CIEN max pain, gamma exposure (GEX) & options open interest
As of close · rank #619 by open interest · 1,394 sessions of history since Dec 1, 2020
CIEN's nearest-expiration max pain is 362.50 for 2026-10-09, its GEX flip is 366.34, net GEX is 1,801,019, its put/call open-interest ratio is 0.95. 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 3.9 pp · volume/OI 0.08
CIEN closed 8.5% below its gamma max of 424.53. It is 8.2% above the delta neutral price of 359.25. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 104,171, -6.7% versus the previous session. Its options catalyst-intensity score is 71.4 out of 100, led by IV rank 100, front IV premium 3.9 pp, volume/OI 0.08. 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 | -4,337 contracts · -7.5% |
| Put OI change, 1 session | -3,134 contracts · -5.8% |
| Call minus put OI growth, 1 session | -1.7 pp |
| Call OI change, 5 sessions | +2,668 contracts · +5.3% |
| Put OI change, 5 sessions | -240 contracts · -0.5% |
| Call minus put OI growth, 5 sessions | +5.7 pp |
| Daily call OI change surprise | -1.11σ (252 prior changes) |
| Daily put OI change surprise | -0.82σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.18σ (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 45 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 45 | +0.4% | -1.0% to +1.6% | 58% | -0.3% to +0.8% | 0.0% |
| Day +2 | 45 | +0.1% | -2.0% to +1.4% | 51% | -0.4% to +0.6% | 0.0% |
| Day +3 | 45 | +0.0% | -2.2% to +2.2% | 51% | -1.1% to +1.4% | 0.0% |
| Day +4 | 45 | -0.3% | -1.6% to +1.6% | 49% | -0.9% to +1.0% | 0.0% |
| Day +5 | 45 | +1.8% | -2.0% to +4.2% | 60% | -0.4% to +2.6% | 0.0% |
| Day +6 | 45 | +0.7% | -1.8% to +4.2% | 67% | +0.4% to +2.2% | +0.4% |
| Day +7 | 45 | +1.5% | -2.0% to +4.8% | 69% | +0.7% to +2.8% | +0.7% |
| Day +8 | 45 | +0.9% | -3.5% to +4.8% | 58% | -0.4% to +2.7% | 0.0% |
| Day +9 | 45 | +1.0% | -3.4% to +5.8% | 58% | -1.5% to +3.7% | 0.0% |
| Day +10 | 45 | +0.8% | -2.8% to +6.2% | 62% | -0.1% to +4.3% | 0.0% |
Crosses above gamma max 45 completed Day +10 paths · latest Mar 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 45 | +0.3% | -1.0% to +1.7% | 60% | -0.2% to +1.0% | 0.0% |
| Day +2 | 45 | +0.5% | -1.3% to +1.8% | 62% | -0.8% to +1.0% | 0.0% |
| Day +3 | 45 | +0.2% | -2.1% to +3.0% | 51% | -0.4% to +1.8% | 0.0% |
| Day +4 | 45 | +0.3% | -3.1% to +2.8% | 53% | -0.7% to +1.9% | 0.0% |
| Day +5 | 45 | +0.1% | -2.4% to +2.5% | 53% | -1.1% to +1.1% | 0.0% |
| Day +6 | 45 | +1.5% | -2.5% to +3.4% | 60% | -0.4% to +1.9% | 0.0% |
| Day +7 | 45 | +0.4% | -2.5% to +3.8% | 53% | -2.1% to +2.2% | 0.0% |
| Day +8 | 45 | +0.6% | -2.6% to +4.5% | 53% | -1.3% to +2.2% | 0.0% |
| Day +9 | 45 | -0.3% | -2.8% to +4.4% | 47% | -1.4% to +1.5% | 0.0% |
| Day +10 | 45 | +0.8% | -2.9% to +5.0% | 53% | -0.8% to +2.6% | 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 | 8% |
| Gamma max crosses | 23 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 41.7% of 252 |
| Prior-year sessions closer to delta neutral | 35.3% of 252 |
| Open interest percentile (1y) | 92th |
| Daily open interest change versus prior year | -1.02σ (-7,471 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.4% |
| Open interest change, 21 sessions | +3.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 391.34 vs 424.53 (-8.5%)
- closed above delta neutral at 379.14 vs 357.29 (+5.8%)
- closed above gamma max at 379.14 vs 376.37 (+0.7%)
- closed below delta neutral at 344.19 vs 354.88 (-3.1%)
- closed above delta neutral at 365.96 vs 355.49 (+2.9%)
- closed below delta neutral at 348.80 vs 355.93 (-2.0%)
- closed above delta neutral at 344.25 vs 344.24 (+0.0%)
- closed below delta neutral at 378.44 vs 386.04 (-2.0%)
- closed above delta neutral at 387.66 vs 385.71 (+0.5%)
- closed below delta neutral at 371.95 vs 381.80 (-2.6%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CIEN
Questions people ask about CIEN
Where is CIEN's gamma max today?
As of Oct 2, 2026, the gamma max for CIEN is 424.53, +8.5% from the 391.34 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 CIEN above or below its delta neutral price?
CIEN closed above delta neutral: 391.34 against a delta neutral price of 359.25. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CIEN have?
104,171 contracts of open interest across 1,457 listed contracts on Oct 2, 2026, -6.7% 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.