CHWY max pain, gamma exposure (GEX) & options open interest
As of close · rank #366 by open interest · 1,394 sessions of history since Dec 1, 2020
CHWY's nearest-expiration max pain is 19.00 for 2026-10-09, its GEX flip is 19.31, net GEX is -5,429,530, its put/call open-interest ratio is 0.82. 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 98 · front IV premium -0.7 pp
CHWY closed 32.1% below its gamma max of 24.01. It is 6.0% below the delta neutral price of 19.27. Total open interest is 230,902, -4.1% versus the previous session. Its options catalyst-intensity score is 55.0 out of 100, led by IV rank 98, front IV premium -0.7 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 | -2,462 contracts · -1.9% |
| Put OI change, 1 session | -7,436 contracts · -6.7% |
| Call minus put OI growth, 1 session | +4.8 pp |
| Call OI change, 5 sessions | +9,893 contracts · +8.5% |
| Put OI change, 5 sessions | +16,751 contracts · +19.2% |
| Call minus put OI growth, 5 sessions | -10.7 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | -0.90σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.89σ (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 24 completed Day +10 paths · latest Apr 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 24 | -1.0% | -2.6% to +2.4% | 42% | -2.2% to +2.2% | 0.0% |
| Day +2 | 24 | -0.3% | -2.7% to +3.3% | 50% | -2.4% to +1.9% | 0.0% |
| Day +3 | 24 | +0.1% | -4.6% to +2.0% | 50% | -3.4% to +1.7% | 0.0% |
| Day +4 | 24 | -0.6% | -4.7% to +4.2% | 46% | -4.2% to +2.2% | 0.0% |
| Day +5 | 24 | -0.1% | -7.6% to +4.7% | 50% | -7.4% to +3.4% | 0.0% |
| Day +6 | 24 | -0.6% | -7.7% to +3.2% | 50% | -6.4% to +2.6% | 0.0% |
| Day +7 | 24 | -3.2% | -7.9% to +2.5% | 33% | -4.5% to +2.1% | 0.0% |
| Day +8 | 24 | -3.5% | -9.5% to +1.7% | 38% | -7.9% to +1.1% | 0.0% |
| Day +9 | 24 | -2.8% | -9.9% to +2.6% | 38% | -9.3% to +1.5% | 0.0% |
| Day +10 | 24 | -4.7% | -8.9% to +2.3% | 33% | -8.4% to +0.1% | 0.0% |
Crosses above gamma max 24 completed Day +10 paths · latest Apr 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 24 | -0.5% | -2.3% to +2.0% | 42% | -2.1% to +1.9% | 0.0% |
| Day +2 | 24 | +0.0% | -3.9% to +3.1% | 50% | -3.5% to +2.9% | 0.0% |
| Day +3 | 24 | +0.9% | -3.0% to +3.0% | 54% | -2.6% to +2.4% | 0.0% |
| Day +4 | 24 | -0.8% | -4.5% to +1.1% | 38% | -3.2% to +0.7% | 0.0% |
| Day +5 | 24 | -1.2% | -5.7% to +3.5% | 42% | -5.0% to +3.1% | 0.0% |
| Day +6 | 24 | -1.8% | -6.9% to +2.6% | 42% | -6.6% to +1.9% | 0.0% |
| Day +7 | 24 | -0.9% | -7.5% to +3.5% | 42% | -6.1% to +2.5% | 0.0% |
| Day +8 | 24 | -1.5% | -6.8% to +3.4% | 42% | -5.6% to +1.6% | 0.0% |
| Day +9 | 24 | -1.9% | -8.5% to +2.5% | 38% | -7.5% to +1.9% | 0.0% |
| Day +10 | 24 | -2.2% | -10.5% to +2.8% | 38% | -8.4% to +1.3% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 27 |
| Prior-year sessions closer to gamma max | 95.2% of 252 |
| Prior-year sessions closer to delta neutral | 68.3% of 252 |
| Open interest percentile (1y) | 58th |
| Daily open interest change versus prior year | -0.52σ (-9,898 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +13.0% |
| Open interest change, 21 sessions | -1.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 20.62 vs 20.85 (-1.1%)
- closed above delta neutral at 21.35 vs 20.90 (+2.1%)
- closed below delta neutral at 20.75 vs 21.57 (-4.0%)
- closed above delta neutral at 19.42 vs 19.22 (+1.0%)
- closed below delta neutral at 25.42 vs 25.82 (-1.6%)
- closed above delta neutral at 25.96 vs 25.59 (+1.4%)
- closed below delta neutral at 25.22 vs 25.51 (-1.1%)
- closed above delta neutral at 26.02 vs 25.74 (+1.1%)
- closed below delta neutral at 25.65 vs 25.94 (-1.1%)
- closed below gamma max at 27.74 vs 28.81 (-3.9%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CHWY
Questions people ask about CHWY
Where is CHWY's gamma max today?
As of Oct 2, 2026, the gamma max for CHWY is 24.01, +32.1% from the 18.17 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 CHWY above or below its delta neutral price?
CHWY closed below delta neutral: 18.17 against a delta neutral price of 19.27. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CHWY have?
230,902 contracts of open interest across 366 listed contracts on Oct 2, 2026, -4.1% 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.