CAT max pain, gamma exposure (GEX) & options open interest
As of close · rank #381 by open interest · 1,394 sessions of history since Dec 1, 2020
CAT's nearest-expiration max pain is 817.50 for 2026-10-09, its GEX flip is 815.54, net GEX is 4,357,903, its put/call open-interest ratio is 1.03. 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 0.10 · smile convexity 10.6 pp
CAT closed 8.7% below its gamma max of 918.97. It is 6.4% above the delta neutral price of 791.04. Total open interest is 221,017, -5.4% versus the previous session. Its options catalyst-intensity score is 50.8 out of 100, led by IV rank 100, volume/OI 0.10, smile convexity 10.6 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 | -6,878 contracts · -5.9% |
| Put OI change, 1 session | -5,818 contracts · -4.9% |
| Call minus put OI growth, 1 session | -1.0 pp |
| Call OI change, 5 sessions | +3,870 contracts · +3.7% |
| Put OI change, 5 sessions | +4,040 contracts · +3.7% |
| Call minus put OI growth, 5 sessions | -0.1 pp |
| Daily call OI change surprise | -0.88σ (252 prior changes) |
| Daily put OI change surprise | -0.59σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.35σ (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 27 completed Day +10 paths · latest Jun 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | -0.0% | -0.8% to +1.0% | 48% | -0.6% to +1.0% | 0.0% |
| Day +2 | 27 | -0.3% | -1.2% to +1.3% | 44% | -0.9% to +0.9% | 0.0% |
| Day +3 | 27 | -0.7% | -1.6% to +1.7% | 44% | -1.2% to +1.1% | 0.0% |
| Day +4 | 27 | -0.2% | -1.5% to +1.8% | 48% | -1.2% to +0.9% | 0.0% |
| Day +5 | 27 | -0.2% | -2.1% to +1.7% | 48% | -1.9% to +1.2% | 0.0% |
| Day +6 | 27 | -0.0% | -2.2% to +2.3% | 48% | -1.7% to +2.0% | 0.0% |
| Day +7 | 27 | -0.1% | -2.4% to +3.4% | 48% | -1.5% to +2.5% | 0.0% |
| Day +8 | 27 | +0.9% | -2.0% to +5.1% | 52% | -1.1% to +4.6% | 0.0% |
| Day +9 | 27 | +0.6% | -2.6% to +5.7% | 52% | -1.7% to +5.2% | 0.0% |
| Day +10 | 27 | -1.2% | -4.3% to +6.0% | 44% | -4.0% to +4.0% | 0.0% |
Crosses above gamma max 26 completed Day +10 paths · latest Jun 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.2% | -0.8% to +0.8% | 42% | -0.6% to +0.5% | 0.0% |
| Day +2 | 26 | +0.1% | -1.4% to +1.8% | 50% | -1.2% to +1.4% | 0.0% |
| Day +3 | 26 | -0.1% | -1.8% to +2.0% | 42% | -1.5% to +1.3% | 0.0% |
| Day +4 | 26 | +0.6% | -1.8% to +3.0% | 54% | -1.7% to +1.9% | 0.0% |
| Day +5 | 26 | +0.8% | -2.2% to +2.9% | 54% | -1.6% to +2.5% | 0.0% |
| Day +6 | 26 | +1.2% | -2.7% to +2.5% | 54% | -2.1% to +2.0% | 0.0% |
| Day +7 | 26 | +0.1% | -2.6% to +3.3% | 50% | -1.7% to +1.8% | 0.0% |
| Day +8 | 26 | +0.4% | -2.7% to +4.5% | 54% | -2.4% to +2.9% | 0.0% |
| Day +9 | 26 | +0.7% | -2.7% to +4.8% | 58% | -1.4% to +4.6% | 0.0% |
| Day +10 | 26 | +1.6% | -2.9% to +5.1% | 58% | -1.5% to +4.9% | 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 | 4% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 57.1% of 252 |
| Prior-year sessions closer to delta neutral | 40.5% of 252 |
| Open interest percentile (1y) | 52th |
| Daily open interest change versus prior year | -0.73σ (-12,696 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.7% |
| Open interest change, 21 sessions | -24.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 798.57 vs 784.74 (+1.7%)
- closed below delta neutral at 784.00 vs 791.92 (-1.0%)
- closed above delta neutral at 792.28 vs 791.53 (+0.1%)
- closed below delta neutral at 797.36 vs 798.08 (-0.1%)
- closed above delta neutral at 827.90 vs 803.00 (+3.0%)
- closed below delta neutral at 816.15 vs 820.32 (-0.5%)
- closed above delta neutral at 814.81 vs 800.50 (+1.8%)
- closed below delta neutral at 782.71 vs 817.85 (-4.5%)
- closed below gamma max at 997.47 vs 1,086.48 (-8.9%)
- closed above gamma max at 1,057.01 vs 1,052.47 (+0.4%)
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Canonical source: https://halfonadouble.com/stock/CAT
Questions people ask about CAT
Where is CAT's gamma max today?
As of Oct 2, 2026, the gamma max for CAT is 918.97, +8.7% from the 845.42 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 CAT above or below its delta neutral price?
CAT closed above delta neutral: 845.42 against a delta neutral price of 791.04. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CAT have?
221,017 contracts of open interest across 2,010 listed contracts on Oct 2, 2026, -5.4% 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.