CNQ max pain, gamma exposure (GEX) & options open interest
As of close · rank #548 by open interest · 1,393 sessions of history since Dec 1, 2020
CNQ's nearest-expiration max pain is 50.00 for 2026-10-09, its GEX flip is 31.57, net GEX is 5,564,513, its put/call open-interest ratio is 0.54. 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 1.7 pp
CNQ closed 7.8% below its gamma max of 52.20. It is 11.9% above the delta neutral price of 42.66. Total open interest is 129,487, -0.3% versus the previous session. Its options catalyst-intensity score is 49.0 out of 100, led by front IV premium 1.7 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 | -269 contracts · -0.3% |
| Put OI change, 1 session | -78 contracts · -0.2% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | +556 contracts · +0.7% |
| Put OI change, 5 sessions | +6,943 contracts · +18.1% |
| Call minus put OI growth, 5 sessions | -17.5 pp |
| Daily call OI change surprise | -0.02σ (252 prior changes) |
| Daily put OI change surprise | +0.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.03σ (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 46 completed Day +10 paths · latest Sep 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 46 | +0.1% | -1.4% to +1.6% | 52% | -0.8% to +0.5% | 0.0% |
| Day +2 | 46 | -0.2% | -1.3% to +1.8% | 41% | -0.9% to +0.7% | 0.0% |
| Day +3 | 46 | -0.3% | -2.5% to +2.1% | 43% | -1.5% to +0.3% | 0.0% |
| Day +4 | 46 | +0.4% | -3.0% to +1.8% | 54% | -0.7% to +1.5% | 0.0% |
| Day +5 | 46 | +0.2% | -2.8% to +3.1% | 52% | -1.1% to +2.0% | 0.0% |
| Day +6 | 46 | +0.6% | -3.5% to +4.7% | 59% | -1.1% to +2.2% | 0.0% |
| Day +7 | 46 | +0.1% | -3.2% to +4.4% | 50% | -0.8% to +2.9% | 0.0% |
| Day +8 | 46 | -0.4% | -3.3% to +4.9% | 48% | -2.9% to +2.0% | 0.0% |
| Day +9 | 46 | +1.3% | -3.0% to +4.2% | 54% | -2.1% to +2.6% | 0.0% |
| Day +10 | 46 | +0.6% | -2.7% to +5.3% | 52% | -1.6% to +4.5% | 0.0% |
Crosses above gamma max 50 completed Day +10 paths · latest Sep 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 50 | -0.1% | -1.2% to +0.9% | 42% | -0.5% to +0.2% | 0.0% |
| Day +2 | 50 | -0.2% | -1.8% to +0.9% | 46% | -1.2% to +0.5% | 0.0% |
| Day +3 | 50 | +0.5% | -2.2% to +2.5% | 52% | -1.6% to +2.1% | 0.0% |
| Day +4 | 50 | +0.8% | -2.3% to +4.0% | 54% | -1.4% to +3.2% | 0.0% |
| Day +5 | 50 | +0.3% | -2.4% to +3.1% | 52% | -1.4% to +1.8% | 0.0% |
| Day +6 | 50 | +0.1% | -2.5% to +2.8% | 50% | -1.6% to +1.3% | 0.0% |
| Day +7 | 50 | -0.4% | -3.3% to +3.7% | 48% | -1.4% to +1.7% | 0.0% |
| Day +8 | 50 | -0.0% | -3.1% to +3.9% | 50% | -1.9% to +2.1% | 0.0% |
| Day +9 | 50 | -0.1% | -3.6% to +4.7% | 50% | -2.2% to +1.9% | 0.0% |
| Day +10 | 50 | +0.3% | -3.6% to +4.9% | 52% | -2.3% to +2.0% | 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 | 20% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 83.3% of 252 |
| Prior-year sessions closer to delta neutral | 35.3% of 252 |
| Open interest percentile (1y) | 29th |
| Daily open interest change versus prior year | -0.01σ (-347 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.1% |
| Open interest change, 21 sessions | -7.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 49.64 vs 50.87 (-2.5%)
- closed above gamma max at 50.62 vs 50.12 (+1.0%)
- closed below gamma max at 50.07 vs 50.45 (-0.7%)
- closed above gamma max at 51.55 vs 50.47 (+2.1%)
- closed below gamma max at 50.07 vs 50.80 (-1.5%)
- closed above gamma max at 50.90 vs 50.84 (+0.1%)
- closed below gamma max at 50.46 vs 50.83 (-0.7%)
- closed above gamma max at 51.81 vs 50.74 (+2.1%)
- closed below gamma max at 49.59 vs 50.04 (-0.9%)
- closed above gamma max at 49.27 vs 48.73 (+1.1%)
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/CNQ
Questions people ask about CNQ
Where is CNQ's gamma max today?
As of Oct 2, 2026, the gamma max for CNQ is 52.20, +7.8% from the 48.44 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 CNQ above or below its delta neutral price?
CNQ closed above delta neutral: 48.44 against a delta neutral price of 42.66. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CNQ have?
129,487 contracts of open interest across 255 listed contracts on Oct 2, 2026, -0.3% 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.