CMG max pain, gamma exposure (GEX) & options open interest
As of close · rank #139 by open interest · 1,394 sessions of history since Dec 1, 2020
CMG's nearest-expiration max pain is 32.00 for 2026-10-09, its GEX flip is 31.57, net GEX is 14,569,185, its put/call open-interest ratio is 0.76. 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: 25Δ risk reversal -219.4 pp · smile convexity -18.8 pp · IV rank 88
CMG closed 6.3% below its gamma max of 34.47. It is 0.3% below the delta neutral price of 32.50. Total open interest is 729,276, -4.4% versus the previous session. Its options catalyst-intensity score is 54.7 out of 100, led by 25Δ risk reversal -219.4 pp, smile convexity -18.8 pp, IV rank 88. 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 | -25,254 contracts · -5.7% |
| Put OI change, 1 session | -8,056 contracts · -2.5% |
| Call minus put OI growth, 1 session | -3.2 pp |
| Call OI change, 5 sessions | +74,294 contracts · +21.8% |
| Put OI change, 5 sessions | +21,499 contracts · +7.3% |
| Call minus put OI growth, 5 sessions | +14.5 pp |
| Daily call OI change surprise | -0.72σ (252 prior changes) |
| Daily put OI change surprise | -0.22σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.67σ (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 13 completed Day +10 paths · latest Jul 31, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | +0.7% | -0.5% to +1.5% | 69% | -0.5% to +1.5% | 0.0% |
| Day +2 | 13 | +0.1% | -0.9% to +1.1% | 54% | -0.9% to +1.1% | 0.0% |
| Day +3 | 13 | +0.7% | -1.4% to +2.0% | 62% | -1.4% to +2.0% | 0.0% |
| Day +4 | 13 | +1.0% | -0.8% to +2.7% | 62% | -0.8% to +2.7% | 0.0% |
| Day +5 | 13 | +0.1% | -0.6% to +3.0% | 54% | -0.6% to +3.0% | 0.0% |
| Day +6 | 13 | -0.0% | -0.9% to +5.1% | 46% | -0.9% to +5.1% | 0.0% |
| Day +7 | 13 | +0.3% | -1.7% to +5.4% | 54% | -1.7% to +5.4% | 0.0% |
| Day +8 | 13 | -0.2% | -5.0% to +5.6% | 46% | -5.0% to +5.6% | 0.0% |
| Day +9 | 13 | +0.9% | -5.6% to +6.5% | 69% | -5.6% to +6.5% | 0.0% |
| Day +10 | 13 | +1.1% | -5.4% to +6.0% | 69% | -5.4% to +6.0% | 0.0% |
Crosses above gamma max 11 completed Day +10 paths · latest Jul 1, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | +0.3% | -0.5% to +1.1% | 73% | -1.3% to +1.3% | 0.0% |
| Day +2 | 11 | +1.0% | -1.0% to +1.7% | 64% | -1.1% to +1.7% | 0.0% |
| Day +3 | 11 | +1.3% | -1.4% to +1.5% | 64% | -2.2% to +1.6% | 0.0% |
| Day +4 | 11 | +1.4% | -1.1% to +2.8% | 73% | -2.5% to +3.2% | 0.0% |
| Day +5 | 11 | +1.4% | -1.1% to +2.8% | 64% | -1.8% to +2.9% | 0.0% |
| Day +6 | 11 | +0.3% | -1.4% to +3.8% | 64% | -1.8% to +4.2% | 0.0% |
| Day +7 | 11 | +1.6% | -1.6% to +6.5% | 64% | -2.6% to +6.8% | 0.0% |
| Day +8 | 11 | +1.1% | -2.3% to +6.4% | 64% | -3.3% to +6.4% | 0.0% |
| Day +9 | 11 | +1.3% | -4.8% to +7.3% | 64% | -5.9% to +7.3% | 0.0% |
| Day +10 | 11 | +2.2% | -3.4% to +7.7% | 64% | -5.3% to +8.1% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 10.3% of 252 |
| Prior-year sessions closer to delta neutral | 4.8% of 252 |
| Open interest percentile (1y) | 10th |
| Daily open interest change versus prior year | -0.50σ (-33,310 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +15.1% |
| Open interest change, 21 sessions | -4.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 34.83 vs 35.05 (-0.6%)
- closed above delta neutral at 34.65 vs 33.62 (+3.0%)
- closed below delta neutral at 33.36 vs 33.39 (-0.1%)
- closed above delta neutral at 33.51 vs 33.31 (+0.6%)
- closed below delta neutral at 33.71 vs 34.07 (-1.1%)
- closed above delta neutral at 34.49 vs 33.84 (+1.9%)
- closed below delta neutral at 33.82 vs 34.09 (-0.8%)
- closed below gamma max at 37.24 vs 40.15 (-7.8%)
- closed above gamma max at 38.52 vs 38.35 (+0.4%)
- closed above delta neutral at 33.51 vs 33.44 (+0.2%)
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/CMG
Questions people ask about CMG
Where is CMG's gamma max today?
As of Oct 2, 2026, the gamma max for CMG is 34.47, +6.3% from the 32.42 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 CMG above or below its delta neutral price?
CMG closed below delta neutral: 32.42 against a delta neutral price of 32.50. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CMG have?
729,276 contracts of open interest across 615 listed contracts on Oct 2, 2026, -4.4% 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.