CNC max pain, gamma exposure (GEX) & options open interest
As of close · rank #350 by open interest · 1,394 sessions of history since Dec 1, 2020
CNC's nearest-expiration max pain is 64.00 for 2026-10-09, its GEX flip is 59.51, net GEX is 2,237,591, its put/call open-interest ratio is 0.45. 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: front IV premium 3.2 pp · smile convexity -14.3 pp
CNC closed 16.4% below its gamma max of 73.32. It is 7.1% above the delta neutral price of 58.54. Total open interest is 244,845, -1.8% versus the previous session. Its options catalyst-intensity score is 59.9 out of 100, led by front IV premium 3.2 pp, smile convexity -14.3 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 | -2,667 contracts · -1.5% |
| Put OI change, 1 session | -1,765 contracts · -2.3% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +1,249 contracts · +0.7% |
| Put OI change, 5 sessions | +857 contracts · +1.1% |
| Call minus put OI growth, 5 sessions | -0.4 pp |
| Daily call OI change surprise | -0.15σ (252 prior changes) |
| Daily put OI change surprise | -0.13σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.21σ (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 Jul 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | -0.3% | -1.1% to +0.5% | 37% | -1.0% to +0.2% | 0.0% |
| Day +2 | 27 | -0.7% | -2.2% to +1.0% | 37% | -1.8% to +0.5% | 0.0% |
| Day +3 | 27 | -0.9% | -3.4% to +1.6% | 37% | -2.6% to +1.1% | 0.0% |
| Day +4 | 27 | -0.3% | -2.3% to +1.5% | 44% | -2.1% to +0.4% | 0.0% |
| Day +5 | 27 | -1.8% | -3.5% to +1.5% | 33% | -3.1% to +0.7% | 0.0% |
| Day +6 | 27 | -1.8% | -2.8% to +0.6% | 30% | -2.8% to -0.1% | -0.1% |
| Day +7 | 27 | -1.3% | -3.3% to +2.4% | 44% | -3.1% to +1.6% | 0.0% |
| Day +8 | 27 | -0.7% | -2.7% to +2.7% | 41% | -2.6% to +1.5% | 0.0% |
| Day +9 | 27 | -1.1% | -4.0% to +2.9% | 41% | -3.7% to +1.8% | 0.0% |
| Day +10 | 27 | -0.7% | -3.2% to +3.0% | 44% | -2.5% to +2.0% | 0.0% |
Crosses above gamma max 30 completed Day +10 paths · latest Jul 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.1% | -0.8% to +0.9% | 47% | -0.7% to +0.3% | 0.0% |
| Day +2 | 30 | +0.2% | -1.7% to +1.5% | 50% | -0.9% to +0.8% | 0.0% |
| Day +3 | 30 | +0.1% | -2.8% to +1.8% | 50% | -1.8% to +1.4% | 0.0% |
| Day +4 | 30 | +0.5% | -2.9% to +2.7% | 53% | -2.2% to +1.4% | 0.0% |
| Day +5 | 30 | -1.4% | -2.5% to +3.1% | 47% | -2.2% to +1.6% | 0.0% |
| Day +6 | 30 | -0.4% | -3.8% to +2.4% | 43% | -2.7% to +1.6% | 0.0% |
| Day +7 | 30 | -0.8% | -4.2% to +3.2% | 40% | -2.3% to +1.3% | 0.0% |
| Day +8 | 30 | -0.5% | -4.1% to +2.6% | 47% | -2.1% to +0.6% | 0.0% |
| Day +9 | 30 | -0.1% | -2.7% to +1.9% | 50% | -2.1% to +1.6% | 0.0% |
| Day +10 | 30 | -0.0% | -4.9% to +3.1% | 50% | -2.9% 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 | 8% |
| Gamma max crosses | 17 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 87.7% of 252 |
| Prior-year sessions closer to delta neutral | 7.9% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -0.15σ (-4,432 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.9% |
| Open interest change, 21 sessions | -19.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 67.86 vs 68.92 (-1.6%)
- closed above gamma max at 68.34 vs 67.55 (+1.2%)
- closed below gamma max at 61.02 vs 67.27 (-10.2%)
- closed above gamma max at 60.64 vs 60.05 (+1.0%)
- closed below gamma max at 63.40 vs 65.95 (-4.0%)
- closed above gamma max at 65.02 vs 64.31 (+1.1%)
- closed below gamma max at 55.96 vs 58.33 (-4.2%)
- closed above gamma max at 55.32 vs 55.20 (+0.2%)
- closed below gamma max at 53.34 vs 54.56 (-2.3%)
- closed above gamma max at 49.57 vs 48.02 (+3.1%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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/CNC
Questions people ask about CNC
Where is CNC's gamma max today?
As of Oct 2, 2026, the gamma max for CNC is 73.32, +16.4% from the 63.00 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 CNC above or below its delta neutral price?
CNC closed above delta neutral: 63.00 against a delta neutral price of 58.54. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CNC have?
244,845 contracts of open interest across 462 listed contracts on Oct 2, 2026, -1.8% 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.