CVNA max pain, gamma exposure (GEX) & options open interest
As of close · rank #110 by open interest · 1,394 sessions of history since Dec 1, 2020
CVNA's nearest-expiration max pain is 63.00 for 2026-10-09, its GEX flip is 64.49, net GEX is -1,695,300, its put/call open-interest ratio is 1.09. 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
CVNA closed 29.7% below its gamma max of 82.70. It is 2.0% above the delta neutral price of 62.53. Total open interest is 906,975, -3.2% versus the previous session. Its options catalyst-intensity score is 44.1 out of 100, led by IV rank 100. 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 | -16,106 contracts · -3.6% |
| Put OI change, 1 session | -14,239 contracts · -2.9% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | +18,698 contracts · +4.5% |
| Put OI change, 5 sessions | +30,333 contracts · +6.8% |
| Call minus put OI growth, 5 sessions | -2.3 pp |
| Daily call OI change surprise | -0.24σ (252 prior changes) |
| Daily put OI change surprise | -0.23σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.10σ (251 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 21 completed Day +10 paths · latest Dec 9, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | +1.0% | -1.3% to +1.8% | 67% | -0.5% to +1.7% | 0.0% |
| Day +2 | 21 | +1.5% | -2.0% to +3.6% | 57% | -1.0% to +2.9% | 0.0% |
| Day +3 | 21 | +0.3% | -1.7% to +5.5% | 52% | -1.4% to +4.3% | 0.0% |
| Day +4 | 21 | +2.5% | -0.9% to +6.2% | 71% | +0.1% to +5.4% | +0.1% |
| Day +5 | 21 | +3.1% | -1.2% to +8.1% | 67% | -0.3% to +6.7% | 0.0% |
| Day +6 | 21 | +2.5% | -2.1% to +9.2% | 71% | +0.9% to +7.7% | +0.9% |
| Day +7 | 21 | +4.3% | +0.7% to +9.1% | 76% | +0.9% to +8.4% | +0.9% |
| Day +8 | 21 | +3.5% | -1.3% to +9.3% | 67% | -0.5% to +5.8% | 0.0% |
| Day +9 | 21 | +5.0% | +0.7% to +12.3% | 81% | +1.0% to +10.9% | +1.0% |
| Day +10 | 21 | +5.2% | +2.5% to +13.0% | 81% | +3.1% to +11.8% | +3.1% |
Crosses above gamma max 21 completed Day +10 paths · latest Dec 8, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | -0.5% | -3.6% to +1.4% | 48% | -2.0% to +1.3% | 0.0% |
| Day +2 | 21 | -1.2% | -5.6% to +2.8% | 43% | -3.2% to +2.3% | 0.0% |
| Day +3 | 21 | +0.3% | -3.4% to +4.0% | 52% | -3.0% to +3.6% | 0.0% |
| Day +4 | 21 | +1.4% | -2.4% to +4.0% | 57% | -2.3% to +3.4% | 0.0% |
| Day +5 | 21 | +0.1% | -3.6% to +8.9% | 52% | -1.5% to +7.2% | 0.0% |
| Day +6 | 21 | +1.1% | -3.6% to +8.1% | 62% | -3.2% to +4.5% | 0.0% |
| Day +7 | 21 | +0.5% | -1.6% to +8.1% | 57% | -1.2% to +5.8% | 0.0% |
| Day +8 | 21 | +2.2% | -0.3% to +7.4% | 67% | -0.2% to +7.1% | 0.0% |
| Day +9 | 21 | +1.0% | -1.0% to +8.5% | 67% | -0.1% to +5.4% | 0.0% |
| Day +10 | 21 | +3.3% | -5.1% to +14.0% | 62% | -3.2% to +12.4% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 48 |
| Prior-year sessions closer to gamma max | 81.0% of 252 |
| Prior-year sessions closer to delta neutral | 18.3% of 252 |
| Open interest percentile (1y) | 63th |
| Daily open interest change versus prior year | -0.23σ (-30,345 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.7% |
| Open interest change, 21 sessions | -12.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 63.62 vs 62.46 (+1.8%)
- closed below delta neutral at 60.47 vs 62.07 (-2.6%)
- closed above delta neutral at 62.35 vs 60.72 (+2.6%)
- closed below delta neutral at 61.44 vs 62.28 (-1.4%)
- closed above delta neutral at 60.46 vs 60.42 (+0.1%)
- closed below delta neutral at 60.20 vs 61.22 (-1.7%)
- closed above delta neutral at 63.72 vs 62.94 (+1.2%)
- closed below delta neutral at 62.35 vs 63.34 (-1.6%)
- closed above delta neutral at 66.56 vs 61.77 (+7.2%)
- closed below delta neutral at 62.86 vs 64.32 (-2.3%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CVNA
Questions people ask about CVNA
Where is CVNA's gamma max today?
As of Oct 2, 2026, the gamma max for CVNA is 82.70, +29.7% from the 63.78 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 CVNA above or below its delta neutral price?
CVNA closed above delta neutral: 63.78 against a delta neutral price of 62.53. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CVNA have?
906,975 contracts of open interest across 1,028 listed contracts on Oct 2, 2026, -3.2% 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.