CPB max pain, gamma exposure (GEX) & options open interest
As of close · rank #456 by open interest · 1,394 sessions of history since Dec 1, 2020
CPB's nearest-expiration max pain is 20.50 for 2026-10-09, its GEX flip is 21.34, net GEX is -1,786,572, its put/call open-interest ratio is 0.80. 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 1.2 pp
CPB closed 32.3% below its gamma max of 25.96. It is 8.7% below the delta neutral price of 21.34. Total open interest is 167,448, -2.6% versus the previous session. Its options catalyst-intensity score is 52.3 out of 100, led by front IV premium 1.2 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 | +709 contracts · +0.8% |
| Put OI change, 1 session | -5,124 contracts · -6.4% |
| Call minus put OI growth, 1 session | +7.2 pp |
| Call OI change, 5 sessions | +8,528 contracts · +10.1% |
| Put OI change, 5 sessions | -775 contracts · -1.0% |
| Call minus put OI growth, 5 sessions | +11.1 pp |
| Daily call OI change surprise | +0.11σ (252 prior changes) |
| Daily put OI change surprise | -1.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.55σ (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 20 completed Day +10 paths · latest Jun 11, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.4% | -0.4% to +1.3% | 65% | -0.3% to +1.2% | 0.0% |
| Day +2 | 20 | +0.5% | -0.5% to +2.2% | 55% | -0.5% to +1.9% | 0.0% |
| Day +3 | 20 | +1.4% | -0.9% to +2.9% | 60% | -0.7% to +2.8% | 0.0% |
| Day +4 | 20 | +1.2% | -0.6% to +2.6% | 70% | -0.4% to +2.5% | 0.0% |
| Day +5 | 20 | +1.8% | -0.9% to +3.1% | 65% | -0.6% to +3.1% | 0.0% |
| Day +6 | 20 | +1.3% | -1.7% to +2.9% | 60% | -1.6% to +2.6% | 0.0% |
| Day +7 | 20 | +0.7% | -1.7% to +3.6% | 55% | -1.5% to +3.3% | 0.0% |
| Day +8 | 20 | +0.1% | -1.8% to +3.7% | 50% | -1.7% to +3.7% | 0.0% |
| Day +9 | 20 | +0.3% | -1.4% to +2.7% | 50% | -1.4% to +2.5% | 0.0% |
| Day +10 | 20 | +0.3% | -1.1% to +3.8% | 60% | -1.0% to +3.8% | 0.0% |
Crosses above gamma max 21 completed Day +10 paths · latest Jun 10, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | -0.1% | -0.7% to +0.9% | 48% | -0.6% to +0.7% | 0.0% |
| Day +2 | 21 | -0.4% | -1.4% to +0.4% | 43% | -1.0% to +0.1% | 0.0% |
| Day +3 | 21 | -0.7% | -2.0% to +0.5% | 33% | -1.3% to +0.4% | 0.0% |
| Day +4 | 21 | -0.4% | -1.7% to +1.7% | 38% | -1.4% to +0.4% | 0.0% |
| Day +5 | 21 | -0.2% | -1.6% to +1.8% | 43% | -1.0% to +1.1% | 0.0% |
| Day +6 | 21 | +0.7% | -2.1% to +2.4% | 52% | -1.7% to +2.0% | 0.0% |
| Day +7 | 21 | -0.9% | -2.1% to +1.5% | 43% | -1.9% to +0.5% | 0.0% |
| Day +8 | 21 | -1.4% | -2.6% to +1.2% | 38% | -2.2% to +1.0% | 0.0% |
| Day +9 | 21 | -0.9% | -2.3% to +1.0% | 38% | -2.3% to +0.1% | 0.0% |
| Day +10 | 21 | -1.5% | -2.0% to +1.3% | 29% | -1.9% to -0.5% | -0.5% |
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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 20 |
| Prior-year sessions closer to gamma max | 94.8% of 252 |
| Prior-year sessions closer to delta neutral | 85.3% of 252 |
| Open interest percentile (1y) | 52th |
| Daily open interest change versus prior year | -0.49σ (-4,415 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.9% |
| Open interest change, 21 sessions | -6.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 22.13 vs 23.18 (-4.8%)
- closed above delta neutral at 22.37 vs 22.09 (+1.2%)
- closed below delta neutral at 21.98 vs 22.03 (-0.2%)
- closed above delta neutral at 22.37 vs 21.79 (+2.6%)
- closed below delta neutral at 21.41 vs 21.73 (-1.5%)
- closed above delta neutral at 22.65 vs 22.35 (+1.3%)
- closed below delta neutral at 21.99 vs 22.23 (-1.1%)
- closed above delta neutral at 22.23 vs 22.09 (+0.6%)
- closed below delta neutral at 21.11 vs 21.77 (-3.1%)
- closed below gamma max at 22.73 vs 22.86 (-0.6%)
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/CPB
Questions people ask about CPB
Where is CPB's gamma max today?
As of Oct 2, 2026, the gamma max for CPB is 25.96, +32.3% from the 19.63 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 CPB above or below its delta neutral price?
CPB closed below delta neutral: 19.63 against a delta neutral price of 21.34. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CPB have?
167,448 contracts of open interest across 429 listed contracts on Oct 2, 2026, -2.6% 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.