |
| Daily put OI change surprise | -1.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.68σ (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 27 completed Day +10 paths · latest Jul 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.5% | -2.1% to +2.0% | 56% | -0.7% to +1.6% | 0.0% |
| Day +2 | 27 | +2.0% | -1.6% to +3.9% | 67% | -1.1% to +3.5% | 0.0% |
| Day +3 | 27 | +0.6% | -2.6% to +4.7% | 52% | -1.5% to +4.0% | 0.0% |
| Day +4 | 27 | +1.1% | -1.8% to +4.8% | 56% | -1.1% to +4.5% | 0.0% |
| Day +5 | 27 | +1.0% | -1.8% to +5.8% | 67% | -1.3% to +4.1% | 0.0% |
| Day +6 | 27 | +1.3% | -4.0% to +6.3% | 59% | -2.6% to +4.3% | 0.0% |
| Day +7 | 27 | +2.3% | -3.5% to +6.7% | 59% | -1.9% to +4.9% | 0.0% |
| Day +8 | 27 | +2.8% | -3.0% to +8.0% | 70% | +1.2% to +6.1% | +1.2% |
| Day +9 | 27 | +3.8% | -8.1% to +10.0% | 70% | +0.4% to +8.0% | +0.4% |
| Day +10 | 27 | +3.2% | -10.6% to +9.4% | 63% | -1.8% to +7.1% | 0.0% |
Crosses below gamma max 29 completed Day +10 paths · latest Jun 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.3% | -1.2% to +2.5% | 55% | -0.4% to +1.9% | 0.0% |
| Day +2 | 29 | -0.2% | -2.3% to +2.4% | 45% | -1.2% to +1.9% | 0.0% |
| Day +3 | 29 | -1.0% | -5.0% to +1.6% | 45% | -3.0% to +0.7% | 0.0% |
| Day +4 | 29 | -2.7% | -5.3% to +2.9% | 45% | -4.3% to +2.0% | 0.0% |
| Day +5 | 29 | -2.0% | -7.0% to +2.6% | 41% | -4.6% to +1.7% | 0.0% |
| Day +6 | 29 | -1.2% | -9.6% to +4.6% | 45% | -6.4% to +2.0% | 0.0% |
| Day +7 | 29 | +2.0% | -5.8% to +5.3% | 62% | -0.8% to +4.2% | 0.0% |
| Day +8 | 29 | +2.2% | -7.8% to +8.6% | 62% | -4.6% to +6.6% | 0.0% |
| Day +9 | 29 | +1.6% | -6.8% to +7.9% | 55% | -4.9% to +5.8% | 0.0% |
| Day +10 | 29 | +4.4% | -7.3% to +10.4% | 59% | -2.3% to +10.0% | 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 | 4 |
| Delta neutral crosses | 27 |
| Prior-year sessions closer to gamma max | 94.0% of 252 |
| Prior-year sessions closer to delta neutral | 82.1% of 252 |
| Open interest percentile (1y) | 75th |
| Daily open interest change versus prior year | -0.77σ (-21,289 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +9.2% |
| Open interest change, 21 sessions | +1.1% |
| History available | Apr 22, 2021 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 315.25 vs 322.20 (-2.2%)
- closed above delta neutral at 330.17 vs 323.52 (+2.0%)
- closed below delta neutral at 321.60 vs 324.78 (-1.0%)
- closed above delta neutral at 334.24 vs 324.65 (+2.9%)
- closed below delta neutral at 335.67 vs 396.98 (-18.3%)
- closed above delta neutral at 419.70 vs 410.66 (+2.2%)
- closed below delta neutral at 399.46 vs 412.90 (-3.4%)
- closed above delta neutral at 418.22 vs 415.69 (+0.6%)
- closed below delta neutral at 412.48 vs 422.70 (-2.5%)
- closed above delta neutral at 424.60 vs 422.74 (+0.4%)
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/APP
Questions people ask about APP
Where is APP's gamma max today?
As of Oct 2, 2026, the gamma max for APP is 370.27, +38.0% from the 268.22 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 APP above or below its delta neutral price?
APP closed below delta neutral: 268.22 against a delta neutral price of 305.58. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does APP have?
358,741 contracts of open interest across 1,883 listed contracts on Oct 2, 2026, -5.6% 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.