CAG max pain, gamma exposure (GEX) & options open interest
As of close · rank #450 by open interest · 1,394 sessions of history since Dec 1, 2020
CAG's nearest-expiration max pain is 13.50 for 2026-10-09, its GEX flip is 12.49, net GEX is 3,107,530, its put/call open-interest ratio is 0.50. 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 · front IV premium 3.2 pp
CAG closed 20.9% below its gamma max of 16.16. It is 4.1% below the delta neutral price of 13.91. Total open interest is 170,914, -5.6% versus the previous session. Its options catalyst-intensity score is 62.5 out of 100, led by IV rank 100, front IV premium 3.2 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 | -7,112 contracts · -5.9% |
| Put OI change, 1 session | -2,944 contracts · -4.9% |
| Call minus put OI growth, 1 session | -1.0 pp |
| Call OI change, 5 sessions | +4,652 contracts · +4.3% |
| Put OI change, 5 sessions | +5,417 contracts · +10.4% |
| Call minus put OI growth, 5 sessions | -6.2 pp |
| Daily call OI change surprise | -0.99σ (252 prior changes) |
| Daily put OI change surprise | -0.66σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.29σ (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 30 completed Day +10 paths · latest Sep 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | +0.3% | -0.2% to +0.9% | 60% | -0.2% to +0.8% | 0.0% |
| Day +2 | 30 | +0.4% | -0.6% to +1.4% | 63% | -0.2% to +0.9% | 0.0% |
| Day +3 | 30 | +0.5% | -1.3% to +1.3% | 57% | -0.7% to +1.3% | 0.0% |
| Day +4 | 30 | +0.4% | -1.4% to +1.4% | 57% | -0.3% to +1.1% | 0.0% |
| Day +5 | 30 | +0.2% | -2.5% to +1.7% | 53% | -2.1% to +1.0% | 0.0% |
| Day +6 | 30 | -0.3% | -2.7% to +2.1% | 47% | -2.0% to +1.1% | 0.0% |
| Day +7 | 30 | -0.7% | -2.5% to +1.6% | 40% | -1.3% to +1.2% | 0.0% |
| Day +8 | 30 | +0.3% | -3.3% to +1.7% | 57% | -1.6% to +1.5% | 0.0% |
| Day +9 | 30 | 0.0% | -2.5% to +1.8% | 47% | -1.3% to +1.4% | 0.0% |
| Day +10 | 30 | -0.2% | -3.5% to +2.0% | 50% | -2.1% to +1.0% | 0.0% |
Crosses below gamma max 27 completed Day +10 paths · latest Aug 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.3% | -0.6% to +0.8% | 56% | -0.4% to +0.7% | 0.0% |
| Day +2 | 27 | +0.5% | -0.7% to +1.5% | 56% | -0.5% to +1.3% | 0.0% |
| Day +3 | 27 | +0.6% | -0.5% to +1.8% | 67% | -0.2% to +1.3% | 0.0% |
| Day +4 | 27 | +0.3% | -0.5% to +1.9% | 56% | -0.2% to +1.2% | 0.0% |
| Day +5 | 27 | +0.8% | -1.2% to +1.7% | 56% | -1.0% to +1.3% | 0.0% |
| Day +6 | 27 | +0.5% | -1.1% to +1.7% | 52% | -1.0% to +1.4% | 0.0% |
| Day +7 | 27 | +0.2% | -1.9% to +2.4% | 56% | -1.7% to +1.8% | 0.0% |
| Day +8 | 27 | +0.5% | -1.5% to +2.0% | 52% | -1.3% to +1.9% | 0.0% |
| Day +9 | 27 | +0.5% | -1.6% to +2.5% | 52% | -1.2% to +2.5% | 0.0% |
| Day +10 | 27 | +0.8% | -1.1% to +2.6% | 63% | -0.4% to +2.4% | 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 | 6% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 25 |
| Prior-year sessions closer to gamma max | 92.1% of 252 |
| Prior-year sessions closer to delta neutral | 56.7% of 252 |
| Open interest percentile (1y) | 44th |
| Daily open interest change versus prior year | -0.93σ (-10,056 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.3% |
| Open interest change, 21 sessions | -17.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 14.16 vs 14.33 (-1.2%)
- closed below gamma max at 15.13 vs 17.04 (-12.7%)
- closed above gamma max at 15.18 vs 15.10 (+0.5%)
- closed below gamma max at 16.20 vs 16.25 (-0.3%)
- closed above gamma max at 15.53 vs 15.40 (+0.8%)
- closed below gamma max at 15.03 vs 15.60 (-3.8%)
- closed above gamma max at 15.24 vs 15.19 (+0.3%)
- closed above delta neutral at 14.03 vs 13.50 (+3.8%)
- closed below delta neutral at 13.80 vs 13.83 (-0.2%)
- closed above delta neutral at 14.31 vs 13.91 (+2.8%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CAG
Questions people ask about CAG
Where is CAG's gamma max today?
As of Oct 2, 2026, the gamma max for CAG is 16.16, +20.9% from the 13.36 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 CAG above or below its delta neutral price?
CAG closed below delta neutral: 13.36 against a delta neutral price of 13.91. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CAG have?
170,914 contracts of open interest across 259 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.