CVS max pain, gamma exposure (GEX) & options open interest
As of close · rank #299 by open interest · 1,394 sessions of history since Dec 1, 2020
CVS's nearest-expiration max pain is 87.00 for 2026-10-09, its GEX flip is 83.49, net GEX is 4,755,198, its put/call open-interest ratio is 0.90. 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 · front IV premium 1.8 pp · volume/OI 0.09
CVS closed 12.8% below its gamma max of 97.54. It is 2.2% above the delta neutral price of 84.53. Total open interest is 308,628, -4.7% versus the previous session. Its options catalyst-intensity score is 56.0 out of 100, led by IV rank 100, front IV premium 1.8 pp, volume/OI 0.09. 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 | -10,882 contracts · -6.3% |
| Put OI change, 1 session | -4,249 contracts · -2.8% |
| Call minus put OI growth, 1 session | -3.5 pp |
| Call OI change, 5 sessions | +15,159 contracts · +10.3% |
| Put OI change, 5 sessions | +7,864 contracts · +5.7% |
| Call minus put OI growth, 5 sessions | +4.6 pp |
| Daily call OI change surprise | -0.73σ (252 prior changes) |
| Daily put OI change surprise | -0.36σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.28σ (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 28 completed Day +10 paths · latest Jun 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | -0.3% | -0.8% to +0.4% | 32% | -0.7% to -0.0% | -0.0% |
| Day +2 | 28 | +0.4% | -0.2% to +1.4% | 64% | -0.1% to +1.1% | 0.0% |
| Day +3 | 28 | +0.1% | -1.0% to +0.7% | 61% | -0.4% to +0.6% | 0.0% |
| Day +4 | 28 | +0.2% | -1.7% to +1.7% | 54% | -1.0% to +0.9% | 0.0% |
| Day +5 | 28 | -0.7% | -1.8% to +2.6% | 43% | -1.5% to +1.9% | 0.0% |
| Day +6 | 28 | -0.4% | -3.1% to +2.3% | 46% | -1.8% to +1.4% | 0.0% |
| Day +7 | 28 | -0.7% | -3.4% to +3.5% | 46% | -2.7% to +1.5% | 0.0% |
| Day +8 | 28 | -0.7% | -3.9% to +3.4% | 46% | -3.4% to +2.3% | 0.0% |
| Day +9 | 28 | -0.2% | -4.9% to +2.9% | 50% | -2.5% to +2.1% | 0.0% |
| Day +10 | 28 | +0.9% | -4.4% to +4.0% | 57% | -2.9% to +1.8% | 0.0% |
Crosses above gamma max 28 completed Day +10 paths · latest Jun 10, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | +0.5% | -1.3% to +1.0% | 61% | -0.2% to +0.9% | 0.0% |
| Day +2 | 28 | +0.9% | -1.9% to +2.1% | 54% | -1.2% to +1.5% | 0.0% |
| Day +3 | 28 | +0.5% | -1.0% to +2.8% | 57% | -0.7% to +2.4% | 0.0% |
| Day +4 | 28 | -0.2% | -1.7% to +2.9% | 50% | -1.3% to +2.3% | 0.0% |
| Day +5 | 28 | +0.2% | -2.5% to +2.8% | 54% | -1.5% to +1.8% | 0.0% |
| Day +6 | 28 | +0.4% | -3.1% to +2.9% | 54% | -2.9% to +2.8% | 0.0% |
| Day +7 | 28 | +0.9% | -3.9% to +3.0% | 54% | -2.4% to +2.1% | 0.0% |
| Day +8 | 28 | +1.3% | -3.7% to +3.6% | 61% | -3.0% to +1.9% | 0.0% |
| Day +9 | 28 | +0.9% | -3.8% to +3.7% | 57% | -2.2% to +2.9% | 0.0% |
| Day +10 | 28 | +0.8% | -4.2% to +4.1% | 61% | -1.0% to +3.3% | 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 | 9% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 91.7% of 252 |
| Prior-year sessions closer to delta neutral | 8.3% of 252 |
| Open interest percentile (1y) | 8th |
| Daily open interest change versus prior year | -0.58σ (-15,131 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +8.1% |
| Open interest change, 21 sessions | -0.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 89.13 vs 86.32 (+3.2%)
- closed below delta neutral at 85.05 vs 85.57 (-0.6%)
- closed below gamma max at 99.16 vs 100.13 (-1.0%)
- closed above gamma max at 98.03 vs 97.90 (+0.1%)
- closed below gamma max at 96.90 vs 97.09 (-0.2%)
- closed above gamma max at 97.10 vs 96.96 (+0.1%)
- closed below gamma max at 90.73 vs 91.17 (-0.5%)
- closed above gamma max at 93.25 vs 90.06 (+3.4%)
- closed below gamma max at 94.18 vs 95.82 (-1.7%)
- closed above gamma max at 86.86 vs 85.53 (+1.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CVS
Questions people ask about CVS
Where is CVS's gamma max today?
As of Oct 2, 2026, the gamma max for CVS is 97.54, +12.8% from the 86.46 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 CVS above or below its delta neutral price?
CVS closed above delta neutral: 86.46 against a delta neutral price of 84.53. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CVS have?
308,628 contracts of open interest across 739 listed contracts on Oct 2, 2026, -4.7% 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.